What is in news: Equitas Small Finance Bank (SFB) has launched a new initiative that enables Google Pay users to book fixed deposits (FDs) on Google Pay in just 2 minutes without opening a bank account.

Details :

• Available for Google Pay users who are using the app from Android devices.
• Principal and interest of the FD will go directly to the Google Pay user’s existing bank account once the FDs are matured.
• High FD returns as compared to other private lenders or public state lenders.
• Under RBI Scheduled Commercial Bank, deposits in Equitas are covered through a deposit guarantee up to Rs 5 lakhs per depositor.
• Customers get returns of up to 6.35% for an FD of one year.
• The proceeds will automatically go to Google Pay user’s existing Google Pay linked bank account, on maturity.
• What will happen on Premature withdrawal: If a Google Pay user go for premature withdrawal of deposits, proceeds will reach their bank account the same day.

Equitas small finance Bank : This small finance bank was founded in 2016 as a microfinance lender. It became a scheduled bank in 2017. It is headquartered in Chennai, and is a subsidiary of holding company Equitas Holdings Ltd.