Equitas Small Finance Bank (SFB) on Wednesday announced that it will now enable users to open fixed deposits (FDs) on Google Pay. Initially, this functionality will be available for Google Pay users who are accessing the app from Android.
Through the initiative, customers will be able to book fixed deposits (FDs) on Google Pay in under two minutes without having to open a bank account. The offering was made possible by connecting application programming interfaces (APIs) built by fintech infrastructure provider Setu.
According to a bank release, customers can go through the Google Pay app, book high-interest rate FDs fully digitally — without having to open a savings account with Equitas Bank on its own spot integrated with the Google Pay platform.
The bank said the deposits in Equitas are covered by a deposit guarantee of up to ₹5 lakh per depositor. Customers can enjoy returns of up to 6.35% for an FD of one year – substantially higher than many other savings options.
How to book a high-interest safe FD with Equitas Bank in five easy steps:
Step 1: Open your Google Pay app and scroll down to ‘Businesses and bills’
Step 2: Click on the ‘Equitas SFB’ logo / Search for Equitas to enter the Equitas Bank Spot on Google Pay
Step 3: Select an amount and tenure for the FD via the Equitas Bank Spot
Step 4: Provide your personal and KYC details (PAN number & Aadhaar number) to Equitas Bank
Step 5: Complete the payment using Google Pay UPI
What happens after booking an FD?
On maturity, the proceeds will automatically go to the Google Pay user’s existing Google Pay linked bank account. From the Equitas Bank Spot on the Google Pay platform, Google Pay users can track their deposits, add new ones as well as place
order for premature withdrawal.
If a Google Pay user chooses to prematurely withdraw the deposit, the proceeds will reach their bank account as quickly as the same day.
Equitas Small Finance Bank FD interest rates: