Small finance banks may be ignored by people but even these banks have attractive interest rates.
Small finance banks like ESAF Small Finance Bank, AU Small Finance Bank, Fincare Small Finance Bank, and Ujjivan Small Finance Bank aim to cover under-served customers of the society.
Their goal is to provide easy credit to farmers, small businesses, small industries and other unorganised sectors.
When it comes to depositing their money, the general public often goes for popular banks like State Bank of India (SBI), ICICI Bank, and HDFC Bank, among others.
Small finance banks may be ignored by people at large but even these banks have attractive interest rates.Fixed deposit interest rates of small finance banks are as high as 9 per cent for the general public and 9.5 per cent for senior citizens.
Even on savings bank accounts, ESAF Small Finance Bank, AU Small Finance Bank, Fincare Small Finance Bank, and Ujjivan Small Finance Bank offer as much as and even better than SBI, ICICI Bank and HDFC Bank.Here are the interest rates offered on savings bank accounts by ESAF Small Finance Bank, AU Small Finance Bank, Fincare Small Finance Bank, and Ujjivan Small Finance Bank (according to their websites):Savings bank account interest rates of ESAF Small Finance BankSavings Bank AccountRate of Interest Applicable from1stApril 2018NormalSenior CitizenDomesticUp to and including 1 lakh4.00%4.00%Above 1 lakh up toand including 10 lakhs (i.e for incremental amount aboveINR 1 Lakh only)6.50%6.50%Above 10 lakhs (i.e for incremental amount above INR 10 lakhs only)7.00%7.00%a.
With cheque book facilityUp to and Including 1 lakh4.00%4.00%Above 1 lakh up to and Including 10 lakhs6.50%6.50%(i.e for incremental amount above INR 1 lakhs only)Above 10 lakhs (i.e for incremental amount above INR 10 lakhs only)7.00%7.00%a.No Frills Account/Basic Savings Bank AccountUp to and Including 1 lakh4.00%4.00%Above 1 lakh up toand including 10 lakhs (i.e for incremental amount above INR 1 lakh only)6.50%6.50%Above 10 lakhs (i.e for incremental amount above INR 10 lakhs only)7.00%7.00%Savings bank account interest rates of AU Small Finance BankSavings Account Amount slabRate of Interest applicable (per annum)Savings Account balances less than INR 1 Lac5.00%Savings Account balances from INR 1 Lac to less than INR 10 Lacs6.50%INR 10 Lacs above Savings Account balances*6.75%Savings bank account interest rates of Fincare Small Finance BankSLABRate of interest per annumUp to and including Rs 1 lakh %6%Above Rs 1 lakh7%Savings bank account interest rates of Ujjivan Small Finance BankUjjivan Small Finance Bank offers an interest rate of 4 per cent on savings bank accounts.Here are the interest rates on savings bank accounts of SBI, ICICI Bank, HDFC Bank (according to their websites):Savings bank account interest rates of SBIRevision of Interest Rates on Savings Bank Deposits With effect from 31st July 2017:Sr No.ParticularsRate of Interest1Saving Deposits Balance upto Rs.
1 crore.3.50% p.a2Saving Deposits Balance above Rs.
1 crore.4.00% p.aSavings bank account interest rates of ICICI BankWith effect from 19th August 2017, the savings account interest rates on ICICI Bank's savings accounts are:3.5 per cent for end of day account balance of below 50 Lacs4 per cent for end of day account balance of 50 Lacs above.Savings bank account interest rates of HDFC BankEffective 19th August 2017, Rate of Interest for Savings Bank deposits Accounts has been revised as below :Savings Bank balanceRevised Rate w.e.f 19th August, 2017Rs.
50 lakh and above4%Below Rs 50 lakh3.50%Small finance banks are registered as public limited companies.