Google is going to launch a new service “FD (Fixed Deposit)” on their widely used payment APP “Google Pay”. Google Pay users can do FD through Google Pay as well and get a good interest rate on return.
Gpay has 1.5 Crores (15 Million) active users per month. Google Pay will provide the option to their users to do FD. In this way, customers can do multiple activities like do payment and FD on the same platform.
For this new service, Google made a partnership with fintech company “Setu”.
Understand Interest Rates
In the beginning, Google Pay will provide FD of “Equitas Small Finance Bank“. Users will get a maximum interest rate of 6.35% and a minimum interest charge of 3.5% per year.
What will be required to do FD on Google Pay?
If users want to do FD on Google Pay then KYC must be completed. KYC will be Aadhaar Card (UIDAI) based activation. Users will get the option to complete KYC through OTP and Aadhar Card Number.
Later Gpay users will get FD service from “Ujjivan Small Finance Bank” & “AU Small Finance Bank” also on the same platform.