Posted: 01/09/2021 21:43 IST
Internet Desk: Leading digital payment company ‘Google Pay’ is ready to offer another new feature to its users. Google, which has so far introduced bill payments, recharges, mutual funds and insurance plans closer to its customers, will now also offer fixed deposits (FDs). To this end, Equitas entered into an agreement with Small Finance Bank (ESFB). This feature is only available to those who initially downloaded the Google Play app from Android. Google will soon sign deals with Ujjeevan Small Finance Bank and AU Small Finance Bank.
Even if you do not have an account with ESFB .. you can FD through Google Pay. This is called digital FD. ESFB said in the regulatory filing that the process would be completed within two minutes. At the end of the FD term, the principal and interest are deposited into a bank account linked to Google Pay. Compared to other banks .. FD generators in ESFB through GooglePay have higher interest rates.
The process of creating FD in ESFB through Google Pay.
* Open GooglePay and select Business and Bills
* Click on the Equitas SFB logo. Or type equitas in the Google search bar.
* Select the amount and duration of FD to do.
* Provide personal KYC details like PAN number and Aadhaar number.
* Complete payment via Google Pay UPI.