Equitas Small Finance Bank (SFB) has launched an initiative that allows customers to book Fixed Deposits (FDs) on Google Pay in less than two minutes without having to open a bank account. The offering was made possible by connecting application programming interfaces (APIs) built by fintech infrastructure provider Setu. For starters, this feature will be available to Google Pay users who access the app from Android.
According to a bank statement, customers can, through the Google Pay app, book fully digital high-interest FDs – without having to open a savings account with Equitas Bank at its own on-platform location. -form Google Pay.
“Google Pay users can book FDs from the comfort of their own homes, ensuring a simple, secure and hassle-free experience. At maturity, the principal and interest of the FD goes directly to the Google Pay user’s existing bank account, which could be at any bank in India, ”he said.
As the RBI’s regular commercial bank, deposits in Equitas are covered by a deposit guarantee of up to Rs 5 lakh per depositor. Customers can enjoy returns of up to 6.35% for a one year FD.