Google Pay will now allow users to Open FDs on its platform in India. According to reports by Mashable, Google Pay will initially offer its users FDs of Equitas Small Finance Bank for up to one year. While we don’t know about other banks but according to reports Ujjivan Small Finance Bank and AU Small Finance Bank are also expected to join the list soon.
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Currently, the maximum interest rate is set at 6.35 percent and users would be required to sign up following an Aadhaar-based KYC process, enabled through a one-time password. The client being used across will allow bill payments, savings, credit, and payments. There are multiple reports that suggest that Google Pay has started to test this new feature.
Furthermore, as for the options that Google is currently offering, the time periods range anywhere from 7-29 days, 30-45 days, 46-90 days, 91-180 days, 181-364 days, and even 365 days too that means an option for a full year too. While interest that scales from 3.5 percent for the shortest FD to 6.35 percent for the annual FD.
There is no official statement of any sort by Google till now, but we expect to tell more about this feature in the near future via a blog post or they may announce this via their social media accounts.
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