Savings account is a secure space to save your money to be used in emergencies to come up in the future. Another benefit of a savings accounts is that they receive interest on our money. This is extremely beneficial for those who earn with a regular income. At any the day, funds can be transferred into or out from your savings account online.
Here’s a listing of a few small banks that offer very high rates of interest on savings accounts:
AU Small Finance Bank
AU Small Finance Bank are offering a seven percent interest on savings accounts. The income threshold must be between the 25 lakhs and 1 crore.
Fincare Small Finance Bank
Fincare Small Finance Bank offers seven percent interest rate on savings accounts. The income threshold is between 5 lakh to 1 crore. It is essential to keep an average balance per month of $1,000 in this particular bank.
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank offers an interest rate of 6.50 per cent on deposit less than 2 crores. The term should be 1 year.
Equitas Small Finance Bank
For those earning between 5 to 50 lakh, Equitas Small Finance Bank offers interest rates of 7 percent. rate ranging from Rs 2,500 to 10,000 as the standard amount of balance required for this bank.
Suryoday Small Finance Bank
The minimum monthly balance for this bank is Rs.2,000. A rate of interest of 6.25 percent are available on savings accounts at Suryoday Small Finance Bank.
The principal motive behind the creating small-sized finance institutions is to expand the range of banking services to the people in society. The minimum equity capital required for the establishment of the small finance bank is around 200 crore. It was set at 100 crore in the beginning. The primary goals for the establishment of small-scale finance banks is to offer credit to small businesses as well as marginal and small-scale farmers. They also offer credit to small and micro industries as well as other non-organised sector organizations, with low-cost, high tech operations.