Google Pay users can take FD benefits of Equitas SFB without bank account

Google Pay users can take the benefits of fixed deposit rates offered by Equitas Small Finance Bank by booking FD on the payments platform without opening a bank account.

The bank said it has been offering this initiative by connecting APIs built by fintech infrastructure provider Setu for Equitas Bank.

In an industry-first, consumers can through the Google Pay app book high-interest rate FDs fully digitally, without needing to open a savings account with Equitas Bank on its spot integrated with the Google Pay platform, Equitas SFB said in a release.

The lender said that customers can earn returns of up to 6.35 per cent for an FD of one year, substantially higher than many other savings options.