New Delhi: Google Pay users can now open Fixed Deposits (FDs) without bank accounts. This comes as Equitas Small Finance Bank (SFB) has launched the initiative, enabling Google Pay users to book FDs in under two minutes without having to open a bank account, the small finance bank said in a BSE filing.
- 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 own Spot integrated with the Google Pay platform, SFB said in its statement.
- “So, Google Pay users can book FDs from the comfort of their homes ensuring an easy, safe and hassle-free experience. On maturity, principal and interest of the FD go directly to the Google Pay user’s existing bank account – which could be in any bank in India,” the bank said.
- Initially, this functionality will be available for Google Pay users who are accessing the app from Android, the bank stated.
- “Equitas Small Finance Bank (SFB) has launched a new initiative, enabling Google Pay users to book fixed deposits (FDs) on Google Pay in under 2 minutes without having to open a bank account,” the bank said.
- As an RBI Scheduled Commercial Bank, deposits in Equitas are covered by a deposit guarantee up to Rs 5 lakhs per depositor, according to SFB.
- Customers can enjoy returns of up to 6.35 per cent for an FD of one year, the SFB said.
How To Open FD With Equitas Bank Via Google Pay – Step-By-Step Guide
- 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 and Aadhaar number) to Equitas Bank.
- Step 5: Complete the payment using Google Pay UPI.
What Happens After Opening FD Via Google Pay
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 deposit, 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.
Get real time update about this post directly on your device, subscribe now.