Good FD scheme: Under this scheme of Google, 3.5 percent interest will be given for the shortest day FD and 6.35 percent interest will be given on 1 year FD.
New Delhi. Google will now start a special FD scheme like banks and non-banking institutions. Customers will be able to make FD through Google Pay. Google has tied up with a fintech company to do this work in India. For this, the giant tech company has partnered with fintech company Setu (SETU) to open Fixed Deposit (FD) through Google Pay.
According to the news of Mint, the scheme of FD will be given to Indian customers through the API of Google Setu. Initially, the FD of Equitas Small Finance Bank will be given for a period of one year, with a maximum interest rate of 6.35 percent.
Who can open FD?
The report states that Aadhaar based KYC will be mandatory for opening FD. Setu has already installed the beta version for Application Programming Interface (API). The beauty of this system is that you can book Equitas FD through Google Pay even if you do not have a savings account with Equitas Small Finance Bank. The money will be withdrawn from your existing account and will be returned to your existing savings account.
Other banks including Ujjivan Small Finance Bank and AU Small Finance Bank are also in the pipeline. Later this system will be extended to other payment apps as well.
Know how much interest you will get?
FD scheme will be given for 7-29 days, 30-45 days, 46-90 days, 91-180 days, 181-364 days and 365 days on the beta version of the API. According to reports, 3.5 percent interest will be given for shortest day FD and 6.35 percent interest will be given on 1 year FD. Let us know that there are 150 million users of Google Pay in India.
