Google Pay Join Hands With Equitas SFB To Offer Digital FD: Check Details

For the investors who want to open a fixed deposit account from the convenience of their home just with some simple taps, Equitas Small Finance Bank has taken a move to provide its customers with the option to open a fixed deposit account through Google Pay. The bank has partnered with Google Pay (G Pay) to enable Google Pay (only Android) users to book an FD account without having or opening a savings account. Once the FD matures, the principal including the interest amount would be transferred to the Google Pay user's existing or linked bank account, which means that starting from opening an account till maturity proceeds, the entire process will be done digitally and the collaboration undoubtedly will have a positive impact on senior citizens.

The partnership is timed to coincide with the bank's 5th anniversary, which will take place on September 5th, 2021. Equitas Small Finance Bank currently offers up to 6.50% interest on FD, but apart from the higher interest rate compared to that of the leading public and private sector bank, customers who book an FD account with the bank will also get an insurance cover benefit up to Rs 5 lakh provided by the Deposit Insurance and Credit Guarantee Corporation which is nothing but a subsidiary of Reserve Bank of India.

Equitas Small Finance Bank Fixed Deposit

Equitas SFB allows you to open a fixed deposit account for a maturity period ranging from 7 days to 10 years. This flexible tenure will result in you covering your both short-term and long-term financial goals. By offering higher yields on fixed deposits and a digital account maintaining approach through Google Pay, the bank is now the industry-first to join hands with Google Pay. To meet the needs of your investment and wealth creation, you can pick a term according to your goal and enjoy guaranteed returns by investing with Equitas FD through Google Pay. According to the official website of the bank, the benefits of opening a fixed deposit account are:

• Idle funds can be used
• Best in class Interest Rates
• Attractive FD interest rates up to 6.5% p.a. for senior citizens
• Partial and full premature withdrawal allowed
• No premature withdrawal penalty for all FDs booked for senior citizens on or after 2nd December 2019 (Not applicable for grouping)
• No penalty on premature withdrawal above 6 months
• Nomination facility available
• Interest frequency available - reinvestment, quarterly payout, and monthly payout.

Equitas Small Finance Bank Fixed Deposit Interest Rates

With effect from 1st June 2021, fixed deposit rates for domestic/NRE/NRO (for INR) deposits of less than Rs 2 Cr are as follows.

Tenure	Regular FD Rates	Interest Rates For Senior Citizens
7 - 14 days	3.50%	4.00%
15 - 29 days	3.50%	4.00%
30 - 45 days	3.50%	4.00%
46 - 62 days	4.00%	4.50%
63 - 90 days	4.00%	4.50%
91 - 120 days	4.75%	5.25%
121 - 180 days	4.75%	5.25%
181 - 210 days	5.25%	5.75%
211 - 270 days	5.25%	5.75%
271 - 364 days	5.25%	5.75%
1 year to 18 months	6.35%	6.85%
18 months 1 day to 2 years	6.25%	6.75%
2 years 1 day to 887 days	6.35%	6.85%
888 days	6.50%	7.00%
889 days to 3 years	6.35%	6.85%
3 years 1 day to 4 years	6.25%	6.75%
4 years 1 day to 5 years	6.25%	6.75%
5 years 1 day to 10 years	6.50%	7.00%
Source: Bank Website

How to open Equitas SFB Fixed Deposit Account On Google Pay?

• Open Google Pay app on your mobile phone and head to the 'Businesses and bills' section.
• Tap on the logo of Equitas SFB or you can directly search for the same.
• Now select the amount you want to deposit and then select the tenure for which you want to maintain your deposit through the Equitas Bank Spot.
• Now enter your personal details and complete the KYC procedure by entering your PAN and Aadhaar number.
• Now complete the transaction using your existing bank account through Google Pay UPI.
• Customers can also track their existing deposits as well as open a new one online. They can also make premature withdrawals by following some simple in-app steps. Upon which the maturity proceeds will be directly transferred to the bank account linked with Google Pay on the same business day;