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Google Pay users can take advantage of the fixed deposit rates offered by Equitas Small Finance Bank by booking FD on the payment platform without opening a bank account.
The bank said it was offering the initiative by connecting APIs created by fintech infrastructure provider Setu for Equitas Bank.
In an industry first, consumers can book fully digital high-interest FDs through the Google Pay app, without the need to open a savings account with Equitas Bank on-site integrated into the platform. form Google Pay, Equitas SFB said in a statement.
The lender said customers can earn up to 6.35% for a one-year DF, significantly higher than many other savings options.
As the RBI’s regular commercial bank, deposits in Equitas are covered by a deposit guarantee of up to Rs 5 lakh per depositor, he added.
To book a FD on Google Pay, the user must search for Equitas Bank in the “Business and invoices†segment.
In addition, they will need to select an amount and duration for the fixed deposit, provide their personal and KYC (know your customer) information, and complete the payment using Google Pay UPI.
“At maturity, the proceeds will automatically go to the Google Pay user’s existing Google Pay linked bank account,†he said.
Users can track their deposits, add new ones, and place an order for premature withdrawals.
In the event that a user wishes to withdraw the deposit prematurely, the product will reach their bank account as quickly as the same day, Equitas Bank said.
For starters, Equitas Bank’s term deposit facility will be available to Google Pay users on the Android app.
As the bank is set to celebrate its 5th anniversary on September 5, 2021, this collaboration is a dedication to the digital world, he said.
“Equitas was one of the first to adopt digital banking services and Neo banking in particular. This program offers a true FD digital reservation experience; we’ve done our best to make the experience as easy and seamless as possible.
“We hope to increase financial inclusion by fostering a culture of savings, while making the FD booking process simple and easy,†said Murali Vaidyanathan, Senior President and Country Head, Equitas SFB.
Sahil Kini, CEO and co-founder of Setu, said bank FDs are India’s preferred savings instrument and booking an FD should be as easy as making a UPI payment.
“But, most banks require customers to open a savings account and then reserve an FD. By partnering with Setu, Equitas SFB was able to make stand-alone FDs available on Google Pay,†Kini said.
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
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