How to Open a Fixed Deposit Account using Google Pay

Google Pay is a popular payment gateway in India. Apart from serving as a Unified Payments Interface (UPI), the application offers various financial and banking services. The latest service offered by Google Pay is ‘Fixed Deposit (FD)’ in partnership with Equitas Small Finance Bank. As of now, the interest rate offered by the bank is up to 6.35% for a one-year fixed deposit.

How to apply for fixed deposit on Google Pay

Follow the steps mentioned below to apply for a fixed deposit through Google Pay:

• Step 1: Open the Google Pay application on your android phone
• Step 2: Find the Equitas SFB logo under the ‘Business and bills’ section and click on it
• Step 3: Enter the FD amount
• Step 4: Choose the tenure
• Step 5: Fill required details
• Step 6: Complete the transaction through Google Pay UPI

Frequently Asked Questions (FAQs)

1. 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.

2. Can I track my fixed deposit on Google Pay?

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

3. 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.

4. 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.

5. 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.