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Google Pay to Allow Users Open Fixed Deposits on its Platform in India: Report

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American tech big Google has not too long ago partnered with fintech startup Setu to let customers open fastened deposits (FDs) by way of the digital pockets platform Google Pay.

According to Mashable, Google Pay will initially provide its customers FDs of Equitas Small Finance Bank for up to one yr.

Ujjivan Small Finance Bank and AU Small Finance Bank are additionally anticipated to be part of the listing quickly.

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

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

As per Mashable, the corporate has already created a testing model on the platform that provides 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 one year, with rates of interest that scale from 3.5 p.c for the shortest FD to 6.35 p.c 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 stored beneath wraps.


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(THIS STORY HAS NOT BEEN EDITED BY INDIA07 TEAM AND IS AUTO-GENERATED FROM A SYNDICATED FEED.)

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