Small finance banks often pay higher returns on deposits in savings accounts compared to commercial banksSmall finance banks often pay higher interest rates on deposits compared to commercial banks.
Primarily aimed at financial inclusion, small finance banks often pay higher returns on deposits in savings accounts compared to commercial banks, such as State Bank of India (SBI).
Small finance banks, such as AU, Equitas, Suryoday, Jana and Ujjivan, pay interest to tune of 4-8 per cent (per annum) on balance in savings accounts under certain conditions.(Why small finance banks offer higher interest rates than larger peers)AU Small Finance BankAU Small Finance Bank pays following interest rates on deposits in its savings account:Savings account balanceRate of Interest applicable (per annum)Less than Rs 1 lakh5.00%Rs 1 lakh to less than Rs 10 lakh6.50%Rs 10 lakh and above (up to Rs 10 crore)6.75%(Source: aubank.in)Capital Small Finance BankCapital Small Finance Bank pays following interest rates on deposits in its savings account:Type of domestic accountRate of interest (general public and senior citizen)Savings Bank Account without Cheque Book Facility4.00%Savings Bank Account with Cheque Book Facility4.00%Basic Savings Bank Account (Suvidha Bachat)4.00%(Source: capitalbank.co.in)Fincare Small Finance BankFincare Small Finance Bankpays following interest rates on deposits in its savings account:SlabRate of interest (per annum)Up to and including Rs 1 lakh6.00%Above Rs 1 lakh7.00%(Source: fincarebank.com)Equitas Small Finance BankHere are interest rates paid by Equitas Small Finance Bank on deposit in itsregular savings account with effect from January 1, 2019, according to its website - equitasbank.com:Daily closing balanceRate of interest (per annum)Up to Rs 1 lakh5.50%Above Rs 1 lakh and up to Rs 10 lakh6.00%Above Rs 10 lakh and up to Rs 1 crore6.50%Above Rs 1 crore and up to Rs 5 crore7.00%Above Rs 5 crore and up to Rs 30 crore7.25%Above Rs 30 crore and up to Rs 50 crore7.50%(Source: equitasbank.com)ESAF Small Finance BankESAF Small Finance Bankpays following interest rates on deposits in its savings account:Savings Bank Account- Slab (day-end balance)Rate of Interest with effect from October 25, 2017Up to and including Rs.1 lakh4.00%Above Rs.1 lakh up toand including Rs.10 lakhs (i.e for incremental amount above Rs.1 lakh)6.50%Above Rs.10 lakhs (i.e for incremental amount above Rs.10 lakhs)7.00%(Source: esafbank.com)Suryoday Small Finance BankSuryoday Small Finance Bank offers following interest rates on domestic deposits in its savings account with effect from November 12, 2018, according to its website - suryodaybank.com:Daily Closing Balance Slabs (Domestic)Rate of Interest (per annum)Up to and including Rs.
1 lakh6.25%Above Rs.
1 lakh up to and including Rs.
10 lakh7.25%Above Rs.
10 lakh up to and including Rs.
10 crore7.00%(Source: suryodaybank.com)Ujjivan Small Finance BankUjjivan Small Finance Bank offers following interest rates on deposits in its savings account with effect from July 8, 2018, according to its website - ujjivansfb.in:AmountInterest rate (per annum)Up to 5 lakh4%> 5 lakh to 50 lakh5.50%> 50 lakh to 5 crore6.75%> 5 crore7%(Source: ujjivansfb.in)Utkarsh Small Finance BankInterest on deposits in its standard savings account is paid at quarterly intervals on basis of end of day balance in accounts, according to Utkarsh Small Finance Bank's website - utkarsh.bank.
Your Account has potential to earn 7 per cent p.a.
interest, bank mentions on its portal.North East Small finance BankNorth East Small Finance Bank pays interest at rate of 6 per cent on deposits of up to Rs 1 lakh and 6.25 per cent beyond 1 lakh in its saving account, according to its website - nesfb.com.Jana Small Finance BankJana Small Finance Bankpays following interest rates on deposits in its savings account:Savings account balanceInterest rate per annumUp to Rs.
1 lakh5%More than Rs.
1 lakh up to Rs.
10 lakh6%More than Rs.
10 lakh up to Rs.
5 crore7%More than Rs 5 crore up to Rs 25 crore7.5%More than Rs.
25 crore8%(Source: janabank.com)Also,small finance bankspay higher interest rates on fixed deposits (FDs) compared to their larger counterpartsacross many maturities.