Google Pay has partnered with fintech company Setu to allow users to order fixed deposits in India. If you are a GPay user, you can create an FD with just a few simple clicks, even if you don’t have an account in the offer bank. Step-by-step instructions to open a fixed deposit in Google Pay.
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Everything about Fixed Deposits (FD) on Google Pay
- GPay has partnered with Setu to provide FD services by Equitas Microfinance Bank.
- You can order FD from a minimum of 7 days to a maximum of one year.
- Requires mandatory Aadhaar-OTP-based KYC inspection.
As time deposits are the largest component of deposits in India, Google Pay has partnered with Setu-API infrastructure startup to provide FD services by Equitas Small Finance Bank. Ujjivan and AU also work with small financial banks to bring their services.
The beta version of the API allows you to order FDs with interest rates ranging from 3.5 percent for the shortest FD to 6.35 percent for an annual FD.
To order an FD, you do not need to have an account with the bank that offers it. All you need to do is Aadhaar based KYC verification and you are ready to go.
Steps to order a fixed deposit on Google Pay
- Open the Google Pay app on your phone.
- Click Discover next to “Jobs and Invoices” at the bottom.
- Search for “Equitas Microfinance Bank”.
- Click Equitas Microfinance Bank later Open Equitas FD.
- On the next screen, you will get a brief overview of fixed deposits with the ability to calculate the interest rate.
- Click Invest Now.
- Choose to be an elderly citizen. Then enter the desired amount and duration (minimum 10 days – maximum 1 year).
- Click Switch to KYC.
- Enter your pin code according to your Aadhaar card and continue.
- Additionally, check your Google account and mobile number, then PAN and Aadhaar verification.
- Complete payment using Google Pay UPI.
So far, you can create only one fixed deposit in the minimum amount of Rs. 5000 and the maximum amount Rs. 90,000. Moreover, the maximum period is 1 year. See the FAQ section below for more information.
FD Interest rates are offered
The following is the fixed deposit interest rate (annual) offered for different periods.
- 7-29 days = 3.5%
- 30-45 days = 3.5%
- 46-90 days = 4%
- 91-180 days = 4.75%
- 181 – 364 days = 5.25%
- 365 – 365 days = 6.35%
* Older citizens are entitled to receive an additional 0.50% pa
FAQ- Frequently Asked Questions
1. Do I need a bank account with Equitas to order FD on Google Pay?
No. You do not need to have a bank account with Equitas (the bank that offers it) to order a fixed deposit on Google Pay.
2. Can an existing Equitas User open FD on GPay?
If you already have an account with Equitas, you cannot order FD through this service. But they can provide it in the future.
3. Is Booking FD on Google Pay different from Equitas Direct Booking?
No. Ordering FD through Google Pay is more or less the same as ordering FD from a branch of Equitas Microfinance Bank or online. FD is written directly to your name and KYC with Equitas.
4. How many FDs can I order now?
Currently, you can only order one FD because the feature is still in beta and is based on the Aadhaar-OTP-based KYC stream. Google will soon activate video KYC to allow multiple FD orders.
5. What are the Minimum and Maximum Amount and Use?
You can currently deposit minimum and maximum Rs. 5000 and Rs. 90,000 respectively. The period can be from 10 days to 1 year.
In the near future, Google will offer options for longer service life.
6. What happens after FD matures?
After paying the FD, the payment term (principal and interest) will be transferred to your bank account. At the time of booking, the FD will be transferred to the same bank account used for payment.
7. Can I withdraw FD at any time?
You can close the FD with the Google Pay application at any time before the payment date. When you choose to withdraw early, the applicable interest rate will depend on how many days you keep the FD. Your principal amount will always be valid.
8. Is it safe to keep deposits in Equitas Microfinance Bank?
Equitas Microfinance Bank is a small financial bank that started banking operations in 2016. Like other small banks, large public and private banks offer attractive interest rates to keep them competitive.
It is a planned commercial bank regulated by the RBI. Moreover, the amount up to Rs. 5,000,000 (both principal and interest) is insured by DICGC (Deposit Insurance and Credit Guarantee Corporation) of India.
These were the ways to open a stable deposit with Equitas on Google Pay, and then the answers to some frequently asked questions. While investments are not a good investment option because they do not bring any real return on inflation, it is convenient for users to have a one-click savings device. Anyway, what do you think about it? Let me know in the comments below. Follow us for more such articles.
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