I was only pushing some Backup Data to Google Cloud. By default the Bucket Property is set to "Multi-Regional" access with primary storage in the US. Cost for 1 TB / Month is approximately $20.
Changed the Storage Type of the Bucket to "nearline" that is sparingly accessed [Once a Month]
You have to use the command line gsutil command to do the required changes so that it applies to existing objects / files and the nes that will get created in the future.
gsutil defstorageclass set nearline gs://acn9
Read
https://cloud.google.com/storage/archival/ for more information.
