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Small finance banks are a category of niche banks in India that aims to provide financial inclusion to a section of the society like small business units, small and marginal farmers, micro and small industries, and other unorganized entities that are not being served by other banks. They can carry out all basic banking activities like lending and taking deposits.
The main difference between a commercial and small finance bank is that there is no limit for capital acquired by commercial banks while Small finance banks have to pay a minimum capital of a hundred crores. Deposits up to Rs 5 lakhs in the small finance banks are insured by the DICGC
The small finance banks giving high saving bank interest rates are-
Utkarsh Small Finance Bank-
Utkarsh Small Finance Bank was founded in 2009 and its headquarters is in Varanasi. The facilities provided by Utkarsh small finance bank are-
Standard Savings Account-
- An average quarterly balance of Rs. 5000 is required in metro/urban banks.
- Free unlimited transactions at any domestic ATM.
- Interest is calculated on a daily product basis and credited quarterly.
- One free chequebook per quarter(20 leaves)
- RTGS, NEFT, and Phone banking is free.
Premium Savings Account-
- An average quarterly balance of Rs. 50,000 is required or a relationship of Rs. 5 lakhs.
- Access to premium lounge at airports.
- Free unlimited transactions at any domestic ATM.
- Personal accidental insurance cover of Rs 2 lakhs with Platinum Rupay debit card.
- Two checkbooks per quarter (20 leaves).
- RTGS, NEFT, and Phone banking is free.
Gen- Nex Savings Account-
- Average quarterly balance of Rs. 2500 in metro/urban outlets and Rs.750 in semi-urban outlets.
- The account can be jointly opened with a guardian and can be operated by the parent till the minor becomes major.
- Free unlimited transactions at any domestic ATM.
- Lower ATM withdrawal limit to protect against misuse.
- RTGS, NEFT, and Phone banking is free.
Basic Savings Bank Deposit Account (BSBDA)
- There is no requirement of an average monthly balance to be maintained.
- Avail of Classic Rupay debit card with no annual maintenance charge for the first year.
- Free unlimited cash withdrawals at all domestic ATMs.
- Interest is calculated on daily basis and credited quarterly.
- RTGS, NEFT, and Phone banking is free.
Corporate Salary Account-
- Zero Balance Savings Account.
- Easy disbursement of salaries.
- Two types of Accounts- Standard and Premium Salary Accounts.
- Unlimited and free ATM access.
- Many banking services at discounted rates.
Ujjivan Small Finance bank-
Ujjivan Small Finance Bank was founded in 2004 and has its headquarters at Bangalore. The facilities provided by Ujjivan small finance banks are-
Garima Savings Account-
Garima Savings Account is tailored to help and empower women to manage finances better and manage a good lifestyle. The key features of this account are-
- Monthly average balance requirement of Rs. 5000.
- Single RD of Rs. 5000 p.m. for a minimum period of 1 year.
- The minor account can be linked with the primary account with a standing instruction of Rs. 2000 per month.
- Free Rupay Classic debit card designed for women. Complimentary membership to Kavach Plan- protection up to Rs. 60,000.
- Free cash deposit up to Rs. 5 lahks per month.
- 1 checkbook per quarter of 10 leaves.
- Free RTGS, and NEFT transactions through online mode.
- Interest is calculated on daily basis and credited quarterly.
Regular Savings Account-
- Avail Rupay Classic Debit Card for a great shopping experience at E-commerce platforms, POS machines, and cash withdrawal at ATMs.
- No charges for non-maintenance of minimum balance.
- NEFT, RTGS, and IMPS at standard charges.
- Unlimited transactions at USFB ATMs and 5 transactions per month at any other bank’s ATM.
- Free mobile banking app. In 9 languages.
- Interest is calculated on daily basis and credited quarterly.
Privilege Savings Account-
- To be eligible for Privilege Savings Account a person has to meet any of the following criteria- Monthly average balance in the savings account of Rs. 25,000 and above, Cumulative Fixed deposit of Rs. 5 lahks and above, Single RD greater than Rs.10,000 p.m. for a minimum period of 12 months or salary credit of Rs. 30,000 and above per month.
- 25 free cheque leaves per quarter.
- Limits of Rs. 1 lakh per day in ATM and Rs. 2 lahks per day in shopping.
