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 HDFC Bank, among others. 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 Small Finance Bank, AU Small Finance Bank, Fincare Small Finance Bank, and Ujjivan Small Finance Bank (according to their websites):
Savings bank account interest rates of ESAF Small Finance Bank
| Savings Bank Account | Rate of Interest Applicable from 1st April 2018 |
| | Normal | Senior Citizen |
| Domestic | | |
| Up to and including 1 lakh | 4.00% | 4.00% |
| Above 1 lakh up to and including 10 lakhs (i.e for incremental amount above INR 1 Lakh only) | 6.50% | 6.50% |
| Above 10 lakhs (i.e for incremental amount above INR 10 lakhs only) | 7.00% | 7.00% |
| a. With cheque book facility | | |
| Up to and Including 1 lakh | 4.00% | 4.00% |
| Above 1 lakh up to and Including 10 lakhs | 6.50% | 6.50% |
| (i.e for incremental amount above INR 1 lakhs only) | | |
| Above 10 lakhs (i.e for incremental amount above INR 10 lakhs only) | 7.00% | 7.00% |
| a. No Frills Account/Basic Savings Bank Account | | |
| Up to and Including 1 lakh | 4.00% | 4.00% |
| Above 1 lakh up to and including 10 lakhs (i.e for incremental amount above INR 1 lakh only) | 6.50% | 6.50% |
| Above 10 lakhs (i.e for incremental amount above INR 10 lakhs only) | 7.00% | 7.00% |
| Savings Account Amount slab | Rate of Interest applicable (per annum) |
| Savings Account balances less than INR 1 Lac | 5.00% |
| Savings Account balances from INR 1 Lac to less than INR 10 Lacs | 6.50% |
| INR 10 Lacs & above Savings Account balances* | 6.75% |
| SLAB | Rate of interest per annum |
| Up to and including Rs 1 lakh % | 6% |
| Above Rs 1 lakh | 7% |
Here are the interest rates on savings bank accounts of SBI, ICICI Bank, HDFC Bank (according to their websites):SBI| Sr No. | Particulars | Rate of Interest |
| 1 | Saving Deposits Balance upto Rs. 1 crore. | 3.50% p.a |
| 2 | Saving Deposits Balance above Rs. 1 crore. | 4.00% p.a |
ICICI Bank| Savings Bank balance | Revised Rate w.e.f 19th August, 2017 |
| Rs. 50 lakh and above | 4% |
| Below Rs 50 lakh | 3.50% |
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