Fincare Small Finance Bank on Friday, December 1, increased interest rates on its savings account by 25 basis points, to 7.5%. This will be applicable on deposits above ₹5 lakh and up to ₹10 crore. Notably, there are other small finance banks too that offer savings rates in the same range.
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Here are the revised savings deposit rates of Fincare Small Finance Bank, effective December 1:
| Tenure | Interest rate |
| Up to and including ₹1 lakh | 3.51% |
| ₹1 lakh up to ₹2 lakh | 5.11% |
| ₹2 lakh up to ₹5 lakh | 7.11% |
| ₹5 lakh up to ₹25 lakh | 7.50% |
| ₹25 lakh up to ₹50 lakh | 7.50% |
| ₹50 up to ₹2 crore | 7.50% |
| ₹2 crore up to ₹10 crore | 7.50% |
| ₹10 crore up to ₹15 crore | 6.50% |
| ₹15 crore up to ₹20 crore | 5.00% |
| ₹20 crore up to ₹25 crore | 4.00% |
| ₹25 crore up to ₹30 crore | 3.25% |
| Above ₹30 crore | 3.00% |
(Source: Fincare small finance bank)
Here's a list of small finance banks with interested rates above 7% on deposits ranging from ₹5 lakh to ₹10 lakh:
| Bank | Interest Rate |
| Jana Small Finance Bank | 7.00% (More than ₹1 lakh and up to ₹50 lakh) |
| Equitas Small Finance Bank | 7.50% (Above ₹5 lakh and up to ₹50 lakh) |
| Ujjivan Small Finance Bank | 7.50% (Above ₹5 lakh) |
| Suryoday Small Finance Bank | 7.25% |
(Source: Paisabazaar)
Here's a list of small finance banks with rates above 7% on deposits ranging from ₹10 lakh to ₹1 crore:
| Bank | Interest Rate |
| Ujjivan Small Finance Bank | 7.50% (Above ₹5 lakh) |
| Utkarsh Small Finance Bank | 7.25% (Incremental balance above ₹25 lakh up to ₹10 crore) |
| AU Small Finance Bank | 7.00% (Balances from ₹25 lakh to less than ₹1 crore) |
| Jana Small Finance Bank | 7.25% (More than ₹50 lakh and up to ₹10 crore) |
| Suryoday Small Finance Bank | 7.50% (Above Rs. 10 lakh up to and including Rs. 2 crore) |
(Source: Paisabazaar)
Here's a list of small finance banks with rates above 7% on deposits above ₹1 crore:
| Bank | Interest Rate |
| Equitas Small Finance Bank Limited | 7.25% (Above ₹50 lakh and up to ₹10 crore) |
| Utkarsh Small Finance Bank Limited | 7.25% (Incremental balance above ₹25 lakh up to ₹10 crore) |
| Ujjivan Small Finance Bank Limited | 7.50% (Above ₹5 lakh) |
| Jana Small Finance Bank Limited | 7.25% (More than ₹50 lakh and up to ₹10 crore) |
(Source: Paisabazaar)
It must be noted that higher interest rates are typically associated with larger deposits. Banks reward customers who commit to parking substantial sums in their savings accounts. This means that the more one saves, the greater the return he/she can earn on the investments.
First Published: Dec 1, 2023 4:25 PM IST
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