Equitas Small Finance Bank (SFB) has collaborated with Google Pay to launch its digital fixed deposits.
The Small Finance Bank said that it’s users will now be able to open fixed deposits( FDs) on Google Pay.
The facility would be initially available for Google Pay users who are using the app from Android devices.
“Equitas SFB has launched a new initiative, enabling Google Pay users to book fixed deposits (FDs) on Google Pay in under 2 minutes without having to open a bank account,” said the lender in it’s regulatory filing.
The bank stated that the deposits in Equitas will cover a deposit guarantee upto Rs 5 lakh per depositor. Customers can enjoy returns of up to 6.35% for an FD of one year – substantially higher than many other savings options.
“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 own Spot integrated with the Google Pay platform. So, Google Pay users can book FDs from the comfort of their homes ensuring an easy, safe and hassle-free experience,”said the official communique.
“On maturity, principal and interest of the FD go directly to the Google Pay user’s existing bank account – which could be in any bank in India,” it added.