Google Pay FD (Fixed Deposit) – In the first phase of the rollout, Equitas Small finance bank will be offering the FDs via the Google Pay application. A person doesn’t need to have a savings account in the Equitas Small Finance bank to create a Fixed Deposit in the Google Pay application. It is a unique feature of this FD. Funds will flow in and out of the savings account without any hindrance.
Google has teamed up with a fintech company known as SETU. The company will provide an API (Application Programming Interface) to its user for booking an FD on Google Pay.
How to do KYC for Google Pay FD?
The KYC requirement is AADHAR based using an OTP – One-time password similar to a Demat account. For a KYC – (Know Your Custome), an individual will have to submit a PAN Card, Aadhar Card, Bank Account details, Email and Mobile number.
Steps to apply for FD on Google Pay
There are five steps in the process to apply for an FD in Google Pay application. The following are the steps to follow
- Open the G-Pay Application
- Scroll down the screen to Business and Bill Click the explore button and Type Equtas small finance bank. You will see a logo of Equitas small finance bank with Invest written in blue color below.
- Click on that button type the amunt and select tenure of the FD
- Enter the KYC details to complete the process. The details of the KYC documents are mentioned above do keep them handy when you’re initiating the process for applying for the FD.
- Complete the payment via the Google pay UPI
FD Tenures
To start with, the beta version of the API offers FDs of various tenors. They are listed below.
- 7-29 days
- 30-45 days
- 46-90 days
- 91-180 days
- 181-364 days
- 365 days
The interest rates range from 3.5% for the shortest FD to 6.35% for the one-year FD. Small finance banks are coming up with new solutions by teaming up with the fintech companies to offer saving accounts and FDs. For example,
“Equitas Small Finance Bank has partnered with fintech such as NiYO and Freo (MoneyTap) to offers its savings accounts with interest rates of 7% for balances more than ₹1 lakh. Under Reserve Bank of India rules, at least 75% of their net adjusted bank credit will be for priority sector lending. ” – Live Mint
Is Google pay GD Good investment option?
The Google pay FD is the most convenient option as it saves time. It reduces an individual’s efforts to go to a branch of the bank and wait for the counter to be free. Then discuss the short term and long term interest rates and yield. Meanwhile, if they have a lunch in between you keep on lingering to hold on to the gains you made in the long-standing queue. To cut the story short if other banks are not offering more interest rates. This is the best option for you.
What other services do you get?
All the payments services like paying bills, utilities, Zomato, mobile recharge, digital gold and all the other stuff that you can think of is also available on the application for you to use. However, FD was the latest one therefore we covered it in greater detail. One can also get credit from brokerage for opening the Demat account. But hey! don’t you go there?
Lrnin
Lrnin or learning is the place where we offer direct cashback and gifts to our users along with free dedicated services. The only thing you need to do is to open your Demat account using our links and you’re done. We support the following brokers.
