Google Pay launches digital FD in tie-up with Equitas Small Finance Bank

Equitas Small Finance Bank (SFB) has launched an initiative enabling customers to book fixed deposits (FDs) on Google Pay in under two minutes without having to open a bank account. The offering was made possible by connecting application programming interfaces (APIs) built by fintech infrastructure provider Setup. To start with, this functionality will be available for Google Pay users who access the app from Android.

• Customers will get returns of up to 6.35% for an FD of one year – substantially higher than many other savings options.
• Users can use the Google Pay app to book high-interest rate FDs fully digitally with an easy, safe and hassle-free experience.