If you are looking to open a Fixed deposit (FD) and have a Google Pay account then you can do it easily. Google Pay not only offers regular UPI payment service but also offers other banking and financial services.
Google Pay recently launched a new feature that will allow users to make fixed deposits. Google Pay has tied up with ‘Equitas Small Finance Bank’ in order to allow users to make an FD via the Google Pay app.
With this feature, Google Pay users will be able to book a fixed deposit within just a few simple clicks.
The feature is currently available for the apps Android users only.
Follow the below steps to start a FD on Google Pay.
- First open the Google Pay app on the phone.
- Scroll down to the Business & Bills option below.
- Open the finance option.
- Select the ‘Equitas small finance bank’ logo and click on it.
- A new window with ‘Equitas small finance bank by Setu’ written will appear.
- After that click on Get Started option. Here open FD in 2 minutes will be seen written.
- Click on ‘Invest Now’ option.
- This will show you all the options of Fixed Deposit. Here you click on Create FD.
- After this confirm the amount and interest rate of Fixed Deposit.
- Then complete the KYC process and fill all the details like Aadhar Number, Mobile Number, Email ID and Pin Code and submit.
- In this way your Fixed Deposit account will be opened.
Currently, the Equitas small finance bank is offering interest rates of up to 6.35% on an FD of one year. You don’t need to open an account with Equitas Bank for the FD as the transaction will be done via the existing UPI ID. After opening the FD, users can also be able to keep track of their deposits, add new ones and place an order for premature withdrawals. by using the Google Pay app.