November 05, 2024 09:24 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Pakistan's Lahore has become world's most polluted city with an AQI of 1900 on Sunday | Indian Army 'successfully completes' patrolling to a key point in Ladakh's Depsang region | US presidential election: Donald Trump ahead of Kamala Harris in swing states, poll survey predicts | 'I strongly condemn Hindu temple attack, intimidation of our diplomats': PM Modi amid Canada row | 'I strongly condemn Hindu temple attack, intimidation of our diplomats': PM Modi amid Canada row
Google to enable users to invest in FDs through Google Pay: Report
Google Pay | Fixed Deposits

Google to enable users to invest in FDs through Google Pay: Report

| @indiablooms | 25 Aug 2021, 11:46 pm

Google Pay users may now be able to invest money in fixed deposits using the online payment app, according to a media report.

Google is collaborating with fintech company Setu, to bring this service to users, reported Mint citing people with the knowledge of the matter.

Setu is a fintech company specialising in providing APIs to allow its users to book fixed deposits through Google Pay, according to the report.

Initially, FDs of Equitas Small Finance Bank will be offered, up to a one year duration with a maximum interest of 6.35 per cent.

Users will have to complete an Aadhar based KYC through a one-time password (OTP).

A beta version for the API has been readied by Setu, the report said.

“The beauty of the system is that you can book an Equitas FD on Google Pay, even if you do not have a savings account in Equitas Small Finance Bank. The money will flow out of your existing account and back into your existing savings account. Other banks including Ujjivan Small Finance Bank and AU Small Finance Bank are also in the pipeline. If successful, the system will also extend to other payment apps," Mint quoted a source as saying.

"While attention is usually focused on mutual funds and stocks, it is FDs that are the largest component of savings in India. They are largely overlooked," he added.

The beta version of the API offers FDs of various tenors including 7-29 days, 30-45 days, 46-90 days, 91-180 days, 181-364 days as well as 365 days with interest rates ranging from 3.5 per cent for the shortest FD to 6.35 per cent for the one year FD of 365 days, the report stated.

Google Pay has 150 million monthly active users in India.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.