- Free Rupay Platinum debit card with many benefits.
- You get unlimited free transaction access at any bank ATM.
- Interest is calculated on daily basis and credited quarterly.
- The facility of Lounge Access at more than 30 airports in India with 2 free access per quarter.
- Discounts on Swiggy and Amazon.
- Accidental insurance up to Rs. 2 lahks per annum.
Minor Savings Account-
This account can be opened for children in the age group of 1 day to 18 years. The account is held jointly and teaches children the basics of banking.
- There is no average monthly balance requirement.
- The account can be opened jointly with a guardian only.
- It can be converted to a regular savings account when the child turns major.
- Debit card on request available for minors above 10 years.
- RTGS, NEFT, and IMPS are available with standard charges applicable.
- Unlimited transactions at USFB ATM and 5 transactions per month at any other bank’s ATM.
- Interest is calculated on daily basis and credited quarterly.
Senior Citizen Savings Account-
- Special assistance at branches with dedicated senior citizen desk to avoid queues.
- Avail Rupay Classic Debit card with many benefits.
- There are no charges for non-maintenance of minimum balance.
- Every quarter availability of free chequebook having 25 leaves.
- NEFT, RTGS, IMPS facility with standard charges.
- Unlimited transactions at USFB ATM and 5 transactions per month at any other bank’s ATM.
- Interest is calculated on daily basis and credited quarterly.
Digital Savings Account-
- Open a savings account instantly with Aadhar and PAN card.
- This is a zero-balance account.
- A debit card is free for the first year.
- Unlimited transactions at USFB ATMs, 6 free transactions at other bank ATMs.
- Many offers for shopping, travel, dining, and healthcare.
- Any individual in the age group of 18-59 years can open this account.
Equitas Small Finance Bank-
Equitas small finance bank was founded in 2016 and has its headquarters in Chennai. The facilities provided by the bank are-
Eva Savings Account-
- This account is for today’s woman who is independent and can take charge of her finances be it investments, goal-based savings, entertainment, health and wealth.
- Telehealth consultations.
- Many benefits to family banking.
- Many exclusive offers on debit cards with reward points on every spend.
- 25% discount on locker rentals.
- Rewards for goal-based savings.
- Preferable rates on gold loans.
Wings Savings Account-
- Complimentary lounge access.
- Free home insurance up to Rs. 2 lakhs with Wings Visa Signature debit card in event of a burglary, theft, or fire.
- Avail reward points for swiping at merchant outlets and online.
- Free RTGS/NEFT and funds transfer through the internet and mobile banking.
- 25% off on lockers.
- One free ticket on purchase of one ticket through BookMyShow with a maximum of three per quarter.
Regular Savings Account-
- The average monthly balance required is Rs. 10,000 with no maintenance charges.
- Free multicity chequebook of 25 leaves per quarter.
- RTGC, NEFT, and IMPS inward is free.
- Debit card cash withdrawal at metro locations at other bank ATMs is 3, and non-metro (other bank ATMs) is 5.
Selfie Savings Account-
- It is a digital bank account that can be opened with a web-based interactive video using Aadhar and PAN numbers.
- Mobile banking can be activated immediately.
- Virtual debit card for shopping.
- No minimum balance is required.
Elite Savings Account-
- Services of a dedicated relationship manager.
- Good wealth management system.
- 50% discount on the locker.
- Domestic airport lounge access at select cities at 3 per quarter.
- There is no surcharge at petrol pumps.
- 50% off at golf courses on the green fee.
- Buy 1 get 1 free ticket at Bookmyshow using an elite debit card.
Basic and Small Savings Account-
- The average monthly balance required is NIL with no maintenance charges.
- Rupay debit card is free.
- Interest is calculated on daily basis and credited quarterly in the account.
- RTGS, NEFT, IMPS inward free.
Jana Small Finance Bank-
Jana Small finance bank was founded in 2008 with its headquarters in Bengaluru. The facilities provided by the bank are-
Premium Savings Account-
- The average monthly balance required is Rs. 2 lakhs in metros and Rs 1 lakhs in non-metro.
- Complimentary Golf lessons.
- Discount on Yoga sessions.
- Free SPA session.
- Free Select debit card.
- Free unlimited ATM transactions.
Silver Premium Account-
- Silver premium account is for all citizens above the age of 60 years.
