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Equitas SFB will let users book digital fixed deposits on their Google Pay Spot: Here’s how

Google will soon allow Indian users to open fixed deposits via its UPI payment service Google Pay. Here is everything you should know.

By: Tech Desk | Chandigarh |
Updated: September 3, 2021 5:33:40 pm
Google Pay, Google Pay FDs, Google Pay FD feature, fintech startup Setu, Google Pay Setu partnership, Google Pay FD newsGoogle Pay competes with players like Paytm, Walmart-owned PhonePe and Amazon Pay in India. (File Express photo)

Equitas Small Finance Bank (SFB) has launched a new Spot on Google Pay, which will enable Google Pay users to book fixed deposits (FDs) via the app, without having to open a bank account. The offering is made available through Google Pay’s Spot Platform and is made possible by connecting APIs built by fintech infrastructure provider Setu for Equitas Bank. This functionality will be available for Google Pay users starting with Android, not iOS users.

The Spot Platform on Google Pay lets merchants create branded commercial experiences for payment-ready users.

How to book a high-interest safe FD with Equitas Bank on the Google Pay app on Android: 

Open Google Pay app and scroll down to ‘Businesses and bills’

Click on ‘Equitas SFB’ logo or Search for Equitas Small Finance Bank to enter the Equitas Bank Spot on Google Pay

Select an amount and tenure for the FD via the Equitas Bank Spot

Provide personal and KYC details (PAN number & Aadhaar number) to Equitas Bank

Complete the payment using Google Pay UPI

On maturity, the proceeds will automatically go to the Google Pay user’s existing Google Pay linked bank account, according to the bank. Google Pay users can track their deposits, add new ones as well as place orders for premature withdrawal. If a Google Pay user chooses to prematurely withdraw the deposit, the proceeds will reach their bank account the same day.

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