New Delhi, Aug. 7 -- PhonePe this week launched a fixed deposit (FD) distribution, which allows users to compare options on offer by partner banks and non-banking financial companies (NBFCs) before booking FDs on its mobile app, the company said in a release.

Further, the online payment aggregator has also introduced a Daily Recurring Deposit (SIP) micro-savings product with Shivalik Small Finance Bank. "This offering enables users to build a disciplined savings habit with investments starting at just Rs.100 per day," the release added.

Deep Agrawal, VP and Head of Payments at PhonePe said the vision is to "empower every Indian to accelerate their financial progress".

According to the statement, users can now open FDs directly within t...