Google Pay Said to Offer Fixed Deposit Facility in India

American tech large Google has just lately partnered with fintech startup Setu to let customers open mounted deposits (FDs) by 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 yr.

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

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

Fintech startup Setu is an software programming interface (API) start-up. It presents 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 provides varied 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 three hundred and sixty five days, 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 stored beneath wraps.