American tech large Google has not too long ago partnered with fintech startup Setu to let customers open fastened deposits (FDs) by way of the digital pockets platform Google Pay.

According to Mashable, Google Pay will initially offer its customers FDs of Equitas Small Finance Bank for as much as one 12 months.

Ujjivan Small Finance Bank and AU Small Finance Bank are additionally anticipated to hitch the record quickly.

Reportedly, the utmost rate of interest is presently set at 6.35 % and customers can be required to enroll following an Aadhaar-based KYC (know your buyer) course of, enabled by way of a one-time password (OTP).

Fintech startup Setu is an utility programming interface (API) start-up. It gives APIs to shoppers throughout invoice funds, financial savings, credit score, and funds.

As per Mashable, the corporate has already created a testing model on the platform that gives numerous tenors for FDs.

These embrace time durations starting from 7-29 days, 30-45 days, 46-90 days, 91-180 days, 181-364 days, and one year, with rates of interest that scale from 3.5 % for the shortest FD to six.35 % for the annual FD.

Google India has not confirmed the event but and an official launch date for the brand new function on Google Pay can be saved below wraps.