INSUBCONTINENT EXCLUSIVE:
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
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
only)6.50%6.50%Above 10 lakhs (i.e for incremental amount above INR 10 lakhs only)7.00%7.00%a
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
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
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
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
50 lakh and above4%Below Rs 50 lakh3.50%Small finance banks are registered as public limited companies.
