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

The Kashmir Walla needs you, urgently. Only you can do it.

The Kashmir Walla plans to extensively and honestly cover — break, report, and analyze — everything that matters to you. You can help us.

Most Read This Week

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.

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.

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.

Choose a plan as per your location

Latest News

‘Kashmiri Hajjis face hard time in Medina, no Covid SOP followed’

Even after paying almost four lakh and fifty thousand rupees, Kashmiri Hajjis are having tough time in Medina, courtesy...

More Articles Like This