India, Jan. 6 -- 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...