Google, Setu to allow users to open FDs on Google Pay

Initially, the FDs of Equitas Small Finance Bank will be offered for a period of one year carrying a maximum interest rate of 6.35%. Aadhaar-based KYC (know your customer) through a one-time password (OTP) will be a requisite for users to open the FDs, Mint has reported. Setu, which specialises in providing application programming interfaces (APIs), has already set up a beta version for the API.

The beta version of the API offers FDs of several tenors comprising 7-29 days, 30-45 days, 46-90 days, 91-180 days, 181-364 days, and 365 days, with interest rates varying from 3.5% for the shortest FD to 6.35% for the one year-FD. Google Pay, as per media reports, has 150 million active users in India.