Google recently worked with fintech startup Setu to allow consumers to open fixed deposits (FDs) using the Google Pay digital wallet platform.
According to Mashable, Google Pay would first offer Equitas Small Finance Bank FDs for up to a year to its users. Ujjivan Small Finance Bank and AU Small Finance Bank are likely to add to the list in the near future.
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Google Pay FD (Fixed Deposit)
According to reports, the highest interest rate is now at 6.35 per cent, and users must join up using an Aadhaar-based KYC (know your customer) process facilitated by a one-time password (OTP).
Setu is a fintech company that focuses on application programming interfaces (APIs). Clients can use APIs for bill payments, savings, credit, and payments. According to Mashable, the company has already built a beta version of the platform that includes a number of tenors for FDs.
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Time periods range from 7 to 29 days, 30-45 days, 46 to 90 days, 91 to 180 days, 181-364 days, and 365 days, with interest rates starting from 3.5 per cent for the shortest FD to 6.35 per cent for the longest FD.
Google India has yet to confirm the news, and an official launch date for the new Google Pay function has also been kept private.