Indians are slowing adopting to the digital world. Free usage of internet and available at lower tariffs prompts Indians to do digital payments Further.
Digital Payment apps like Google Pay, Phone Pay, Paytm are attracting users with huge cash backs and discounts. As users are using digital platforms, many Tech companies are offering innovative features through these apps.
Opening Fixed Deposit through Google Pay–
For the first time in India, Equitas Small Finance Bank allows depositors to open fixed deposits through Google Pay under – “Business & Bills” Section.
The interest rate fixed for 1 Year FD is 6.35% and it is backed by DICGC(Deposit Insurance and Credit Guaranty Corporation) up to 5 Lakhs.
Process to open FD in Equitas Small Finance Bank through Google Pay–
- Open Google Pay app and search under Business and Bills section for Equitas Small Finance Bank
- Enter Deposit amount, Personal details and
- submit KYC Details digitally where ever necessary
- Digital FD Receipt will be generated
- If the customer wishes to encash FD Prematurely, the accumulated amount after deducting penalties, if any, would be credited back to the customer on the same day
This way, the customer can make digital FD through Google Pay
Note- As This is a innovative feature, there might be some issues in the initial stages and it was offering by a private firm, there might be some risk in payments at the time of maturity. Do research on your own and if you are fully satisfied only, then only you can invest in this scheme through Google Pay.
Standard Disclaimer- This website or it’s representatives don’t hold responsibility if any issue arise in future. The article above is for informative purpose only and not to be considered as recommendation. Do your own home work and decide whether to invest or not!