Amazon Pay Launches Fixed Deposits in India with Up to 8% Interest Rates
Amazon Pay has launched Fixed Deposits in India through partnerships with Shriram Finance, Bajaj Finance, and five banks, offering interest rates up to 8.00% per annum with a minimum investment of ₹1,000.00. The service includes additional benefits for senior citizens and women investors, with deposits insured up to ₹5.00 lakh per depositor per bank under DICGC coverage.
*this image is generated using AI for illustrative purposes only.
Amazon Pay has significantly expanded its financial services offerings in India by launching Fixed Deposits (FDs), marking a strategic move beyond its traditional payments and credit solutions. This new service provides customers with a convenient digital platform to access fixed deposit products from multiple financial institutions without the need to open separate savings accounts.
Partnership Network and Investment Options
The fixed deposit service operates through strategic partnerships with seven financial institutions. Amazon Pay has collaborated with two Non-Banking Financial Companies (NBFCs)—Shriram Finance and Bajaj Finance—alongside five banking partners.
| Institution Type: | Partner Names |
|---|---|
| NBFCs: | Shriram Finance, Bajaj Finance |
| Banks: | Shivalik Small Finance Bank, Suryoday Small Finance Bank, South Indian Bank, Slice, Utkarsh Small Finance Bank |
Interest Rates and Investment Features
The service offers competitive interest rates and flexible investment options designed to cater to different customer segments.
| Feature: | Details |
|---|---|
| Minimum Investment: | ₹1,000.00 |
| Maximum Interest Rate: | Up to 8.00% per annum |
| Senior Citizen Bonus: | Additional 0.50% |
| Women Investor Bonus: | Up to 0.50% extra (Shriram Finance) |
| Insurance Coverage: | Up to ₹5.00 lakh per depositor per bank (DICGC) |
Digital Account Opening Process
Customers can access the fixed deposit service entirely through the Amazon Pay app with a streamlined digital process:
- Access the Fixed Deposit feature directly through the Amazon Pay application
- Compare offerings from different partner banks and NBFCs
- Select preferred financial institution and deposit tenure
- Complete account opening process digitally within the app
Strategic Expansion in Financial Services
This launch represents Amazon Pay's continued expansion into comprehensive financial services beyond its existing portfolio. The platform already offers UPI payments, credit solutions, bill payments, and travel bookings. According to Vikas Bansal, CEO of Amazon Pay, the fixed deposit service aims to provide customers with better returns on savings while strengthening the platform's position as a financial services provider in India.
The fixed deposits are positioned as a low-risk, fixed-income investment option for customers seeking to grow their savings through a trusted digital platform. The DICGC insurance coverage provides additional security, ensuring deposits are protected up to ₹5.00 lakh per depositor per bank, making it a secure investment avenue for risk-averse customers.
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