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Google Pay to Allow Users Open Fixed Deposits on its Platform in India

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Highlights:

  • Google Pay users can now open fixed deposits on the platform.
  • Currently, the maximum rate of interest in banks is 6.5%.
  • Ujjivan Small Finance Bank and AU Small Finance Bank are also expected to join the list soon.

Are you a Google Pay user? Then there is good news for you. Google has teamed up with fintech company Setu to let its users open fixed deposits (FDs) through Google Pay. You can create a fixed deposit with a minimum amount of Rs. 5,000 and a maximum amount is 90,000. The FD booked via Google Pay is more or less the same as booking an FD from Equitas Small Finance Bank’s branch or online.

Once FD matures, the maturity amount (principal and interest) will be transferred to your bank account. It will be credited to the same bank account used while paying for the FD at the time of booking. To book an FD, you don’t need to have an account with the offering bank. All you need to do is Aadhaar-based KYC verification, and you’re good to go.

How to create a Fixed Deposit on Google Pay?

  • Open the Google Pay app on your phone.
  • Click on Explore next to “Businesses and bills” at the bottom.
  • Search for “Equitas Small Finance Bank.”
  • Click on Equitas Small Finance Bank and then Open Equitas FD
  • On the next screen, you’ll get a brief overview of fixed deposits with the option to calculate the interest rate.
  • Click on Invest Now.
  • Select whether you’re a senior citizen. Then, enter the desired amount and duration (min 10 days- max 1 year).
  • Click on Proceed to KYC.
  • Enter your pin code as per your Aadhaar card and proceed.
  • Further, verify your Google account and mobile number, followed by PAN and Aadhaar verification.
  • Complete the payment using Google Pay UPI.

Google pay officials Said:

“The beauty of the system is that you can book an Equitas FD even if you do not have a savings account in Equitas Small Finance Bank. The money will flow out of your existing account and back into your existing savings account”.

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