You can soon open FDs on Google Pay, says report

A person aware of the development told Livemint that customers who do not have savings accounts in Equitas Small Finance Bank will also be able to open FDs on Google Pay.

Efforts are also underway to include Ujjivan Small Finance Bank and AU Small Finance Bank into the fold, the person added.

An individual will be able to book FDs of various time periods — 7-29 days, 30-45 days, 46-90 days, 91-180 days, 181-364 days, and 365 days. The interest rate offered for the shortest FD would be 3.5 percent. The deposits of one year will provide interest earnings at the rate of 6.35 percent, as per the report.

The development comes at a time when Google Pay is seeing an exodus of employees, as highlighted by media reports. According to a Business Insider report, a group of about 40 people, including executives, left the company in recent months. Supposedly, Google Pay’s big revamp in March this year triggered the exodus as the "product wasn't growing at the rate top employees wanted it to".