Fixed Deposit with Google Pay

Fixed Deposit with Google Pay

Published: 02/09/2021 01:30 AM

Equitas tied up with SFB

no account required

Today, Hyderabad: UPI (Unified Payments Interface) based payments company Google Pay has launched a new app that allows fixed deposit services. Google Pay has already tied up with fintech startup ‘Setu’ to provide a wide range of financial services. Fixed deposit services were made available for the first time in this context. For this, Equitas has tied up with a small finance bank. Google Pay users will be able to launch fixed deposits in just two minutes, even if they don’t have a bank account. Deposit insurance up to Rs 5 lakh is applicable for these as well as regular deposits. It gives 6.35 per cent interest on FDs with maturity of one year. Deposits can be initiated by completing Equitas Bank KYC (via PAN, Aadhaar) through Google Pay app. Choose how much FD you want to make, tenure, etc. The money is debited from your bank account via UPI and converted into a fixed deposit in Equitas. At the end of the term, the principal amount, along with interest, will be credited to the account linked to Google Pay.

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About the author: Seth Grace

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