INSUBCONTINENT EXCLUSIVE:
SBI, ICICI Bank and HDFC Bank pay an interest rate of 3.5-4% on savings deposits.Small finance banks offer higher interest rates than their
Small finance banks such as ESAF Small Finance Bank, Equitas Small finance Bank and Suryoday Bank offer higher interest rates on savings,
fixed deposit (FD), and recurring deposit (RD) accounts, compared to major banks such as State Bank of India
But Equitas Small Finance Bank offers an annual return of 6-6.5 per cent on deposits in savings accounts.Why small finance banks offer
higher interest ratesSmall finance banks are relatively new as compared to leading banks such as SBI, HDFC Bank and ICICI Bank
Small banks need customers to trust them with their hard-earned money and that is why interest rates on all types of deposits - savings,
recurring and fixed - are higher compared to regular banks, say wealth planners.Major commercial banks offer modest interest rates on
But small finance banks offer higher interest rates even on savings deposits.Here's a comparison of interest rates paid on savings account
following interest rates on savings account deposits, according to the bank's website - esafbank.com:Savings Bank AccountRate of Interest
to Rs 10 lakh, Equitas Small Finance Bank offers an interest rate of 6 per cent, according to the bank's website - equitasbank.com
On savings balances above Rs 10 lakh and up to Rs 5 crore, it offers an interest rate of 6.50 per cent is applicable
These interest rates are applicable to basic and small savings accounts, standard savings accounts, regular savings accounts, value plus
accounts and my savings account, according to the bank.Suryoday Small Finance BankSuryoday Bank pays an interest rate of 6.25 per cent per
annum on balance up to Rs
1 lakh, 7.25 per cent on balance over Rs
10 lakh, and 7 per cent on balance over Rs
10 lakh, according to the bank's website - suryodaybank.com
These interest rates are applicable on both savings and salary savings accounts.
