PhonePe users can earn FD-like returns with ‘Liquid Fund’

Targeting users in smaller cities and towns, digital payments platform PhonePe on Wednesday launched a unique savings product on its platform that will help people earn higher short-term FD-type returns on idle money lying in their savings accounts.
Called ‘Liquid Fund’ on the lines of Mutual Funds, PhonePe will invest money in safer instruments such as bank and government securities, said the company which has over 175 million users in India.
There is no lock-in period and the customer does not have to maintain a minimum balance.
“This is our second product in the Mutual Funds space after Tax Saving Funds where we have created a completely digital investment flow for our users,” said Terence Lucien, Head of Mutual Funds, PhonePe.