PhonePe launches FDs and daily RD with DICGC deposit cover
PhonePe just rolled out fixed deposits (FDs) and a new Daily Recurring Deposit (RD) feature on its app.
Now, you can book FDs with partner banks or NBFCs: deposits booked with partner banks will be insured up to ₹5 lakh under the DICGC framework, subject to applicable rules.
The Daily RD option, made with Shivalik Small Finance Bank, lets you set up automatic daily savings starting at just ₹100 using UPI Autopay.
Daily RD ₹100 to ₹1,000
With these features, you can compare interest rates across banks, pick how long you want to lock in your money, and manage everything digitally.
For Daily RDs, choose to save between ₹100 and ₹1,000 a day. You can withdraw after seven days or pause anytime.
Miss a payment? There is a 15-day grace period so you are not immediately penalized.
Both options live in the "Mutual Funds & Deposit" section of the app: just complete digital verification through PAN and Aadhaar and pay via UPI or net banking.