<p>Google Pay users can take the benefits of fixed deposit rates offered by Equitas Small Finance Bank by booking FD on the payments platform without opening a bank account.</p>.<p>The bank said it has been offering this initiative by connecting APIs built by fintech infrastructure provider Setu for Equitas Bank.</p>.<p>In an industry-first, consumers can through the Google Pay app book high-interest rate FDs fully digitally, without needing to open a savings account with Equitas Bank on its spot integrated with the Google Pay platform, Equitas SFB said in a release.</p>.<p>The lender said that customers can earn returns of up to 6.35 per cent for an FD of one year, substantially higher than many other savings options.</p>.<p>As an RBI scheduled commercial bank, deposits in Equitas are covered by a deposit guarantee of up to Rs 5 lakh per depositor, it added.</p>.<p>To book an FD on Google Pay, the user will have to search for the Equitas Bank spot under the 'Business and bills' segment.</p>.<p>Further, they will have to select an amount and tenure for the fixed deposit, provide their personal and KYC (know your customer) details, and complete the payment using Google Pay UPI.</p>.<p>"On maturity, the proceeds will automatically go to the Google Pay user's existing Google Pay linked bank account," it said.</p>.<p>Users can track their deposits, add new ones and place an order for premature withdrawals.</p>.<p>In case, a user wants to prematurely withdraw the deposit, the proceeds will reach their bank account as quickly as the same day, Equitas Bank said.</p>.<p>To begin with, the Equitas Bank fixed deposit facility will be available for Google Pay users on the Android app.</p>.<p>As the bank is all set to celebrate its 5th anniversary on September 5, 2021, this collaboration is a dedication to the digital world, it said.</p>.<p>"Equitas has been one of the early adopters of digital banking and Neo banking in particular. This programme provides a true digital FD booking experience; we have made efforts to ensure that the experience is as simple and seamless as possible.</p>.<p>"We hope to increase the financial inclusion by encouraging a savings culture, at the same time making the FD booking process simple and easy," Murali Vaidyanathan, Senior President and Country Head, Equitas SFB said. Sahil Kini, CEO and Co-founder of Setu, said bank FDs are India's favourite savings instrument and booking an FD should be as simple as making a UPI payment.</p>.<p>"But, most banks require customers to open a savings account and then book an FD. By partnering with Setu, Equitas SFB has been able to make standalone FDs available on Google Pay," Kini said.</p>
<p>Google Pay users can take the benefits of fixed deposit rates offered by Equitas Small Finance Bank by booking FD on the payments platform without opening a bank account.</p>.<p>The bank said it has been offering this initiative by connecting APIs built by fintech infrastructure provider Setu for Equitas Bank.</p>.<p>In an industry-first, consumers can through the Google Pay app book high-interest rate FDs fully digitally, without needing to open a savings account with Equitas Bank on its spot integrated with the Google Pay platform, Equitas SFB said in a release.</p>.<p>The lender said that customers can earn returns of up to 6.35 per cent for an FD of one year, substantially higher than many other savings options.</p>.<p>As an RBI scheduled commercial bank, deposits in Equitas are covered by a deposit guarantee of up to Rs 5 lakh per depositor, it added.</p>.<p>To book an FD on Google Pay, the user will have to search for the Equitas Bank spot under the 'Business and bills' segment.</p>.<p>Further, they will have to select an amount and tenure for the fixed deposit, provide their personal and KYC (know your customer) details, and complete the payment using Google Pay UPI.</p>.<p>"On maturity, the proceeds will automatically go to the Google Pay user's existing Google Pay linked bank account," it said.</p>.<p>Users can track their deposits, add new ones and place an order for premature withdrawals.</p>.<p>In case, a user wants to prematurely withdraw the deposit, the proceeds will reach their bank account as quickly as the same day, Equitas Bank said.</p>.<p>To begin with, the Equitas Bank fixed deposit facility will be available for Google Pay users on the Android app.</p>.<p>As the bank is all set to celebrate its 5th anniversary on September 5, 2021, this collaboration is a dedication to the digital world, it said.</p>.<p>"Equitas has been one of the early adopters of digital banking and Neo banking in particular. This programme provides a true digital FD booking experience; we have made efforts to ensure that the experience is as simple and seamless as possible.</p>.<p>"We hope to increase the financial inclusion by encouraging a savings culture, at the same time making the FD booking process simple and easy," Murali Vaidyanathan, Senior President and Country Head, Equitas SFB said. Sahil Kini, CEO and Co-founder of Setu, said bank FDs are India's favourite savings instrument and booking an FD should be as simple as making a UPI payment.</p>.<p>"But, most banks require customers to open a savings account and then book an FD. By partnering with Setu, Equitas SFB has been able to make standalone FDs available on Google Pay," Kini said.</p>