G-Pay An Amazing New Choice Of Fixed Deposit

The monstrous co-operate company Google is likely to launch its fixed deposit plan on its most famous payment service platform google play with Equitas small finance bank in India.

They are partnering with Equitas SFB to allow google pay users to create a fixed deposit, without the need for a bank account, with the help of APIs built by Fintech star-tup Setu.

Setu is an API (application programming interface) start-up that allows consumers to pay bills, savings, credit, and payments with the help of APIs. They took part in creating a version to help in creating fixed deposits without bank accounts, digitally.

A collaboration for dedication

Equitas in regard to celebrating its 5th anniversary on September 5, 2021, said this collaboration is a dedication to the digital world.

“We hope to increase the financial inclusion by encouraging a savings culture, at the same time making the FD booking process simple and easy,” Murali Vaidyanathan, Senior President, and Country Head, Equitas SFB said.

“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 bank.

About the fixed deposit in google pay

The Equitas bank has said that this would be a high-interest rate deposit and it’s all done digitally. The user would have a return of 6.35 percent for a fixed deposit per year.

It also said that “on maturity, the proceeds will automatically go to the google pay user’s existing google pay linked bank account.”

You can track your deposit, add new ones, and also can place an order to withdraw your premature deposit.  It is also said that if you plan on withdrawing a premature deposit the request will be taken on the day you place it. This method is more convenient than an offline method.

How to create a fixed deposit with Equitas on google pay:

  1. Find the business and bills segment on your G-pay account
  2. In that segment, click on the Equitas SFB logo (you can also directly search Equitas on your search bar).
  3. After clicking it, select on the amount and tenure for the fixed deposit.
  4. Then give your personal and KYC (know your customer) details like Aadhaar and Pan card number.
  5. Complete the payment with G-pay UPI.

Note: Still this is not launched in India and still haven’t been given a launch date to announce it.

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