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Google Pay introduces Fixed Deposits: How to apply, interest rates and more

Google Pay has introduced Fixed Deposits (FD) for its Android app users. Here's how it works.

India TV Tech Desk India TV Tech Desk
New Delhi Published on: September 03, 2021 14:42 IST
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Image Source : GOOGLE

Google Pay introduces Fixed Deposits.

Google Pay is a widely used payment gateway popular for its UPI payments in India. The app not only serves as a regular UPI payment app but also offers a plethora of other banking and financial services. The app also has a Gold locker for those who would like to buy digital gold. Now, the app has introduced Fixed Deposits or FDs.

Google has partnered up with Equitas Small Finance Bank in order to allow users to make an FD via the Google Pay app. With this tie-up, users will be able to book an FD within just a few simple clicks. As of now, the ability to book an FD is only available to Android users. Here's how you can apply.

How to apply for FD on Google Pay

  1. Open the Google Pay app on your Android smartphone.
  2. Under the Business & bills section, find the Equitas SFB logo and tap on it.
  3. Type in the amount and select the tenure for the FD.
  4. Enter the required personal and KYC details.
  5. Complete the payment via Google Pay UPI.

Currently, the bank is offering interest rates of up to 6.35% on an FD of one year. For the FD, the consumer need not open an account with Equitas Bank as the transaction will be done via the users existing UPI ID. Using the Google Pay app, the uses will also be able to keep track of their deposits, add new ones and place an order for premature withdrawals.

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