Are you a Google Pay user? Then, here is a piece of good news for you!
Soon, all the Google Pay users may get a chance to invest in fixed deposits (FDs) online in just a few clicks.
According to a report by national media (Mint), tech giant Google has joined hands with Setu, a fintech solutions provider. Setu is an application programming interface (API) infrastructure start-up, which offers APIs across bill payments, savings, credit, and payments. The reported collaboration is to allow users open FD accounts through Google Pay. As per reports, the FDs will be offered for a period of one year, with a maximum interest rate of 6.35 percent.
Users will have to complete an Aadhaar-based KYC (know your customer) through a one-time password (OTP). Reports quoted an unnamed person with knowledge of the matter to have confirmed the development. As per the source, users will be able to invest in fixed deposits through Google Pay even if they don’t have an account in the offering bank. Fixed Deposits of small finance banks like Equitas Small Finance Bank will be offered on Google Pay while more banks like Ujjivan Small Finance Bank and AU Small Finance Bank are also in the pipeline.