You Can Now Open an FD on Google Pay Without Bank Account


Google has been improving its digital payments app Google Pay with various useful features. Now, the Mountain View big has partnered with an Indian small finance financial institution to supply a Fastened Deposit (FD) facility for Google Pay customers. So, you’ll now be capable to guide an FD proper from the Google Pay app, with out even needing to open a separate checking account.

This industry-first digital FD service was not too long ago launched within the nation. Google has partnered with the Chennai-based Equitas Small Finance Financial institution to supply without-a-bank-account FD advantages to customers. So, customers can now open an FD on Google Pay and earn as much as 6.35% rates of interest yearly.

Equitas SFB says that it has been providing the digital FD service by leveraging APIs developed by fintech infrastructure company Setu. So now, by partnering with Google, the financial institution will be capable to supply the service throughout the nation through the Google Pay App.

The way to Open an FD on Google Pay

Now, to guide an FD on Google Pay, you could seek for Equitas Small Finance Financial institution below the “Companies and Payments” part on the app. Following this, you will want to offer your KYC (Know Your Buyer) particulars and full the cost to your FD utilizing Google Pay UPI.

You Can Now Open an FD on Google Pay Without Opening a Separate Bank Account

When you open an FD, it is possible for you to to trace it proper on the Google Pay app. Moreover, as you open extra FDs utilizing the funds app, they’ll begin exhibiting up on the monitoring web page. “On maturity, the proceeds will robotically go to the Google Pay consumer’s current Google Pay linked checking account,” Equitas SFB mentioned in a press release.

Furthermore, from the monitoring web page, you may also place an order to withdraw an FD prematurely. In that case, Equitas SFB says that customers will obtain the proceeds of their linked financial institution accounts on the identical day of the request.

“Equitas has been one of many early adopters of digital banking and Neo banking particularly. This program supplies a real digital FD reserving expertise; we now have made efforts to make sure that the expertise is as easy and seamless as potential. We hope to extend monetary inclusion by encouraging a financial savings tradition, on the similar time making the FD reserving course of easy and simple,” mentioned Murali Vaidyanathan, the Senior President and Nation Head at Equitas SFB. | You Can Now Open an FD on Google Pay With out Financial institution Account


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