You can now open FD with Google Pay without a bank account

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Google has improved Google Pay, a digital payment app with a variety of useful features. Today, Mountainview Giants has partnered with a small financial bank in India to offer Google Pay users fixed deposit (FD) capabilities. Therefore, you can book FD directly from the Google Pay app without opening another bank account.

The industry’s first digital FD service was recently introduced in Japan. Google has partnered with Chennai-based Equitas Small Finance Bank to offer users the benefits of FDs that do not have a bank account. As a result, interested users can now open FDs on Google Pay and earn interest rates of up to 6.35% per year.

Equitas SFB states that it leverages APIs developed by fintech infrastructure company Setu to provide digital FD services. Therefore, by partnering with Google, banks will be able to provide services nationwide via the Google Pay app.

How to open FD with Google Pay

Here, to reserve FD with Google Pay,[ビジネスと請求書]You need to search for Equitas Small Finance Bank in the section. Following this, you will need to provide your KYC (Know Your Customer) details and use Google PayUPI to complete your FD payment.

You can now open an FD with Google Pay without opening another bank account

When you open the FD, you will be able to track it directly with the Google Pay app. In addition, if you open the floppy further using the payment app, it will start to appear on the tracking page. “At maturity, revenue is automatically credited to Google Pay users’ existing Google Pay Linked bank accounts.” Equitas SFB said in a statement.

In addition, you can order from the tracking page to withdraw your FD prematurely. In that case, Equitas SFB states that the user will receive revenue in the linked bank account on the same day of the request.

“Equitas is one of the earliest companies to adopt digital banking and neo-banking in particular. This program provides a true digital thrift booking experience. We make the experience as simple and seamless as possible. We want to increase financial inclusion by encouraging savings culture and at the same time simplifying and simplifying the FD booking process. “ Murari Vidiana Sun, Senior President and Country Head of Equitas SFB, said.