Savings account is a safe place where you can deposit a part of your income for emergencies in the near future. An additional benefit of a savings account is that we get interest on our money. It is very beneficial for those who work on regular monthly income. At any time, money can be transferred to your savings account or online.
Here is a list of some small finance banks that offer higher interest rates on savings accounts:
AU Small Finance Bank
AU Small Finance Bank is offering 7 percent interest on savings account. Income slab should be between Rs 25 lakh to Rs 1 crore.
Fincare Small Finance Bank
Fincare Small Finance Bank offers 7 percent interest rate on savings account. Income slab should be between Rs 5 lakh to Rs 1 crore. You need to maintain an average monthly balance of Rs 1,000 for this bank.
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank offers an interest rate of 6.50 per cent on deposits below Rs 2 crore. The tenure should be 1 year.
Equitas Small Finance Bank
Equitas Small Finance Bank offers seven per cent interest rate of Rs 2,500 to Rs 10,000, on an income slab between Rs 5 and Rs 50 lakh, the average balance requirement in this bank.
Suryoday Small Finance Bank
The monthly balance requirement for this bank is Rs 2,000. An interest rate of 6.25% is offered on Savings Account with Suryoday Small Finance Bank.
The primary objective behind the establishment of small finance banks is to extend the scope of banking services to the poverty-stricken sections of the society. The minimum paid-up equity capital required to set up a small finance bank is Rs 200 crore. Initially it was Rs 100 crore. Some of the basic objectives behind the establishment of small finance banks are to provide loans to small business units, small and marginal farmers. They also provide loans to micro and small scale industries and other unorganized sector entities through high technology-low cost operation.
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