Google will quickly allow customers in India to open fixed deposits (FDs) thru its digital payments app Google Pay. This comes as section of the recently-announced partnership of Google with Indian fintech startup Setu. The development, first reported with the aid of Mashable, hints that Google Pay will firstly offer its user’s FDs of Equitas Small Finance Bank for up to one year. Later on, different banks like Ujjivan Small Finance Bank and AU Small Finance Bank are also predicted to join the listing soon.
The maximum interest rate is reportedly set at 6.35 percentage and users would be required to signal up following an Aadhaar-based KYC (know your customer) process, enabled through a one-time password (OTP). Fintech startup Setu is an software programming interface (API) start-up. It offers APIs to consumers across consignment payments, savings, credit, and payments. According to the Mashable report, the company has already created a trying out version on the platform that gives various tenors for FDs. These consist of time periods between 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 percentage for the shortest FD to 6.35 percent for the annual FD.
Google India has no longer confirmed the development yet and there is no launch date for the new feature. Google Pay is a famous platform for digital payments in the country. The app has over 10 crore downloads on the Google Play Store in India.