Google has done partnership with fintech startup Setu to users open fixed deposits (FDs) through the digital wallet platform Google Pay. 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 soon.
As per reports the maximum interest rate is currently set at 6.35% and users would be require to sign up following an Aadhaar-based KYC (know your customer) process which enable by a one-time password (OTP).
Fintech startup Setu is an application programming interface (API) start-up.
Fintech startup Setu offers APIs to clients across bill payments, savings, credit, and payments.
Time Periods Range :
- 7-29 days,
- 30-45 days,
- 46-90 days,
- 91-180 days,
- 181-364 days,
- 365 days.
Interest rates that scale from 3.5% for the shortest FD to 6.35% 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 unknown.
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