Equitas Small Finance Bank (SFB) in India has launched digital fixed deposits (FDs) on digital wallet platform Google Pay.

The new service will enable Google Pay users to book FDs on the app without opening a bank account.

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Equitas will provide the new offering by connecting APIs developed by fintech infrastructure provider Setu.

Currently, the service will be available for Google Pay users accessing the app from Android.

How to book?

To open an FD, Google Pay users can open the app and scroll down to ‘Businesses and bills’ option and click on the ‘Equitas SFB’ logo to enter the Equitas Bank Spot.

Subsequently, they can enter an amount and tenure for the FD via the Equitas Bank Spot, and provide their personal and KYC details.

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An FD will be opened after they complete the payment using Google Pay UPI.

Benefits:

Customers will receive returns of up to 6.35% for an FD of one year and higher for other options. The deposits are covered by a deposit guarantee of up to INR500,000 ($6847.11) per depositor.

After the FD matures, the proceeds will automatically transfer to the Google Pay user’s existing Google Pay linked bank account.

Additionally, the users can track their deposit from the Equitas Bank Spot on the Google Pay platform. They can also place requests for premature withdrawal.

Quote:

Equitas SFB senior president and country head Murali Vaidyanathan said: “Equitas has been one of the early adopters of Digital Banking and Neo banking in particular.

“This programme provides a true digital FD booking experience; we have made efforts to ensure that the experience is as simple and seamless as possible. With a strong Fintech partner in the form of Setu we are happy to launch this innovation on Google Pay.

“We hope to increase the financial inclusion by encouraging a savings culture, at the same time making the FD booking process simple and easy.”