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Google Pay to Allow Users Open Fixed Deposits on its Platform in India: Report

Google Pay is said to initially offer its users FDs of Equitas Small Finance Bank for up to one year.

Google Pay to Allow Users Open Fixed Deposits on its Platform in India: Report

Photo Credit: Google Pay

Highlights
  • Google has recently partnered with fintech startup Setu
  • Google Pay will offer its users FDs of Equitas Small Finance Bank
  • Maximum interest rate is currently reportedly set at 6.35 percent

American tech giant Google has recently partnered with fintech startup Setu to let users open fixed deposits (FDs) through the digital wallet platform Google Pay.

According to Mashable, Google Pay will initially offer its users FDs of Equitas Small Finance Bank for up to one year.

Ujjivan Small Finance Bank and AU Small Finance Bank are also expected to join the list soon.

Reportedly, the maximum interest rate is currently set at 6.35 percent and users would be required to sign up following an Aadhaar-based KYC (know your customer) process, enabled through a one-time password (OTP).

Fintech startup Setu is an application programming interface (API) start-up. It offers APIs to clients across bill payments, savings, credit, and payments.

As per Mashable, the company has already created a testing version on the platform that offers various tenors for FDs.

These include time periods ranging from 7-29 days, 30-45 days, 46-90 days, 91-180 days, 181-364 days, and 365 days, with interest rates that scale from 3.5 percent for the shortest FD to 6.35 percent for the annual FD.

Google India has not confirmed the development yet and an official launch date for the new feature on Google Pay is also kept under wraps.


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Further reading: Google Pay, Google, Fixed Deposits, KYC
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