Google Pay to allow users to open fixed deposits on its platform

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American tech big Google has lately partnered with fintech startup Setu to let customers open mounted deposits (FDs) by means of the digital pockets platform Google Pay.


In keeping with Mashable, Google Pay will initially provide its customers FDs of Equitas Small Finance Financial institution for as much as one 12 months.





Ujjivan Small Finance Financial institution and AU Small Finance Financial institution are additionally anticipated to affix the listing quickly.


Reportedly, the utmost rate of interest is at present set at 6.35 per cent and customers can be required to enroll following an Aadhaar-based KYC (know your buyer) course of, enabled by means of a one-time password (OTP).


Fintech startup Setu is an software programming interface (API) start-up. It provides APIs to shoppers throughout invoice funds, financial savings, credit score, and funds.


As per Mashable, the corporate has already created a testing model on the platform that gives numerous tenors for FDs.


These embody time durations starting from 7-29 days, 30-45 days, 46-90 days, 91-180 days, 181-364 days, and twelve months, with rates of interest that scale from 3.5 per cent for the shortest FD to six.35 per cent for the annual FD.


Google India has not confirmed the event but and an official launch date for the brand new characteristic on Google Pay can be saved underneath wraps.

(Solely the headline and movie of this report might have been reworked by the Enterprise Customary employees; the remainder of the content material is auto-generated from a syndicated feed.)

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