Google is set to collaborate with startup Setu, which will now allow GPay users to open fixed deposits (FDs) within the application.
Apparently, the search engine is likely to partner with the likes of Equitas Small Finance Bank, Ujjivan Small Finance Bank and AU Small Finance Bank for the deposits.
So far, the maximum deposit rates set on these fixed deposits is 6.35 per cent, Economic Times reports.
Customers will have to go through the basic know-your-customer (KYC) procedure, which requires an Aadhar Card, to make use of this upcoming facility.
The two parties have so far formed a test version providing deposits ranging across different time periods. This span lasts from as low as one week to even an entire year. Interest rates on these deposits vary from 3.5 per cent to as aforementioned 6.5 per cent.
However, there have been no official confirmations from Google India with respect to these developments as of now. Hence, any official launch date of this feature hasn’t been disclosed either.
Setu, a fintech startup, caters to clients across different payment methods such as savings to credit, bill payments and alike by providing application programming interfaces to them.