How to open a fixed deposit on Google Pay; Things to Know – Gadgets to Use


Google Pay has partnered with a fintech company, Setu, to allow users to book fixed deposits in India. If you are a GPay user, you can create an FD with just a few clicks, even if you don’t have an account at the offering bank. Here is a step-by-step guide to opening a fixed deposit in Google Pay.

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Everything about fixed deposits (FD) on Google Pay

Open a fixed deposit in Google Pay

  • GPay has partnered with Setu to provide FD services through Equitas Small Finance Bank.
  • You can book FD between a minimum of 7 days and a maximum of one year.
  • Requires mandatory KYC verification based on Aadhaar-OTP.

Since term deposits are the largest component of savings in India, Google Pay has partnered with Setu, an API infrastructure startup, to offer FD services through Equitas Small Finance bank. He also works with small financial banks in Ujjivan and AU to provide their services.

The beta version of the API allows you to reserve FDs of different durations with interest rates ranging from 3.5% for the shortest FD to 6.35% for the one-year FD.

To reserve an FD, you do not need to have an account with the offering bank. All you need to do is Aadhaar-based KYC verification, and you’re good to go.

Steps to book a fixed deposit on Google Pay

  1. Open the Google Pay app on your phone.
  2. Click on To explore next to “Business and Invoices” at the bottom.
  3. Search for “Equitas Small Finance Bank”.
  4. Click on Small Equitas Corporate Bank then Open Equitas FD.
  5. On the next screen you will get a brief overview of term deposits with the option to calculate the interest rate.
  6. Click on Invest now.
  7. Select if you are a senior. Then enter the desired amount and duration (min 10 days – max 1 year).
  8. Click on Switch to KYC.
  9. Enter your PIN code according to your Aadhaar card and continue.
  10. Also, verify your Google account and mobile number, followed by PAN and Aadhaar verification.
  11. Make payment using Google Pay UPI.

From now on, you can only create one fixed deposit with a minimum amount of Rs. 5,000 and a maximum amount of Rs. 90,000. In addition, the maximum duration is capped at 1 year. For more details, see the FAQ section below.

FD interest rate offered

Below is the fixed deposit interest rate (per year) offered for different mandates.

  • 7 – 29 days = 3.5%
  • 30 – 45 days = 3.5%
  • 46 – 90 days = 4%
  • 91 – 180 days = 4.75%
  • 181 – 364 days = 5.25%
  • 365 – 365 days = 6.35%

* Seniors are entitled to a supplement of 0.50% per year

FAQ – Frequently Asked Questions

1. Do I need a bank account with Equitas to book FD in Google Pay?

No. You don’t need to have a bank account with Equitas (the offering bank) to book a fixed deposit in Google Pay.

2. Can an existing Equitas user open a FD on GPay?

If you already have an account with Equitas, you cannot book a FD through this service. But they might allow it in the future.

3. Is FD booking in Google Pay different from direct booking with Equitas?

No. The FD booked through Google Pay is more or less the same as booking a FD from the Equitas Small Finance Bank branch or online. The FD is booked with Equitas directly in your name and KYC.

4. How many FDs can I book now?

For now, you can only book one FD as the feature is still in beta and based on the Aadhaar-OTP based KYC feed. Google will soon be enabling Video KYC to allow multiple FD reservations.

5. What is the minimum and maximum amount and the duration of occupancy?

Currently, you can make a minimum and maximum deposit of Rs. 5,000 and Rs. 90,000, respectively. The duration can range from 10 days to 1 year.

In the next few days, Google will introduce options for longer terms.

6. What happens after the FD matures?

Once FD is due, the amount due (principal and interest) will be transferred to your bank account. It will be credited to the same bank account used when paying the FD at the time of booking.

7. Can I collect my FD at any time?

You can close your FD at any time before the due date through the Google Pay app. When you opt for early withdrawal, the applicable interest rate will depend on the number of days you have held the FD. Your capital will be safe at all times.

8. Is it safe to keep deposits with Equitas Small Finance Bank?

Equitas Small Finance Bank is a small finance bank that started banking in 2016. Like other small banks, it offers attractive interest rates to compete with large public and private banks.

It is a regular commercial bank regulated by the RBI. In addition, the amount up to Rs. 5,00,000 (both principal and interest) is insured by DICGC (Deposit Insurance and Credit Guarantee Corporation) of India.


It was about how to open a fixed deposit with Equitas on Google Pay, followed by answers to some frequently asked questions. Although FDs are not a good investment option as they barely generate any real return on inflation, it is convenient to have one-click deposit facility for users. Anyway, what do you think? Let me know in the comments below. Stay tuned for more articles like this.

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