Google Pay's digital Fixed Deposits in under 2 minutes without having to open a bank account

Equitas Small Finance Bank (SFB) on Wednesday announced that it will now enable users to open fixed deposits (FDs) on Google Pay. Initially, this functionality will be available for Google Pay users who are accessing the app from Android.

“Equitas SFB has launched a new initiative, enabling Google Pay users to book fixed deposits (FDs) on Google Pay in under 2 minutes without having to open a bank account," the bank said in a regulatory filing.

The bank said the deposits in Equitas are covered by a deposit guarantee upto ₹5 lakh per depositor. Customers can enjoy returns of up to 6.35% for an FD of one year - substantially higher than many other savings options. “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 own Spot integrated with the Google Pay platform. So, Google Pay users can book FDs from the comfort of their homes ensuring an easy, safe and hassle-free experience," the statement read.