Users of Google Pay can Open Fixed Deposit Account on Site

Google recently teamed with fintech startup Setu to allow consumers to open fixed deposits using Google Pay’s digital wallet technology.

According to Mashable, Google Pay would first offer Equitas Small Finance Bank FDs for up to a year to its consumers.

Ujjivan Small Finance Bank and AU Small Finance Bank are scheduled to be added to the list in the near future.

According to reports, the highest interest rate is now set at 6.35 percent, and users would be forced to sign up using their Aadhaar numbers and a one-time password.

Setu is a fintech business that focuses on application programming interfaces (APIs). Clients can use APIs for bill payments, savings, credit, and payments.

According to Mashable, the company has already built a beta version of the platform that includes a variety of tenors for FDs.

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