The new formatting options allow for users to customize notes by making text bold, italic, or underlined. You can also choose from different heading styles, such as H1 and H2.
Source – Google
For now, the new formatting options will only be available for new notes, although support for existing notes is expected to be added in the coming weeks. The rollout begins today for all Google Workspace customers and users with personal Google Accounts, although it make take up to two weeks for the feature to reach all users.
Even though the addition of formatting options to Keep does not bring it up to the same level as more advanced note-taking apps such as Microsoft’s OneNote or Squid, especially when you can only see the formatting changes on Android, it is definitely a good start to a feature that has been so highly requested for such a long time.