Equitas Small Finance Bank
This small finance bank was established in 2016 as a microfinance lender. It became a defined bank in 2017. It is headquartered in Chennai, and is a subsidiary of the holding company Equitas Holdings Limited.
Digital Fixed Deposits – FD
Equitas Small Finance Bank – SEB has launched a new initiative that enables Google Pay users to book a term deposit (Fixed Deposits – FD) on Google Pay in just 2 minutes without opening a bank account. This FD booking feature will be available in Google Pay for users who are using the app on Android devices. On September 5, 2021, before the 5th anniversary of SEB, the agreement on cooperation between SEB and Google was summed up.
Once the FD matures under this facility, the principal and interest of the FD will go directly to the existing bank account of the Google Pay user. Equitas Small Finance Bank offers higher FD returns than other private lenders or public state lenders. Under the RBI’s defined commercial back, deposits in Equitas are covered by a deposit guarantee of up to Rs 5 lakh per depositor. Customers get a return of up to 6.35 per cent on a one-year FD.
How Will It Work?
This amount will automatically go to the Google Pay user’s existing Google Pay associated bank account upon maturity. From the Equitas Bank spot on the Google Pay platform, Google Pay users can track their deposits, and place orders for early withdrawals.
What Happens If You Withdraw Prematurely?
If the Google Pay user withdraws the deposit prematurely, the amount will reach their bank account on the same day.