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Google Pay FD Scheme: Step By Step Guide To Opening FD On Google Pay
Google Pay is one of the widely used payment platforms in India. Google Pay offers several rewards and cashback offers. Now, Google Pay is also offering users to open FD or fixed deposits using the platform. FDs are among the widely used saving schemes in the country and now, Google Pay aims to ramp it up digitally.
Google Pay FD Scheme Announced
Google Pay has partnered with Equitas Small Finance Bank to offer FDs on its platform. The tech giant says opening an FD on Google Pay is as simple as making a UPI payment. Do note, this feature is currently limited to Android users on Google Pay. iOS support could arrive in the coming weeks.
Going into the details, the Equitas Small Finance Bank says the deposits get a guarantee of up to Rs. 5 lakh per depositor. The bank is offering up to 6.35 percent for an FD of one year. This makes the Google Pay FD scheme substantially higher than many other savings options. Moreover, users don't even need to have a savings account with the Equitas Small Finance Bank.
"In an industry-first, consumers can through the Google Pay app book high-interest rate FDs fully digitally - without needing to open savings account with Equitas Bank on its own Spot integrated with the Google Pay platform," the Bank said in a statement.
How To Open FD On Google Pay?
Step 1: Open the Google Pay app on your Android > scroll down to Business and Bills
Step 2: Search for the Equitas Bank Spot and click on the Equitas SFB logo
Step 3: Now, select an amount that you wish to deposit in the FD, and next select the tenure
Step 4: Now, provide your personal and KYC details like Aadhaar number, PAN, and so on to the Equitas Bank Spot
Step 5: Lastly, complete the FD setup using the Google Pay UPI
How To Withdraw Money From Google Pay FD?
The statement from the Equitas Small Finance Bank says: "On maturity, principal and interest of the FD go directly to the Google Pay user's existing bank account - which could be in any bank in India." This simply means, once your FD amount has matured, the amount will directly go to the bank account linked to your Google Pay.
Google Pay FD depositors can check their money, track their deposits, and add new ones using the Equitas Bank Spot. In case you wish to prematurely withdraw the FD money, you can do so at the Equitas Bank Spot. Soon, the money will return to your Google Pay-linked bank account the same working day.