Google Pay Users Will Be Able To Open FD After This Big Collaboration: How Will It Benefit Users?

Google has recently partnered with Setu and the “team-up” news is informed by a person who was aware of the fact but didn’t want to be addressed according to the mint.

Google And fintech Collaboration

Setu will be providing APIs which will allow its users to book fixed deposits (FDs) through Google Pay.

• Firstly FDs of Equitas Small Finance Bank will be offered for up to one year.
• Maximum interest rate is 6.35%.
• Users would be required to complete Aadhaar-based KYC through OTP

Setu has already created a beta version for the API, which Mint has reviewed. A second person with knowledge of the matter confirmed the development.

The Beta Version Of The API 

The API’s beta version offers FDs with terms ranging from the following:

• 7 to 29 days
• 30-45 days
• 46 to 90 days
• 91 to 180 days
• 181-364 days
• 365 days

The interest mainly is 3.5 per cent for the shortest term deposit to 6.35 per cent for a one-year deposit.

Small finance banks have also teamed up with fintech to offer high-interest savings accounts and fixed deposits.