Google Pay , a widely used payment gateway popular for UPI payments in India has announced, providing benefits of starting fixed deposits to its customers. Google has partnered up with Equitas Small Finance Bank in order to allow users to make an FD via application.
Google Pay users can avail the benefits of fixed deposit rates offered by the Bank, by booking FD on the payments platform, without opening a separate bank account.
‘In an industry-first, consumers can through the Google Pay app book high-interest rate FDs fully digitally, without needing to open a savings account with Equitas Bank on its spot integrated with the Google Pay platform’. The bank said that it has been offering this initiative by connecting APIs built by fintech infrastructure provider Setu for Equitas Bank. Customers can earn returns of up to 6.35 per cent for an FD of one year, substantially higher than many other savings options. Being an RBI scheduled commercial bank, deposits in Equitas are covered by a deposit guarantee of up to Rs 5 lakh per depositor,
How to apply for FD on Google Pay
· Open the Google Pay app on your Android smartphone.
· Under the Business & bills section, find the Equitas SFB logo and tap on it.
· Type in the amount and select the tenure for the FD.
· Enter the required personal and KYC details.
· Complete the payment via Google Pay UPI.
Several other features are also included by the Application. Users can track their deposits, add new ones and place an order for premature withdrawals. In case, a user wants to prematurely withdraw the deposit, the proceeds will reach their bank account as quickly as the same day, Equitas Bank said.
As the bank is all set to celebrate its 5th anniversary on September 5, 2021, this collaboration is a dedication to the digital world, it said. ‘Equitas has been one of the early adopters of digital banking and Neo banking in particular. This programme provides a true digital FD booking experience; we have made efforts to ensure that the experience is as simple and seamless as possible. We hope to increase the financial inclusion by encouraging a savings culture, at the same time making the FD booking process simple and easy,’ Murali Vaidyanathan, Senior President and Country Head, Equitas SFB explained.
In the beginning stage, Equitas Bank fixed deposit facility will be available for Google Pay users on the Android app. Presently, the bank is offering interest rates of up to 6.35% on an FD of one year. The consumer need not open an account with Equitas Bank as the transaction will be done via the users existing UPI ID. Using the Google Pay app, the uses will also be able to keep track of their deposits, add new ones and place an order for premature withdrawals.