Google Pay will provide customers with Equitas Small Finance Bank FDs for up to a year. According to a Mint article, Ujjivan Small Finance Bank and AU Small Finance Bank are also expected to join the list in the near future. As per the report, the highest interest rate is presently set at 6.35 percent, and customers would be required to join up after an Aadhaar-based KYC (know your customer) process facilitated by a one-time password (OTP).
Setu, an API infrastructure start-up that provides APIs to customers in bill payments, savings, credit, and payments, has already built a testing version of the platform that enables several tenors for FDs. Time periods range from 7 to 29 days, 30-45 days, 46 to 90 days, 91 to 180 days, 181-364 days, and 365 days, with interest rates ranging from 3.5 percent for the shortest FD to 6.35 percent for the yearly FD.
Google India has yet to confirm the development, so we don’t yet have an official launch date for the new Google Pay capability. The news also comes at a time when a number of Google Pay’s senior executives have left due to the company’s slowing growth pace. With 150 million active users in the country, this might be a successful venture.
