Monday, September 6, 2021
Google Pay Fixed Deposit
Google is improving its digital payment app Google Pay. Now, the Mountain View giant has partnered with a small finance bank to offer a fixed deposit (FD) facility for Google Pay users. So, now you will be able to book FD directly from the Google Pay app, without the need to open a separate bank account.
6.35% interest rate will be available on FD annually Google Pay Fixed Deposit:
This industry-first digital FD service was recently introduced in the country. Google has partnered with Chennai-based Equitas Small Finance Bank to offer FD benefits to users without a bank account. Hence, interested users can now open an FD on Google Pay and earn an interest rate of 6.35% per annum (Google Pay FD Interest Rate).
Equitas SFB says it is offering digital FD service by leveraging APIs developed by fintech infrastructure corporation Setu. So now by partnering with Google, the bank will be able to provide service across the country through the Google Pay app.
How to open Fixed Deposit on Google Pay?
Now, to book FD on Google Pay, you need to search for Equitas Small Finance Bank under "Business & Bills" section on the app. Next, you need to provide your KYC (Know Your Customer) details and complete the payment for your FD using Google Pay UPI.
Benefits Of Google Pay Fixed Deposit
Once you have opened FD, you will be able to track it directly on the Google Pay app. Also, as you open more FDs using the payments app, they will start showing up on the tracking page. "On maturity, the proceeds will automatically move to the existing Google Pay linked bank account of Google Pay users," Equitas SFB said in a statement.
Apart from this, you can also place FD withdrawal orders ahead of time from the tracking page. In that case, Equitas SFB says that users will receive the proceeds in their linked bank account on the same day of the request.