Your Amazon Pay App Can Fetch You 8% Interest; Here's All You Need To Know

Amazon Pay: For those who want risk-free returns, there's no doubt that a fixed deposit is the best option. Leading fintech corp Amazon has introduced such services. They are now available on Amazon Pay. 

Invest starting from just Rs 1,000

To expand its financial services, Amazon Pay has launched a new fixed deposit facility. Now, you can start an FD with just Rs 1,000 through the Amazon app. For this facility, Amazon Pay has partnered with several NBFCs, small finance banks, and a major bank.

Partnerships with which institutions?

Amazon Pay is working with two prominent NBFCs and five banks to offer these FD services.

NBFCs:

* Shriram Finance

* Bajaj Finance

Banks:

* Shivalik Small Finance Bank

* Suryoday Small Finance Bank

* Utkarsh Small Finance Bank

* South Indian Bank

* Slice

You can invest directly in an FD through Amazon Pay even without an account in these institutions.

Special features of Amazon Pay FD

The main attraction of Amazon Pay FD is that there's no need to open a separate savings account. Users can choose their preferred partner institution and start an FD for the desired tenure. The minimum investment is just ₹1,000. This convenience is very helpful for new investors.

How much interest will you get?

You can get up to 8% annual interest on Amazon Pay FDs.

* All partner institutions offer an additional 0.5% interest to senior citizens.

* Shriram Finance offers another 0.5% extra interest to women investors.

This makes these FDs more profitable for women and senior citizens.

How to open an Amazon Pay FD?

The process to start an Amazon Pay FD is very simple.

* First, download the Amazon app and log in.

* Go to the Amazon Pay section.

* Accept the terms and conditions.

* Select the financial institution and tenure.

* Enter the investment amount.

* Check the interest rates and other details.

* Submit the required documents to complete the process.

Note: This is for informational purposes only. It is advisable to consult a financial advisor before making an investment decision.