Google has been improving its digital payments app Google Pay with various useful features. Now, the Mountain View giant has partnered with an Indian small finance bank to offer a Fixed Deposit (FD) facility for Google Pay users. So, you will now be able to book an FD right from the Google Pay app, without even needing to open a separate bank account.
This industry-first digital FD service was recently introduced in the country. Google has partnered with the Chennai-based Equitas Small Finance Bank to offer without-a-bank-account FD benefits to users. So, interested users can now open an FD on Google Pay and earn up to 6.35% interest rates annually.
Equitas SFB says that it has been offering the digital FD service by leveraging APIs developed by fintech infrastructure corporation Setu. So now, by partnering with Google, the bank will be able to offer the service across the country via the Google Pay App.
How to Open an FD on Google Pay
Now, to book an FD on Google Pay, you need to search for Equitas Small Finance Bank under the “Businesses and Bills” section on the app. Following this, you will need to provide your KYC (Know Your Customer) details and complete the payment for your FD using Google Pay UPI.
Once you open an FD, you will be able to track it right on the Google Pay app. Furthermore, as you open more FDs using the payments app, they will start showing up on the tracking page. “On maturity, the proceeds will automatically go to the Google Pay user’s existing Google Pay linked bank account,” Equitas SFB said in a statement.
Moreover, from the tracking page, you can also place an order to withdraw an FD prematurely. In that case, Equitas SFB says that users will receive the proceeds in their linked bank accounts on the same day of the request.
“Equitas has been one of the early adopters of digital banking and Neo banking in particular. This program 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 financial inclusion by encouraging a savings culture, at the same time making the FD booking process simple and easy,” said Murali Vaidyanathan, the Senior President and Country Head at Equitas SFB.