Google Pay FD (Fixed Deposit) Launched in India : 6.35% Interest, All Banks, and more

Google Pay in partnership with Equitas Small Finance Bank has started the Fixed Deposit service on its mobile app with upto 7.25% interest rates.

by FighterMan Updated: 13 Oct, 2021, 22:37 IST
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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.

How To Open Google Pay FD of Equitas Small Finance Bank?

You can open your Equitas Small Finance Bank Fixed Deposits on Google Pay instantly. Follow the below mentioned steps to get started.


  1. Open Google Pay app.
  2. Scroll down a bit to “Businesses & Bills”, and click on “Explore” (to the right).
  3. Search for “Equitas” and select “Equitas Small Finance Bank”.
  4. Now, click on “Open Equitas FD”.
  5. Click on “Invest Now”.
  6. Verify your Google account (auto-verification)
  7. Verify mobile number (should be same as in Aadhar Card)
  8. Verify PAN Card.
  9. Verify Aadhar Card.
  10. 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

Google Pay FD Interest Rates of Equitas Small Finance Bank

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%

Google Pay Fixed Deposits FAQs

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.

49 Comments  |  
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Deal Newbie Deal Newbie

can anyone confirm what are the redemption charges if we break it before the time period.

Deal Lieutenant Deal Lieutenant
Admin
pritesh.khilnani854 wrote:

Thanks but didn’t get it to work. After providing all docs for kyc it never finishes process

ohh flushed you can check with Google Pay support for this issue.

Deal Lieutenant Deal Lieutenant
Admin
tyagi.aakarsh73 wrote:

can anyone confirm what are the redemption charges if we break it before the time period.

no charges as per the FAQs section on the app.

Deal Cadet Deal Cadet
Expand
FighterMan wrote:

any better suggestions?

Nothing as far as Bank FD’s are concerned. However, one can invest in Equity Mutual funds, preferbly large cap funds, which gives a minimum of 10% to 15% returns.If you want to play safe then Debt funds are your best bet, which offer anywhere between 6-10 percent.

Deal Newbie Deal Newbie

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.

Deal Newbie Deal Newbie
pstree19 wrote:

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.

Deal Subedar Deal Subedar

No thanks.

During FD redemption I don’t want to see “better luck next time”

Deal Subedar Deal Subedar
pstree19 wrote:

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.

IDFC first is slightly better. did you check ?

Deal Subedar Deal Subedar
Expand
rsnit wrote:

Nothing as far as Bank FD’s are concerned. However, one can invest in Equity Mutual funds, preferbly large cap funds, which gives a minimum of 10% to 15% returns.If you want to play safe then Debt funds are your best bet, which offer anywhere between 6-10 percent.

I like this strategy. It fits well for the present condition.

Deal Cadet Deal Cadet
tyagi.aakarsh73 wrote:

can anyone confirm what are the redemption charges if we break it before the time period.

Just created a FD of 10 days for trial. There is no redemption charge. You will get the principal amount plus the accrued interest in the source account within 24 hours post redemption request.https://cdn0.desidime.com/attachments/photos/708657/medium/Screenshot_20210831-112043__01.jpg?1630389423

Deal Newbie Deal Newbie

Equitas FD is available on Groww also. Which platform is better?

Deal Cadet Deal Cadet

Cred mint seems better at 9% .. but it’s P2P not everyone going to trust it. Also min investment is 1lakh

Deal Cadet Deal Cadet

FD is too low. Mutual funds anyday better. And it gives you flexibility to withdraw or add more.

Deal Newbie Deal Newbie
PandaLife wrote:

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.

Deal Newbie Deal Newbie
Expand
sathishbenz988 wrote:

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.

It has been increased to 5 lakhs. Announced by Government.

Deal Newbie Deal Newbie

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.

Deal Cadet Deal Cadet
Expand
Santhu4444 wrote:

Dont even think of P2P, not even Cred Mint. Even your capital will be at risk.

I think it will work on cred. Since cred has members whose credit score is 700 or 750 above I guess. This mint borrow and loan will be inclusive to its members only! Cred also keeping a portion around 7 % since they provide loans at 16%.. still 1lakh a big capital to even try. Not betting any money

Deal Newbie Deal Newbie

Buy HDFC Bank share @ 1580 today and hold for a year or 2, you will get 10-25%

Deal Newbie Deal Newbie

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

Deal Cadet Deal Cadet

Not secured 2days days back my gpay acc temparary suspended i dont know

Deal Lieutenant Deal Lieutenant

Same is already available at Groww app since long time. I invested in Equitas FD 10-12 months ago. Good find though.

Deal Lieutenant Deal Lieutenant
Admin

Bajaj Finserv FD is also a good option with 6.75% interest.

Deal Lieutenant Deal Lieutenant
FighterMan wrote:

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.

Deal Cadet Deal Cadet

in my area krishna bhimma samrudhi local area bank is there which gives 7% is it safe for fd?

replyuser