- The partnership will allow its users to open fixed deposits (FD) using Google Pay app.
- Setu is a fintech company that is an expert in offering APIs (application programming interfaces) and it has created the beta version of API which can offer FDs.
- The FDs through this beta version are of tenors like 7-29 days, 30-45 days, 46-90 days, 91-180 days, 181-364 days, and 365 days.
- The interest rates linked to these FDs will vary from 3.5% for the shortest FD to 6.35% for the FD with one year tenor.
- To avail of this FD, users will have to complete their KYC procedures using Aadhar through OTP submission.
- The users can open an FD account even without having an account with the bank which offers FD.
- At the initial stage, FDs of Equitas Small Finance Bank will be offered for a period of 1 year carrying a maximum interest rate of 6.35%.
- Static Part:
- HQ of Google: California, US
- CEO of Google: Sunder Pichai
Question:
Q.1 With which company has Google partnered to open fixed deposits (FD) using Google Pay app?
a. Shiksha Finance
b. MoneyTap
c. Lendingkart
d. Setu
a. Shiksha Finance
b. MoneyTap
c. Lendingkart
d. Setu
