#Setu Deposits

A uniform set of SDK that allows developers to access fixed deposit products of multiple banks.

Setu’s Deposit SDK help to integrate supply partners—financial institutions like banks, NBFCs, AMCs—with distributor channels like PhonePe & Google Pay. It is designed for anyone looking to offer a complete FD booking and management service to their customers.

Setu’s product offers a lot of advantages—

  1. Standalone FD—No need to open new bank account. A customer can fund their FD from their existing bank accounts using either UPI or net-banking.
  2. Attractive interest rates—Our bank/NBFC partners give us the best interest rates available in the market, making it lucrative as an investment option.
  3. Insured upto 5 Lakhs—FD from Banks are insured upto 5 Lakhs by RBI’s wholly owned subsidiary DICGC (Deposit Insurance and Credit Guarantee Corporation).
  4. FDs from multiple banks/NBFC—Multiple options for FDs on the platform.

If you need some more information, read more on commonly asked questions about Setu Deposits here.


#What can I do with this product?

If you’re a supply partner

A supply partner is any financial institution that offers fixed deposit products to customers is termed as a “supply partner” on the Setu platform. For example Small Finance Banks, NBFCs, etc.

A supply partner is any financial institution that offers fixed deposit products to customers is termed as a “supply partner” on the Setu platform. For example Small Finance Banks, NBFCs, etc.

You would be able to provide a seamless fixed deposit booking and management experience to your customers by making your FD product available across multiple distributor platforms. You will benefit from an increased flow of funds and customers, without having to spend a significant amount on CAC.

  • Increased retail base and granularity of customers
  • Minimize your cost of acquiring customers
  • Amplify your IT bandwidth—Integrating with Setu SDK enables you to go live on multiple fintech partners in a fraction of the time it typically takes.
If you’re a distributor partner

A distributor partner is any digital or hybrid channel which could make fixed deposits available to their customers is a “distributor partner” for Setu’s FD SDK. For example payment apps, investment apps, etc.

You can expand your coverage of investment instruments and offer proprietary ones, without having to integrate individually with each bank or fund house. This vastly reduces time spend on development, letting you go live much faster.


#How it works

This section is meant for distributor partners. Supply partners may require bespoke integrations depending on their individual technical configurations.

Here is a typical list of steps involved in booking an FD by a retail investor. In this scenario, the distributor app has onboarded a banking partner with Setu’s Deposit SDK.

  1. The customer opens a distributor partners app and chooses any of the supply partners to invest in.
  2. The customer chooses an amount to invest and a tenure of their choice, and views the expected return on the maturity of the FD.
  3. The customer fills out KYC details and personal information.
  4. The customer then pays using any payment method of their choice (UPI, Netbanking, etc).
  5. This payment directly goes to the supply partner, or maybe routed via Setu’s own payment gateway infrastructure.

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