Google Pay Fixed deposit:Media reports suggest that the service comes as part of Google’s recently announced partnership with Indian fintech startup company Sethu, indicating that Google Pay will initially offer FDs of its users’ Equitas Small Finance Bank for a year.
Google Pay, an app owned by a reputable Google company popular in the online payment service, is now offering a new special service. With the ever-expanding digital payment app Google Pay, expanding its list of services, it will soon be able to open a fixed deposit (FD). This way you can fix your money in Google Pay and earn interest.
Media reports suggest that the service comes as part of Google’s recently announced partnership with Indian fintech startup company Sethu, indicating that Google Pay will initially offer FDs of its users’ Equitas Small Finance Bank for a year. Ujjivan Small Finance Bank and AU Small Finance Bank are also expected to join the list soon.
The fixed deposit maximum interest rate at Google Pay is set at 6.35%, according to the report, and the company has already created a test version of the app that offers different periods for FDs. These include 7-29 days, 30-45 days, 46-90 days, 91-180 days, 181-364 days and 365 days with interest rates ranging from 3.5% to 6.35%.
You also need to put a FD in Google Pay, which means Google Pay users need to sign up for the Aadhaar based KYC (Know Your Customers) process. This is enabled by the One-Time Password (OTP). Once fixed money is paid only after the maturity date. Additional interest will not be paid for in advance.
Google, which already offers gold pay-per-view and offers railway ticket booking, is now trying to attract customers by allowing them to open a fixed deposit (FD). Google Pay is a popular platform for digital payments in the country and this app has over 10 crore downloads on Google Play Store in India.
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