Amazon has introduced a new Fixed Deposit (FD) investment feature within its Amazon Pay platform, allowing users to open digital FDs directly from the app starting today. This marks a major move by the e-commerce giant into retail investing and savings products.
The FD feature is currently being rolled out to eligible users, with Amazon saying it aims to make savings more accessible and integrated with its existing payments ecosystem.
What Is the New FD Feature in Amazon Pay?
With this update, Amazon Pay users can now:
- Create digital Fixed Deposits (FDs) directly inside the app
- Choose from various tenures and interest rates
- Track maturity and earnings within Amazon Pay
- Easily use Amazon Pay balance or linked bank accounts to invest
This feature brings a traditional banking product into a digital wallet environment, enabling users to earn interest without visiting a bank branch.
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How It Works: Step-by-Step
1. Open Amazon Pay
Log in to your Amazon account and open the Amazon Pay section.
2. Navigate to FDs
Look for the “Fixed Deposits” or “Invest” option within the Pay menu.
3. Choose Your Plan
Select the tenure (for example, 6 months, 1 year, or more) and preferred interest rate.
4. Start Investing
Confirm details and deploy funds from your Amazon Pay balance or linked bank account.
You’ll receive confirmation and interest tracking inside the app.
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Why This Matters
This is a notable development because:
- Users can now earn interest without leaving the Amazon ecosystem
- It blurs the line between e-commerce, payments, and financial services
- Amazon joins a growing number of digital platforms offering financial products
Experts say digital FDs will appeal to users who want higher returns than savings accounts with easy access and digital convenience.
Interest Rates and Eligibility
Interest rates generally depend on:
- Tenure selected
- RBI regulations
- Partnered financial institution (if any)
Amazon has not publicly announced all rate slabs yet, but early reports suggest competitive rates aimed at encouraging adoption. Availability may vary by user and region.
Availability and Rollout
- The feature is being rolled out gradually, starting in select regions.
- Some users may see it while others may get it later via app update.
- Amazon Pay prompts will guide eligible users when the feature is available.
Pros and Cons
Pros
- Easy FD access inside Amazon Pay
- No branch visits required
- Interest tracking in the app
Cons
- May not have highest FD rates compared to top banks
- Not all users get it immediately
- Terms & conditions apply
Quick Summary
- Amazon Pay has launched an FD investment feature
- Users can open and track FDs from the app
- Digital FDs bring savings options closer to users
- Rollout is gradual, based on eligibility
What This Means for Users
With this launch, Amazon is expanding its financial ecosystem beyond payments and shopping. This makes Amazon Pay a one-stop destination for transactions and now savings, potentially attracting more active users to the platform.
For more updates on digital payments, savings features, and fintech news, visit our Technologies section, where we track the latest developments in apps and financial services.
FAQs
What is the new FD feature in Amazon Pay?
The new feature allows users to open and manage Fixed Deposits (FDs) directly within Amazon Pay, without visiting a bank branch or using a separate banking app.
How can users open a Fixed Deposit using Amazon Pay?
Users can access the FD option from the Amazon Pay section in the app, select a tenure and amount, and complete the investment digitally using a linked bank account or available balance.
Is the Amazon Pay FD feature available to all users?
The feature is being rolled out in phases. Some users may see it immediately, while others may receive access gradually through app updates.
Are Fixed Deposits on Amazon Pay safe?
Amazon Pay partners with regulated financial institutions to offer FD services. The safety and terms depend on the partner bank or institution providing the deposit.
What interest rates are offered on Amazon Pay FDs?
Interest rates vary based on the selected tenure and prevailing banking regulations. Users can view the applicable rates within the app before confirming the FD.
Can users withdraw their FD before maturity?
Premature withdrawal options depend on the specific FD terms set by the partner institution. Early withdrawal may involve penalties, which are shown during setup.
Is there any minimum amount required to open an FD?
The minimum investment amount may vary based on the FD plan and partner institution. Details are visible inside Amazon Pay at the time of selection.
