Current reports suggest that the San Francisco based company will partner up with Equitas Small Finance Bank for the deposits. Other banks are expected to join too, with
and rumoured to be next in line.
To avail the facility, users are expected to undergo a standard know-your-customer process, which will require an Aadhar card.
As of now, the maximum interest rate on the deposits is set at 6.35%.
Setu is a fintech company that offers application programming interfaces to its clients across multiple payment methods, from bill payments and savings to credit, and payments.
Google and Setu have reportedly already created a test version that offers deposits of various time periods, starting from one week, going up to a whole year. Intertest rates range from 3.5% to 6.5%.
Google India has yet to confirm the development and there has been no word on an official launch date.
With inputs from ANI.