Google ties up with fintech to let its users open FDs on GPay

  • Google has teamed up with Setu, a fintech specialising in providing application programming interfaces, to allow its users to book fixed deposits through Google Pay, a person with knowledge of the matter said on the condition of anonymity.
  • In the initial roll-out, FDs of Equitas Small Finance Bank will be offered for up to one year.
  • 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, and 365 days, with interest rates ranging from 3.5% for the shortest FD to 6.35% for the one-year FD. According to media reports, Google Pay has 150 million monthly active users in India.
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