Google Pay is a digital wallet linked to your Google Account. You can use it to send or request money from your friends and relatives. GPay has partnered with a fintech company, setu, to allow users to open fixed deposits in India, If you are a Gpay user, you can open Fixed Deposit with a few easy and simple clicks, Even if you don’t have a bank account with any bank. Here are the steps to open FD in GPay.
- Google Pay has partnered with Setu to provide FD Service by Equitas Small Finance Bank
- Requires Aadhaar-OTP based KYC Verificaion
Everything you need to know about Fixed Depositing on Google Pay
As we know that fixed deposits are the largest component of saving in India. Google Pay has started FD service by Equitas Small Finance Bank, Ujjivan and AU Small Finance Bank to bring their services.
The beta version of GPay lets you book the FDs of various tenure with interest rates from 3.5 % for the short-term FD to 6.35 % for the long-term FD.
If you don’t have an account with the bank, Still you can open FD on GPay, you just need to do an Aadhaar Based KYC verification.
Steps to Book a Fixed Deposit on Google Pay
- Open the Google Pay Application on your smartphone.
- Click on Explore at the bottom.
- Search for Equitas Small Finance Bank.
- Click on Equitas Samall Finance Bank and then Click on Open Equitas Fixed Deposit.
- Click on Proceed to KYC.
- Enter the pincod iformation as per the Aadhar card and proceed.
- On the next screen you need to verify your Google Account and Mobile Number, followed by PAN number and Aadhaar verification.
- Compelete the payment using Google Pay UPI.
Also Read This: How to Turn off Quick Access in Google Drive? 3 Easy Steps!
Fixed Deposit Interest Rates on Google Pay
As of now below are the fixed deposit rate (per anum) offered by the banks for different tenures.
|Tenure||Interest Rate (%)|
|7-29 Days||3.5% PA|
|30-45 Days||3.5% PA|
|46-90 Days||4% PA|
|91-180 Days||4.75% PA|
|181-364 Days||5.25% PA|
|365-365 Days||6.35% PA|
* 0.50% PA extra for Senior citizens.
This is the all about the Google Pay Fixed Features by Equitas on GPay. What are your thoughts on it? Let me know in the comments section. Stay on for more articles.