Small finance banks often pay higher interest rates on deposits compared to commercial banks. Primarily aimed at financial inclusion, small finance banks often pay higher returns on deposits in savings accounts compared to commercial banks, such as State Bank of India (SBI). Small finance banks, such as AU, Equitas, Suryoday, Jana and Ujjivan, pay interest to the tune of 4-8 per cent (per annum) on balance in savings accounts under certain conditions. (Also read: Why small finance banks offer higher interest rates than larger peers)
Here's a comparison of interest rates offered by small finance banks:
AU Small Finance Bank
AU Small Finance Bank pays the following interest rates on deposits in its savings account:
Capital Small Finance Bank
Capital Small Finance Bank pays interest at the rate of 4 per cent across different types of savings accounts, according to its website - capitalbank.co.in.
Fincare Small Finance Bank
Fincare Small Finance Bank pays the following interest rates on deposits in its savings account:
Equitas Small Finance Bank
Here are the interest rates paid by Equitas Small Finance Bank on deposit in its regular savings account with effect from January 1, 2019, according to its website - equitasbank.com:
ESAF Small Finance Bank
ESAF Small Finance Bank pays the following interest rates on deposits in its savings account:
Suryoday Small Finance Bank
Suryoday Small Finance Bank offers the following interest rates on domestic deposits in its savings account with effect from November 12, 2018, according to its website - suryodaybank.com:
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank offers the following interest rates on deposits in its savings account with effect from July 8, 2018, according to its website - ujjivansfb.in:
Utkarsh Small Finance Bank
Interest on deposits in its standard savings account is paid at quarterly intervals on the basis of end of the day balance in accounts, according to Utkarsh Small Finance Bank's website - utkarsh.bank. “Your Account has the potential to earn 7 per cent p.a. (per annum) interest,” the bank mentions on its portal.
North East Small finance Bank
North East Small Finance Bank pays interest at the rate of 6 per cent on deposits of up to Rs 1 lakh and 6.25 per cent beyond Rs 1 lakh in its saving account, according to its website - nesfb.com.
Jana Small Finance Bank
Jana Small Finance Bank pays the following interest rates on deposits in its savings account:
Also, small finance banks pay higher interest rates on fixed deposits (FDs) compared to their larger counterparts across many maturities.
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