Google Pay FD (Fixed Deposit) Launched in India : 6.35% Interest, All Banks, and more
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Google Pay in partnership with Equitas Small Finance Bank has started the Fixed Deposit service on its mobile app. This service is powered by the Setu API. Google Pay users can now book FDs on-the-go instantly on the app. Currently, this bank promises upto 6.35% interest rates (extra 0.50% for senior citizens). Moreover, any bank customer can open Google Pay FD.
Currently, the Google Pay Fixed Deposit service by Equitas Small Finance Bank is in its beta stage so may roll out more features soon. Moreover, Ujjivan Small Finance Bank and AU Small Finance bank are expected to join Equitas in this FD program.
Equitas Small Finance Bank is RBI regulated. Moreover, it promises upto 7.25% interest rates (above 1 lakh) for senior citizens. Besides, you can close your FD anytime instantly. Therefore, it makes a good option for Google Pay FD.
You can open your Equitas Small Finance Bank Fixed Deposits on Google Pay instantly. Follow the below mentioned steps to get started.
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- Open Google Pay app.
- Scroll down a bit to “Businesses & Bills”, and click on “Explore” (to the right).
- Search for “Equitas” and select “Equitas Small Finance Bank”.
- Now, click on “Open Equitas FD”.
- Click on “Invest Now”.
- Verify your Google account (auto-verification)
- Verify mobile number (should be same as in Aadhar Card)
- Verify PAN Card.
- Verify Aadhar Card.
- That’s it! Start making your desired FDs.
Related Read : Paytm partners with HDFC Bank to provide financial solutions to consumers and merchants in India
You can open a Equitas Small Finance Bank Google Pay FD for upto 1 year tenure. The Google Pay FD Interest Rates for this bank varies from 3.5-6.35%. Besides, senior citizens can avail an extra interest of 0.50% on their FDs here.
Tenure (in days) |
Interest Rates (extra 0.50% for senior citizens) |
7-29 |
3.5% |
30-45 |
3.5% |
46-90 |
4% |
91-180 |
4.75% |
181-364 |
5.25% |
365 |
6.35% |
Here are some of the common Google Pay Fixed Deposits FAQs.
Who all can open FDs on Google Pay?
All Google Pay users can open FDs on Google Pay app, but current Equitas Small Finance Bank users cannot open FDs on Google Pay (as of 30th Aug 2021).
How much amount can I deposit in Google Pay Fixed Deposit Account?
Currently, Equitas Small Finance Bank allows a min of Rs 5000 and max Rs 90,000 to deposit in a single FD.
Where will my FD maturity amount get deposited?
Your FD’s maturity (principal & interest) amount will be deposited in your bank account (primary) which is linked to Google Pay.
How many GPay Fixed Deposit can I make?
Currently (30th Aug 2021), you can make only 1 Google Pay Equitas Small Finance Bank FD as it is in beta version.
How to close GPay Fixed Deposit?
You can close your Google Pay FD anytime by clicking on “Redeem your FD” from the “My FDs” section on the Google Pay app.
How to Renew GPay FD?
Most probably your Google Pay FD will get auto-renewed, but still check with the bank or Google Pay.
What are the charges to open a GPay FD?
There are no charges (free) to open a Google Pay FD.
What are the eligibility requirements to open a Google Pay Fixed Deposit?
You need to be a Google Pay user and complete user & KYC verification to be eligible for Google Pay Fixed Deposit account.
With the FD interest rates at all-time-low in India, will people go for this GPay FD? Do let us know your opinion on this in the comments section.
A special thanks to our Dimer LUKA186 for 1st breaking this Google Pay Fixed Deposit Launched news.
Covered under dicgc?
Can’t take Risk with Google
What about Bharat pay 12%club..
IndMoney in partnership with SBM Bank 7.65 percent interest .
There was a option of getting monthly interest payout where according to the calculation an FD of 5 lakhs would give me 3k per month interest.
what about safety?
Good information
Can we trust Bharatpe 12%
Post office offline FD offers 6.87% for 5 years deposit.
Now it’s 5.85% for one year
Are they going to deduct tds?
How much fd is safe in Bank 1 or 5 lac
Overall sum(saving/FD/RD, etc) in bank is secured upto 5lac under DICGC
They reduced the interest rates now
The subject of this thread is misleading.. i dont think its google pay fd.. google will not be liable to pay you in case the company booking the fd goes down..
the cooperative bank near my home gives 12%!! but gpay definitely would have better practices in place. having said that idfc niyo was offering 7%. now idk how much that is. no way to find the roi
Invest in any large cap fund and get better than this.
in my area krishna bhimma samrudhi local area bank is there which gives 7% is it safe for fd?
Absolutely not.
Bajaj Finserv FD is also a good option with 6.75% interest.
Yes, That is much better considering Bajaj Finserv is very much profitable company but only drawback with that is, You can’t take premature exit from FD otherwse there is certain penalty on other side there is no penalty on Equitas.
Same is already available at Groww app since long time. I invested in Equitas FD 10-12 months ago. Good find though.
Not secured 2days days back my gpay acc temparary suspended i dont know
Buy USDT on Zebpay and lend for 3 months you will get 12%. Banks give chiller, don’t waste you time and money in FDs
But how safe it is? Also, is it a stable coin like bitcoin.
Buy HDFC Bank share @ 1580 today and hold for a year or 2, you will get 10-25%
Also for who are thinking to invest on this apps, I would suggest you to directly invest with banks than these apps.
These guys are just facilitators and will not provide any sort of help if there are any issues.
FD is too low. Mutual funds anyday better. And it gives you flexibility to withdraw or add more.
Cred mint seems better at 9% .. but it’s P2P not everyone going to trust it. Also min investment is 1lakh
Dont even think of P2P, not even Cred Mint. Even your capital will be at risk.
Equitas FD is available on Groww also. Which platform is better?
None of ICICI, HDFC, AXIS and SBI offer > 5.5 % for 365 days.
So 6.35 for 1 year is good.
FD upto 5 LACs from one bank is secured by government.
I would probably give this try.
I think all banks give securities in FD for 1lakh only if anything happens.
Better to keep the money in mutual funds and diversify the portfolio.
Thanks but didn’t get it to work. After providing all docs for kyc it never finishes process
ohh
you can check with Google Pay support for this issue.
Too less interest.
Who gives more than 7.25?
no charges as per the FAQs section on the app.