Google Pay users can get FD benefits of Equitas SFB without bank account
- ByAyushi Ray | September 2, 2021
Google Pay users can get FD benefits of Equitas SFB without a bank account. The bank said it has been offering this initiative by connecting APIs built by fintech infrastructure provider Setu for Equitas Bank. In an industry-first, consumers can through the Google Pay app book high-interest rate FDs fully digitally, without needing to open a savings account with Equitas Bank on its spot integrated with the Google Pay platform, Equitas SFB said in a release. The lender said customers can earn returns of up to 6.35 percent for an FD of one year, substantially higher than many other savings options. As an RBI scheduled commercial bank, deposits in Equitas are covered by a deposit guarantee of up to Rs 5 lakh per depositor, it added. To book an FD on Google Pay, the user will have to search for the Equitas Bank spot under the ‘Business and bills’ segment.
Further, they 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,” it said. Users can track their deposits, add new ones, and place an order for premature withdrawals. In case a user wants to prematurely withdraw the deposit, the proceeds will reach their bank account as quickly as the same day, Equitas Bank said. To begin with, the Equitas Bank fixed deposit facility will be available for Google Pay users on the Android app.
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