Google Pay has partnered with Equitas Small Finance Bank for FD on the payments platform without opening a bank account to let people access this facility in India at a higher than average rate of 6.23%, you can take this benefit at your end as now you can also open Fixed Deposit Online with Google Pay in India without having Bank Account if you were thinking to do so in recent times.
FD aka Fixed Deposit is one of the most trusted schemes in our Indian environment which people believe and safest too. Most people with Bank Account go for it once in a lifetime for a particular time span, Google is now offering it through Google Pay of opening a Fixed Deposit (FD) without having any Bank Account, in affiliation with Equitas Small Finance providing a rate of interest at 6.23 per cent that is a nice deal compared to many other banks, but how you can do it? Let’s know How you can open FD with Google Pay without having a Bank Account.
What is GPay Fix Deposit Plan and How it works?
The partnership works on Setu, an API infrastructure startup, to offer FD services by Equitas Small Finance bank. It is also working with Ujjivan and AU small finance banks to bring their services, beta version of API book FD of various tenures with interest rates ranging from 3.5 per cent to 6.35 per cent for the one-year plan. All you need is a minimum of 7 days and a maximum of up to one-year deposits that Requires mandatory Aadhaar and OTP based KYC verification.
The minimum deposit value for Google Pay FD starts from Rs.5000 and goes up to Rs.90000 max at an interest rate of,
- 7 – 29 days = 3.5%
- 30 – 45 days= 3.5%
- 46 – 90 days= 4%
- 91 – 180 days= 4.75%
- 181 – 364 days= 5.25%
- 365 – 365 days= 6.35%
- Senior citizens are eligible for extra 0.50% p.a
depending upon your duration for how long you are investing your money into it as it’s a secure option to go for.
How to open Fixed Deposit Online with Google Pay in India without having Bank Account Steps
- Go to Google Pay and look for Bills & Business Section
- Under that Click on Explore More
- Search for Equitas Small Finance Bank
- Open Eduitas FD option
- Now Click on Invest Now and Select Citizenship
- Enter your Desired amount and Duration you want to put in FD through GPay
- Proceed to KYC and Enter your Details of Adhar card as Pin Number
- Enter your Google Account, Adhar and PAN to Verify for the last time
- Now Pay the amount using UPI through Google Pay to invest in FD
- You get a confirmation of your Fix Deposit opening and the interest will start coming automatically
FAQ about Google Pay FD Scheme:
Is it safe?
Definitely, it is safe as it’s coming from two reliable sources and by not any random roadside sellers or brokers, Google has partnered with Setu Equitas Banks to make it possible for its users who are willing to get a fixed deposit. Also it is an RBI regulated scheduled commercial bank
Is there any diffrence between real FDs and GPay FD?
No there is not difference as both have maturity options but yes here you are getting benefits of more interest rates compared to other banks outside which offer lower interest rates on FD plans.
What Happens Once my FD get Matured?
Once your FD get matured, the maturity amount will be transferred to your bank account, at same bank account used while paying for the FD at the time of booking.
Can I Withdraw My FD Anytime I want?
You can close your FD any time before the maturity date through the Google Pay app. When you opt for pre-mature withdrawal, the interest rate applicable will depend on how many days you held the FD for but your principal amount will be safe at all times.
In the end, we like to say that if you have any other queries or doubts so kindly take a suggestion from your personal CA or nearby Bank branches because its a Money investment so to be on the safe side, its always good to doubt sure. This post is just for information purposes and if you like it so you can share it as well with others.
-Thanks for Reading.