- The average monthly balance required is Rs. 1.5 lakhs in metros and Rs 75,000 in non-metro.
- Complimentary health checkup.
- Complimentary golf lessons.
- There is a discount on Yoga sessions.
- Free Select debit card.
- Free unlimited ATM transactions.
Savings Plus Account-
- The average monthly balance required is Rs. 50,000 in metros and Rs 25,000 in non-metro.
- Unlimited withdrawals through Jana Small Finance bank ATMs and up to 10 withdrawals from other bank ATMs.
- There is domestic airport lounge access with the Rupay Platinum debit card.
- There are no charges on NEFT/RTGS.
- Availability of expense management app.
Video KYC-
- The average monthly balance required for metros and non-metros is Rs. 2500.
- Open KYC savings account in a few minutes.
- The debit card is acceptable at merchant establishments.
Salary Account-
- The average monthly balance required is Nil.
- Rupay Platinum debit card is available with high ATM withdrawals and POS limits.
- There is the availability of unlimited cap withdrawal with no cap on the amount and the number of transactions.
- Expense management app available.
- Avail of domestic airport lounge access.
DIGIGEN Account-
- Instant account opening in 3 simple steps.
- There are no charges on RTGS/NEFT.
- KYC verification is done at the doorstep to avail of complete banking services.
- Anytime fund transfer with RTGS/NEFT/IMPS.
AU Small Finance Bank-
AU Small Finance Bank was founded in 1996 with its headquarters in Jaipur. The facilities provided by the bank are-
AU Savings Account-
- An auto-upgrade facility that allows you to enjoy added benefits as you grow.
- Availability of dedicated relationship manager.
- Insurance benefits.
- NEFT/RTGS/demand draft and locker facility.
AU Salary Account-
- Availability of a helping hand in tax filing with the help of a dedicated relationship manager.
- Insurance benefits.
- NEFT/RTGS/demand draft and locker facility.
- Free debit card with high transaction limits.
- Availability of locker facility.
AU Senior Citizens Account-
- Minimum average monthly balance requirement of Rs. 5000 or FD of Rs 25000 for urban branches and 2000 for core branches.
- Earn 0.5% extra on fixed deposits.
- Monthly interest payouts in a savings account.
- Free doorstep banking.
- Waiver of 50% on annual locker charges.
- There is a 25% waiver of processing fees on loans.
- Dedicated senior citizens desk with a relationship manager.
- Discount tax filings and CA assistance services.
- Free monthly senior citizens lifestyle newsletter. Exclusive offer on healthcare with the debit card.
- NEFT/RTGS and draft facility available.
- Insurance benefits are available.
AU Women Account-
- Minimum average monthly balance requirement of Rs. 5000 or FD of Rs 25000 for urban branches and 2000 for core branches.
- This account is designed especially for women to lead a life with minimum stress.
- Availability of dedicated relationship manager.
- Insurance benefits are available.
- RTGS/NEFT, demand draft, and locker facility available.
- Increased cash deposit limits.
AU Kids Account-
- The minimum monthly average balance required is Nil.
- Availability of Visa Gold AU account debit card for children above 10 years of age with customized limits managed by parents.
- There can be a recurring transfer of funds from the family account on request.
- With the debit card avail of education insurance, card liability insurance, purchase protection insurance, and personal accident cover.
- Monthly interest payout in saving account.
- NEFT, RTGS, demand draft, IMPS, and fund transfer facility available.
AU Student Account-
- The average monthly balance required is Nil.
- The monthly interest payout is credited to the AU student account.
- Phone banking, mobile banking, and internet banking services are available.
- Demand draft, NEFT, RTGS, and IMPS facility available.
- Insurance benefits with Rupay Platinum debit card.
- Unlimited transactions at AU Bank ATM and 10 free transactions at other banks’ ATMs.
AU ABHI Account-
- The minimum monthly average balance required is Nil.
- Instant opening of account.
- Option of monthly interest payouts.
- Online transactions using a virtual debit card.
- Free unlimited IMPS/NEFT RTGS fund transfers.
Small finance banks offer different types of saving accounts each suitable for the different sections of society. Interest rates offered by the small finance bank savings account are definitely higher and much better than the commercial banks. People can compare the benefits of each type of saving bank account and choose the best account suitable for them.