Small Finance Banks war on savings account interest rate. Customers to take advantage of their higher rates !

Small Finance Banks (SFBs) are out there in the market a little over 5 years now. Initially most of them were into a war on Fixed Deposit interest rates and have been successful in mobilizing a lot of deposits from the market and peer private/ public sector banks. While competition in the Term Deposits will stay for longer time, SFBs are back with savings account interest war. Many of them have been aggressively offering up to 7% interest for quite some time now. But many have revised their rates recently. While higher savings interest rates will burn a hole in their profit margins, it’s a boon time for customers who can enjoy higher rates as long as they are available. Let’s take a closure look at the SFB savings bank interest rates.

AU Small Finance Bank offers up to 7% savings interest. Bank has been positioning their beneficial rates through their recent brand campaign. These rates have been there w.e.f 5^th October 2021. With their vast presence via branches, customers can benefit opening savings account with 7% rate.

ESAF Small Finance Bank offers 6.5% as their best interest rate in savings account slab. Bank has kept it quite simple and clear for customers with only 3 slabs. Rates has been there w.e.f 1^st August 2020.

Equitas Small Finance Bank has been out in the market for quite some time with 7% interest on savings accounts. Bank has been campaigning the ‘Power of 7’ all out across the branches and in social media. These rates have been live w.e.f 15^th November 2021.

Fincare Small Finance Bank also offers 7% interest as the best in the bucket of Rs. 5 Lakh-1 Cr. Bank has been highlighting this to the customers and general public at large. Rates has been in place w.e.f 1^st July 2021.

Jana Small Finance Bank offers up to 7% on their savings bank account. JSFB has revised savings interest rates w.e.f 4^th March 2022. Retail customers as well as institutional customers both can effectively use the higher interest rates for their benefit. Detailed interest slab below.

Suryoday Small Finance Bank offers highest saving account interest rate of 6.25% on balance between Rs. 1 Lakh-1 Crore. Bank has been offering the rates w.e.f 20^th January 2022.

Ujjivan Small Finance Bank also offers higher savings bank interest rates. It offers up to 7% in the most retail category of between Rs. 1 Lakh-25 Lakh. Bank has the below mentioned savings account interest rates w.e.f 6^th March 2021.

Utkarsh Small Finance Bank (USFB) has recently revised savings interest rates and offers 7% as best rate. The below rates are prevailing w.e.f 1^st March 2022.