After creating an undisputed position for itself in the digital payments arena, Google Pay has now ventured into the Indian investments space. In a tie-up with Equitas Small Finance Bank, Google Pay has launched the facility of booking digital fixed deposits (FD) on its platform.
Initially, this service is only available for users accessing Google Pay on the Android app. Users can book an FD on Google Pay in under 2 minutes without having to open a bank account with Equitas Small Finance Bank.
This allows users to invest in an FD without any hassles, from the comfort of their homes. Equitas covers their FDs by a deposit guarantee of up to Rs 5 lakh per depositor. They offer a 6.5% interest rate on a fixed deposit of one year, which is higher than many other savings avenues.
Simple steps to book an FD with Equitas Small Finance Bank:
- Open Google Pay app on Android
- Scroll down to ‘Businesses and bills’
- Click on the ‘Equitas SFB’ logo
- Select a desired amount and tenure for the FD
- Key-in personal and KYC details
- Complete the payment via Google Pay UPI
On booking an FD, users can track their deposit from the Equitas Bank Spot on Google Pay. They can use the space to book new FDs and also to request a premature withdrawal. In case of a premature withdrawal, the funds will be transferred to their bank account on the same day.
From the regulatory point of view, RBI is keeping a close eye on the deal to evaluate its implication on the banking industry.
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