How to Open a Fixed Deposit Account using Google Pay

FAQs on How to Open a FD Account using Google Pay

• What is Equitas Small Finance Bank's new offering via Google Pay?

  Equitas Small Finance Bank now allows customers to book fixed deposits in just two minutes using Google Pay without the need to open a bank account with them. 

• What are the benefits of booking a fixed deposit through Equitas Small Finance Bank via Google Pay?

  Customers can appreciate the convenience of booking a fixed deposit quickly and securely, leveraging the user-friendly interface of Google Pay. 

• Where will Google Pay FD money get deposited after maturity?

  Google Pay FD money will get directly transferred in to the user's Google Pay linked bank account.

• Can I track my fixed deposit on Google Pay?

  Yes, Google Pay allows users to track their deposit and also book new ones.

• Can I withdraw Google Pay FD prematurely?

  Yes, Google Pay allows premature withdrawal of the fixed deposit. The FD amount will get transferred in to the user's Google Pay linked bank account on the same day.

• Can I book Google Pay FD through iPhone?

  No, currently the Equitas Bank is giving fixed deposit facility only to Google Pay users on the Android phone. This service will be given on iPhone later.

• Is there any deposit guarantee on Google Pay FD?

  Equitas Bank is an RBI scheduled commercial bank and covers deposit guarantee of up to Rs. 5 lakhs for every depositor.

• How can I access this service through Google Pay?

  Simply open the Google Pay app, navigate to the 'Businesses and bills' section, and search for Equitas Bank to initiate the fixed deposit booking process.

• What options are available for fixed deposits currently?

  Currently, Equitas Small Finance Bank offers one fixed deposit option via Google Pay, with more options expected in the future. Customers can select the desired amount and tenure for their deposit. 

• What are the interest rates offered by Equitas Small Finance Bank for fixed deposits?

  The bank offers competitive interest rates, with rates currently set at 3.50% for 14 days and 6.35% for a year to 18 months. 

• Are there any risks associated with depositing funds with small finance banks?

  While small finance banks typically offer higher interest rates, customers should consider factors such as the bank's business model and loan portfolio diversification. It's advisable to balance higher returns with potential risks. 

• What KYC formalities are required to book a fixed deposit through Equitas Small Finance Bank?

  Customers need to provide their KYC details, including PAN and Aadhaar numbers, digitally as per RBI guidelines. 

• How is the seamless link with Google Pay facilitated?

  Fintech infrastructure provider Setu has developed APIs to enable seamless integration with Google Pay, ensuring a smooth user experience for customers.

• What happens to the fixed deposit on maturity?

  On maturity, the principal and interest amount are credited directly to the customer's existing bank account linked to Google Pay. Premature withdrawal options are also available if needed. 

• Can Google Pay users access this service on any device?

  Currently, this functionality is available for Google Pay users accessing the app from Android devices.