Google Pay users, here’s some good news for you

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Do you use Google Pay? Then. there’s some good news for you. Google Pay users can now avail of fixed deposit schemes offered by Equitas Small Finance Bank. Users can book fixed deposits without needing to open a savings account with Equitas. Equitas said customers can earn returns of up to 6.35% for FD of one year, substantially higher than many other savings options.

Process

In order to use this facility, the user will have to search for the Equitas Bank spot under the ‘Business and bills’ segment. Then, the user will have to select an amount and tenure for the fixed deposit, provide their personal and KYC (know your customer) details, and complete the payment using Google Pay UPI.

On maturity, the proceeds will automatically go to the Google Pay user’s existing Google Pay linked bank account

Users can track their deposits, add new ones and place an order for premature withdrawals.

If any user wants to prematurely withdraw the deposit, the proceeds will reach their bank account as quickly as the same day.

“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,” said Murali Vaidyanathan, Senior President and Country Head, Equitas SFB said.

Sahil Kini, CEO and co-founder of Setu, said bank FDs are India’s favourite savings instrument and booking an FD should be as simple as making a UPI payment.