This SFB hikes savings account rates by up to 7.11% on balances of above ₹5 lac to ₹25 lacs

2 min read . Updated: 01 Jan 2023, 06:32 PM IST Vipul Das

An interest rate of 7.11% is being offered on savings account balances between ₹5 lakh and ₹25 lakh by Fincare Small Finance Bank (SFB).

Fincare Small Finance Bank (SFB) has hiked interest rates on savings bank deposits.

Fincare Small Finance Bank Savings Account Interest Rates

The bank is giving an interest rate of 4.11% on savings account balances up to ₹1 lakh, and Fincare Small Finance Bank (SFB) is offering an interest rate of 6.11% on balances over ₹1 lakh and up to ₹5 lakh. An interest rate of 7.11% is being offered on savings account balances between ₹5 lakh and ₹25 lakh by Fincare Small Finance Bank (SFB). The bank is giving an interest rate of 7% on savings account balances above ₹25 lakh to ₹20 crore and an interest rate of 3.25% on savings account balances above ₹25 crore to ₹30 crore. On a savings account balance of above ₹30 Cr to above ₹50 Cr, the bank is now offering an interest rate of 3%.

Fincare Small Finance Bank has mentioned on its website that “Please note that the interest rates mentioned are applicable for the incremental balances that are present corresponding to amount slab mentioned. For example if total balance is ₹51 Cr. Then following grid will be applicable.

For balance of ₹1 to ₹1 lakh: 4.11%

For incremental balances above ₹1 lakh to ₹5 lakh: 6.11%

For incremental balances above ₹5 lakh to ₹25 lakh: 7.11%

For incremental balances above ₹25 lakh to ₹20 Cr: 7%

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For incremental balances above ₹20 Cr to ₹25 Cr: 4%

For incremental balances above ₹25 Cr to ₹30 Cr: 3.25%

For incremental balances above ₹30 Cr to ₹50 Cr: 3%

Above ₹50 Cr: 3%.

Meanwhile, savings bank depositors should also note that Punjab National Bank (PNB) today has also hiked interest rates on savings accounts. PNB increased the interest rate on savings accounts by 25 basis points on a balance slab of ₹100 Cr and above. Apart from this, PNB has also hiked fixed deposit interest rates by up to 50 bps across a range of tenors. The latest FD and savings account interest rates of PNB are effective from today 1st January 2023.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).