Fincare Small Finance Bank (SFB) Hikes Savings Account Rates By 25 Bps To 7.5%

On Friday, Fincare Small Finance Bank raised the interest rate on its savings accounts to 7.5% from 25 basis points. Fincare Small Finance Bank extends an invitation to all of its customers both existing and new to benefit from this innovative interest rate and get a banking experience that transcends conventional limits.

"The bank increase showcases the bank's commitment towards financial empowerment of its customers. Recognizing the paramount significance of providing competitive interest rates, this strategic move is geared towards delivering an unparalleled banking experience and optimizing the overall value of customers' savings," said Fincare SFB in a statement.

Mr. Rajeev Yadav, MD & CEO of Fincare Small Finance Bank said, "At Fincare Small Finance Bank, we continually strive to redefine the banking experience for our customers. The introduction of a 7.5% interest rate on savings accounts is a significant step in that direction. We believe in providing our customers not only with financial stability but also with a platform to grow their savings more effectively."

Savings account interest rates as high as 7.5% demonstrate the bank's dedication to providing premium benefits to its customers and promoting financial inclusion.

Fincare Small Finance Bank Savings Account Interest Rates

Effective from 1st December, the bank's savings account interest rates are as follows.

On savings account balance of upto and including Rs 1 Lakh, the bank is offering an interest rate of 3.51% and on savings account balance of above Rs 1 Lakh and including Rs 2 Lakhs, Fincare SFB is offering an interest rate of 5.11%. Fincare SFB is offering an interest rate of 7.11% on a savings account balance of above Rs 2 Lakh and including Rs 5 Lakhs and 7.50% on a savings account balance of above Rs 5 lakhs and including Including Rs 10 Cr. Savings account balance of above Rs 10 Cr and including Rs 15 Cr will now fetch an interest rate of 6.50% and savings account balance of above Rs 15 Cr and including Rs 20 Cr 5.00%.

The bank is giving an interest rate of 4.00% on savings account balances over Rs 20 Cr and including Rs 25 Cr, and Fincare Small Finance Bank is promising an interest rate of 3.25% on savings account balances above Rs 25 Cr and including Rs 30 Cr. An interest rate of 3.00 percent is being offered by Fincare Small Finance Bank on savings account balances above Rs 30 Cr.