How to Start Micro-Saving on PhonePe: Fixed Deposits and a ₹100 Daily RD

Recently, PhonePe launched Fixed Deposit (FD) distribution and a Daily Recurring Deposit (RD) product to make structured savings easier for everyone. The move brings guaranteed-return deposits and small-ticket daily investing straight into the app for millions of users.

PhonePe’s vision, according to Deep Agrawal, VP and Head of Payments, is “to empower every Indian to accelerate their financial progress by unlocking seamless access to financial services.” “The launch of our Fixed Deposit distribution, along with the Daily RD product, marks a significant milestone in that direction. Fixed Deposits remain a cornerstone of Indian household savings, offering guaranteed returns,” Agrawal said. 

Here is how you can use these new savings tools on PhonePe.

Steps to Book Your First FD and Starting a ₹100 Daily RD on the PhonePe App

Step 1: Open the PhonePe app and find the “Mutual Funds & Deposits” section

Navigate to the “Mutual Funds & Deposits” section on the PhonePe app,  where the newly introduced Fixed Deposit sections. From there, you can discover, compare, and instantly book high-yield deposits from trusted partner banks and NBFCs directly within the app.

Step 2: Choose and book your FD

Select a deposit that suits your goal, then book it instantly. For your safety, every FD booked with a partner bank is insured up to ₹5 lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC), in strict adherence to RBI guidelines. You can fund it using any bank account linked to the UPI rails and manage multiple FDs from a single unified dashboard.

Step 3: Set up the Daily RD with Shivalik Small Finance Bank

PhonePe has partnered with Shivalik Small Finance Bank to offer a Daily RD that combines the flexibility of an automated SIP with the security of a traditional bank deposit. Start small, automate investments of just ₹100 to ₹1,000 every day.

Step 4: Activate UPI Autopay

The Daily RD runs on the scale and simplicity of UPI Autopay, so your chosen amount is debited automatically each day, helping you build disciplined investment habits.

Step 5: Stay flexible

Need your money? You can withdraw after just 7 days. You may also stop the mandate anytime with no penalty, and you get a 15-day grace period for missed investments.

By bringing these regulated, low-risk products to over 70 crore users and 5 crore merchants, PhonePe is making structured savings accessible to the heart of Bharat with absolute confidence, capital safety, and convenience.