Google recently collaborated with fintech startup Setu to allow customers to create fixed deposits (FDs) using the Google Pay digital wallet platform. According to Mashable, Google Pay would first provide Equitas Small Finance Bank FDs for up to one year to its consumers.
Ujjivan Small Finance Bank and AU Small Finance Bank are also anticipated to be included in the list in the near future.
According to reports, the highest interest rate is presently fixed at 6.35 percent, and customers must join up using an Aadhaar-based KYC (know your customer) process facilitated by a one-time password (OTP). Setu is a fintech firm that focuses on application programming interfaces (APIs). Clients can utilize APIs to pay bills, save money, get credit, and make payments. According to Mashable, the business has already built a beta version of the platform that includes a variety of tenors for FDs. Time periods range from 7 to 29 days, 30-45 days, 46 to 90 days, 91-180 days, 181-364 days, and 365 days, with interest rates ranging from 3.5 percent for the shortest FD to 6.35 percent for the longest FD.
Google India has yet to acknowledge the news, and an official rollout date for the new Google Pay function is still unknown.