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GooglePay users can book FDs with Equitas SFB now
Equitas Small Finance Bank (SFB), set to celebrate its fifth anniversary on September 5, 2021, has launched a new initiative, enabling GooglePay users to book fixed deposits (FDs) on GooglePay in under 2 minutes without having to open a bank account.
By
migrator
migrator
Chennai
This offering by integrating with spot platform was made possible by connecting APIs built by fintech infrastructure provider Setu for Equitas Bank. This functionality will be available for GooglePay users who are accessing the app from Android.Â
On maturity, principal and interest of the FD go directly to the GooglePay user’s existing bank account - which could be in any bank in India.Â
As an RBI Scheduled Commercial Bank, deposits in Equitas are covered by a deposit guarantee up to Rs 5 lakh per depositor. Customers can get returns of up to 6.35% for an FD of one year.
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