Google India has not confirmed the development yet with an official launch date for the new feature on Google Pay is also kept under wraps. Its users FDs of Equitas Small Finance Bank for up to one year. It has recently partnered with fintech startup Setu to let users open fixed deposits (FDs) through the digital wallet platform Google Pay. Ujjivan Small Finance Bank and AU Small Finance Bank are expected to join the list soon.
The maximum interest rate is currently set at 6.35 per cent and users sign up following an Aadhaar-based KYC process, enabled through a one-time password (OTP). Fintech startup Setu is an application programming interface (API) start-up with offers APIs to clients across bill payments, savings, credit, and payments.
The company has already created a testing version on the platform that offers various tenors for FDs. The 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 per cent for the shortest FD to 6.35 per cent for the annual FD.