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

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.

By ANI | Updated: 28 August 2021 18:23 IST

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

Photo Credit: Google Pay

Click Here to Add Gadgets360 As A Trusted Source

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.

Google Pay Discussion

Explore More...

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

Google May Pay Apple $15 Billion to Remain Default Search Engine on Safari

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.

Smartwatches Running Wear OS 2 Get Google Pay, Messages Updates

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.

Realme is retiring its “X” series. We discussed the new Realme GT 5G and GT Master Edition on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.