Savings account is a safe place where you can stash a part of your income for emergencies in the near future. An added advantage of savings account is that we get interest on our money. It is very beneficial for those people who work on a regular monthly income. At any point of time, money can be transferred in or out of your savings account online.
Here is a list of some small finance banks which offer high interest rates on saving accounts:
AU Small Finance Bank
AU Small Finance Bank are offering seven per cent interest on savings account. The income slab should be between Rs 25 lakh and Rs 1 crore.
Fincare Small Finance Bank
Fincare Small Finance Bank offers seven per cent interest rate on savings account. Income slab should be between Rs 5 lakh and 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 interest rate of 6.50 per cent on deposits under Rs2 crore. The tenure should be 1 year.
Equitas Small Finance Bank
On the income slab between Rs 5 and 50 lakh, Equitas Small Finance Bank offers seven per cent interest rate Rs 2,500 to Rs 10,000 is the average balance requirement in this bank.
Suryoday Small Finance Bank
Monthly balance requirement for this bank is Rs 2,000. Interest rates of 6.25% are offered on savings account in Suryoday Small Finance Bank.
The primary motive behind setting up of small finance banks is to extend the scope of banking services to poverty stricken sections to society. The minimum paid up equity capital which is required to set up a small finance bank is Rs 200 crore. It was Rs 100 crore initially. Some of the basic objectives behind setting up of small finance banks are to provide credit to small business units, small and marginal farmers. They also provide credit to micro and small industries and other unorganised sector entities, through high technology-low cost operations.
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