#Frequently asked questions

Read on to understand more about our Deposits product, through the questions we most commonly encounter from businesses that want to integrate with us.


#What are the amount and tenure limits for deposits enabled by Setu?

The tenure and amount limits for our FD offers depend largely on our supply side partnerships—

  • Currently for Equitas Bank, the amount ranges from ₹5k to ₹90k, and tenure from 10 days to 1 year.
  • For Ujjivan, the amount ranges from ₹5k to ₹90k, and tenure from 6 months to 1 year.

Additionally, other amount limits may be due to—

  • UPI limits—We are working on other payment modes like NEFT, IMPS, RTGS; which we expect to go live with in 1-2 months.
  • Customers with partial KYC or a half KYC—We are working on enabling Video KYC for our FD product in 1-2 months, which would let us remove this cap.

#What KYC process is enabled for deposits offers?

We currently enable Aadhaar OTP based KYC for any customer and expect video KYC to be added in 1-2 months. We currently allow 1 FD to be booked per customer, and this cap will be lifted once we have a video KYC option. We also collect some additional information from your users—

  • We also collect PAN from the user, as mandated by banks for KYC
  • Extra information like Mother’s name, Occupation, etc. is collected due to bank requirements. We are trying to remove as many fields as possible

Please note, you may also choose to pre-fill information if you have it available from your user already.


#How is money movement handled?

  • The funds are transferred from the user’s account, say Kotak bank a/c, directly to Equitas bank a/c instantly. Post maturity, the funds are credited from Equitas back to the original funding a/c, i.e., Kotak bank a/c
  • If the user wants to prematurely redeem the FD, the redemption happens within 3-4 working days. For more FAQ around redemption, FD management etc., please refer to the knowledge base here.

#How does the commercial arrangement work b/w Setu and you?

Commercial arrangements are dependent on the supply side partner (bank/NBFC) that you wish to go live with. The supply side partner shares a percentage of the total AUM of FDs booked to Setu, the majority of which would be passed down to you.

Below are the commercials that apply to our current bank partnerships—

For EquitasFor Ujjivan
For FDs 180 days and lower—0 commercials

For FDs 181 days and higher—

  • ₹20-50 cr average balance - 0.15%
  • ₹50 -150 cr average balance - 0.2%
  • ₹150 cr average balance - 0.25%
  • For FDs regardless of tenure—

  • ₹0-20 cr average balance - 0.2%
  • ₹20-50 cr average balance - 0.25%
  • ₹50 cr average balance - 0.3%

  • #What is the difference between an SDK integration and a direct API integration?

    SDK integrationAPI integration
    Pros
  • Fast GTM
  • POC/PMF of the product can be established with a minimal development effort
  • Minimal infosec requirements
  • Platform controlled, native user experience
  • Customisable UI as per platform requirements
  • Cons
  • Non-native user experience
  • Lesser control over user journey
  • Stringent infosec requirements. Look at the section below to understand bank requirements

  • Below listed are the standard Infosec requirements from any bank for API integration

    1. Infra VA(Vulnerability Assessment) and PT(Penetration Testing) assessment report
    2. Application security assessment report
    3. API security assessment report
    4. Secure code review report
    5. RBI SAR on data localization, if the partner is receiving any payment and/or transaction data.
    6. Compliance report for any internationally recognized InfoSec standard such as ISO 27001, SOC type 1, etc.

    All of these activities except the 6th one are supposed to to be done by a CERT-In empanelled third-party auditor.

    If you have any further questions or concerns, do reach out to deposits.biz@setu.co and we will make sure to get back to you as soon as we can!


    Was this page helpful?