American tech big Google has lately 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 yr.

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

Reportedly, the utmost rate of interest is presently set at 6.35 p.c and customers could 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 software programming interface (API) start-up. It gives APIs to purchasers 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 numerous tenors for FDs.

These embrace time intervals 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 p.c for the shortest FD to six.35 p.c 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.