Fincare Small Finance Bank hikes savings deposit rate by 25bps to 7.5%

Bangalore, 1 December 2023: Fincare Small Finance Bank, a digital first small finance bank today increased interest rates on its saving deposits by 25 basis points to 7.5%. The 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.

The 7.5% interest rate on savings accounts is a testament to the Bank’s commitment to delivering superior value and fostering financial inclusion.

Mr. Rajeev Yadav, MD & CEO of Fincare Small Finance Bank, expressed his enthusiasm about the new offering, saying, “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.”

This industry-leading interest rate is part of Fincare Small Finance Bank’s broader strategy to cater to the diverse financial needs of its customers, ranging from traditional banking services to innovative digital solutions. The Bank’s customer-centric approach is geared towards fostering long-term relationships and becoming a trusted financial partner for individuals and businesses alike.

Please find below revised Savings Bank Deposits rates w.e.f 1st December 2023

Tenor

ROI

Upto and Including 1 Lakh

3.51%

Above 1 Lakh and Including 2 Lakhs

5.11%

Above 2 Lakh and Including 5 Lakhs

7.11%

Above 5 lakhs and including 25 lakhs

7.50%

Above 25 lakhs and including 50 lakhs

7.50%

Above 50 lakhs and including 2 Cr

7.50%

Above 2 Cr and Including 10 Cr

7.50%

Above 10 Cr and Including 15 Cr

6.50%

Above 15 Cr and Including 20 Cr

5.00%

Above 20 Cr and Including 25 Cr

4.00%

Above 25 Cr and Including 30 Cr

3.25%

Above 30 Cr

3.00%

Kindly note that the rate change is applicable to NRE\NRO savings accounts as well.

Fincare Small Finance Bank invites both existing and prospective customers to take advantage of this groundbreaking interest rate and experience a banking relationship that goes beyond traditional boundaries.

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