How to Open a Fixed Deposit or FD on Google Pay
How to Open a Fixed Deposit or FD on Google Pay

Book a Fixed Deposit on Google Pay, Open an FD with Equitas Small Finance Bank via Google Pay, How to Open a Fixed Deposit on Google Pay

Google has made a partnership with Fintech company ‘Setu’ to provide FD services by Equitas Small Finance Bank, which will allow users to open a fixed deposit (or FD) in India.

So, if you are a Google Pay user, you can now open an FD in few minutes, even if you don’t have an account with the Equitas Small Finance Bank. You can open an FD with a minimum of 7 days and a maximum of up to one year of the time period.

The opening of the FD on the Google Pay app requires mandatory Aadhaar-OTP based KYC verification. If you want to open an FD on Google Pay. Below is the step-by-step guide for doing it.

Don’t know, what is FD (Fixed Deposit)?

Fixed Deposit (or FD) is a financial investment instrument offered by banks or NBFCs (Non-Banking Financial Company). It provides investors a higher interest rate than the regular savings account until the maturity date.

Open a Fixed Deposit (FD) on Google Pay

On Google Pay or GPay, the FDs will be offered for a period of one year, with a maximum interest rate of 6.35 percent. For this, users will be required to complete an Aadhaar-based KYC (know your customer) through an OTP.

Book a Fixed Deposit on G-Pay

  • First of all, open the Google Pay app on your smartphone.
  • Click, on New Payment placed at the bottom of the home screen.
  • Search for Equitas Small Finance Bank in the search box.
  • Click on the Equitas Small Finance Bank, and then select Open Equitas FD.
  • Here, you will see Invest Rates and Returns details, click on Invest Now.
  • Select, Yes if you are a Senior Citizen otherwise select No.
  • Enter the Amount which you want to invest, and enter the time period from a minimum of 10 days to a maximum of 1 year.
  • Click on Process to KYC.
  • Now, enter your Pincode as per your Aadhaar card, and click on Proceed to KYC.
  • Here, a Google account sign-in popup will occur, click on Sign in, and your Google account will be verified.
  • Now, verify your mobile number, PAN card, and Aadhaar card.
  • Complete the payment using Google Pay UPI.
  • Done, you have successfully booked an Fixed Deposit on Google Pay.

Currently, you can create only one fixed deposit (or FD) with a minimum of Rs 5,000 and a maximum of Rs 90,000 amount, and with a minimum of 10 days and a maximum of 1 year time.

Fixed Deposit Interest Rates

Below are the Fixed Deposit interest rate offered for different tenures by Equitas Small Finance Bank on Google Pay.

Tenure (In Days)Interest Rate (Per Annum)
7 – 29 days3.5%
30 – 45 days3.5 %
46 – 90 days 4%
91 – 180 days 4.75%
181 – 364 days 5.25%
365 – 365 days6.35%

Note: Senior citizens are however eligible for an extra 0.50% interest rate per annum.

Some FAQs (Frequently Asked Questions)

Q. Is an Equitas Bank account necessary to Book FD in Google Pay?

No, you do not need to have a bank account with the Equitas Small Finance Bank to book a fixed deposit on Google Pay App.

Q. Can an existing Equitas Small Finance Bank user book an FD on G-Pay?

If you already have an account with Equitas Small Finance Bank then you can not book a Fixed Deposit (FD) via Google Pay. But the Google Pay might enable it in the future.

Q. What happens once the Fixed Deposit completes?

Once the Fixed Deposit completes, the maturity amount will be transferred to your bank account linked with Google Pay using which you made a payment for the same.

Q. Can I Withdraw My FD funds before maturity time?

Yes, you can close the FD any time, your principal amount will be safe at all times. When you make a pre-mature withdrawal, the rate of interest will depend on the days the FD remains in the account.

Q. Is it Safe to keep deposits with the Equitas Small Finance Bank?

Equitas Small Finance Bank has begun its banking operations in 2016. Like all other small banks, it is offering attractive interest rates to keep up with competition from large public and private banks.

The Equitas Small Finance Bank is an RBI regulated scheduled commercial bank. The amount of up to Rs 5,00,000 (both principal and interest) is insured by India’s DICGC (Deposit Insurance and Credit Guarantee Corporation).