Amazon Pay would allow customers to open FDs starting from INR 1,000, without the need to open separate savings accounts with its partner institutions
Operating within its parent app, Amazon Pay is the tenth highly used in UPI transactions as of last August, where the platform saw nearly 9.8 Cr transactions
With an eye to expand its financial services offerings, Amazon Pay has launched a fixed deposit (FD) service pan-India. The ecommerce major’s fintech arm has partnered with non banking financial companies’ (NBFCs’) Shriram Finance and Bajaj Finance as well as with banks Shivalik Small Finance Bank, Suryoday Small Finance Bank, South Indian Bank, slice, and Utkarsh Small Finance Bank.
Under the new offering, Amazon Pay would allow customers to open FDs starting from INR 1,000, without the need to open separate savings accounts with its partner institutions. The partner institutions would offer interest rates up to 8% per annum, with all partners providing an additional 0.5% interest for senior citizens.
“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,” Amazon Pay’s CEO Vikas Bansal said.
This adds on to the company’s bid to diversify its offering stack to better penetrate the growing fintech market of India. As of now, the fintech platform allows users to transfer money, pay bills, buy insurance, travel tickets, invest in mutual funds and purchase digital gold.
However, it must be noted that these offerings are currently restricted only to an interface with Amazon’s ecommerce app. While reports emerged in August 2024 that Amazon might roll out a separate platform for its digital payments arm, it has not been enforced yet.
On the financial front, Amazon Pay narrowed its loss by 5% YoY to INR 865.7 Cr in FY25, while its operating revenue dipped 7% YoY to INR 2,195.1 Cr.
Curated by Aisha Patel
