USA-based tech giant partnered with Fintech startup Setu to let users open FD through the digital wallet platform Google Pay.
According to the news, Google Pay will initially offer its users FDs of Equitas Small finance bank for up to one year.
According to the report, 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 that offers APIs to clients across bill payments, savings, credit, and payments.
Mashable reported, 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.
How to Open a Fixed Deposit on Google Pay
- Open the Google Pay app .
- Tap on Explore next to “Businesses and bills” at the bottom.
- Search for “Equitas Small Finance Bank.”
- Tap on Equitas Small Finance Bank and then Open Equitas FD.
- n the next screen, you’ll get a brief overview of fixed deposits with the option to calculate the interest rate.
- Click on Invest Now.
- Select whether you’re a senior citizen. Then, enter the desired amount and duration (min 10 days- max 1 year)
- Click on Proceed to KYC.
- Enter your pin code as per your Aadhaar card and proceed.
- Further, verify your Google account and mobile number, followed by PAN and Aadhaar verification.
- Complete the payment using Google Pay UPI.
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