Amazon Pay Launches Fixed Deposits, Expanding Financial Services Portfolio in India
Amazon Pay Later surpasses 2M customers
Amazon Pay has launched Fixed Deposits in India in partnership with 5 banks and 2 NBFCs, offering interest rates of up to 8% per annum. Deposits start from just INR 1,000, with digital onboarding, senior citizen benefits, and DICGC insurance up to INR 5 lakh per bank
Amazon Pay today announced the launch of Fixed Deposits, marking a significant expansion of its financial services ecosystem in India. Through strategic partnerships with two prominent NBFCs, Shriram Finance and Bajaj Finance and five banks—Shivalik Small Finance Bank, Suryoday Small Finance Bank, South Indian Bank, Slice, and Utkarsh Small Finance Bank, Amazon Pay is fixed deposit options to millions of customers across the country.
Customers can now open fixed deposits starting from INR 1,000 on Amazon Pay, with access to multiple partner institutions without opening separate savings accounts with each. Partner institutions offer interest rates up to 8% per annum, with all partners providing an additional 0.5% interest for senior citizens. Shriram Finance extends up to 0.5% additional interest for women investors.
"Fixed income instruments remain hugely popular in India given their simple construct, guaranteed returns, and low risk profile," said Vikas Bansal, CEO, Amazon Pay. "With this launch at the start of the new year, we're expanding customer choice and helping customers achieve better returns on their savings, giving them an optimal foundation for their 2026 financial goals. This is another step in our journey to build a comprehensive financial solutions ecosystem that serves the diverse needs of Indian customers."
The launch builds on Amazon Pay's evolution from a payment platform to a full-service financial companion, offering UPI payments, credit solutions, bill payments, travel bookings, and now investment products. Fixed deposits with partner banks are insured up to INR 5 lakh per depositor per bank under the Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank of India, providing customers regulatory protection alongside attractive returns.
Customers can access the Fixed Deposit feature directly through Amazon Pay to compare offerings from partner institutions, select their preferred bank or NBFC and tenure, and complete the entire opening process digitally through a user-friendly interface.
