In India, you can now open a Google Pay FD without having a bank account; here's how.
This digital FD service, which is a first in the sector, was just launched in the nation. Users may now get FD advantages without having a bank account thanks to a partnership between Google and Chennai-based Equitas Small Finance Bank. Interested users can now establish a Google Pay FD and earn up to 6.35 percent interest per year.
Equitas SFB claims to have been providing the digital FD service using APIs created by Setu, a fintech infrastructure company. As a result of the partnership with Google, the bank will now be able to provide the service via the Google Pay App across the country.
How to Open a Google Pay FD
To book an FD on Google Pay, go to the “Businesses and Bills” area of the app and search for Equitas Small Finance Bank. After that, you'll need to give your KYC (Know Your Customer) information and pay for your FD with Google Pay UPI.
You'll be able to track your FD immediately from the Google Pay app once you've opened one. Additionally, as you open new FDs using the payments app, they will appear on the tracking page. The profits will be automatically sent to the Google Play user's current Google Pay connected bank account at maturity, according to Equitas SFB.
Additionally, you may make an order to withdraw an FD early from the tracking page. Users will get the money in their connected bank accounts on the same day as the request, according to Equitas SFB.
“Equitas was one of the early adopters of digital banking, particularly Neo banking. We've worked hard to make this program a real digital FD booking experience; we've taken every attempt to make it as simple and smooth as possible. “By fostering a savings culture and making the FD booking process simple and straightforward, we want to enhance financial inclusion,” said Murali Vaidyanathan, Senior President and Country Head of Equitas SFB.
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