Which small finance bank is good?

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dhinchakrohit

Which small finance bank is good in case one wants to park amount of more than 5L ?

While recommending pls share pros and cons.

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Equitas bank….5.5% on 5Lacs, 27500 yearly (3.5% on 0-1Lac, 6% on 1-5lacs)…They have partnered with Niyox…App is decent.

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Don’t go with Equitas, go with SBM, do two year fd for 7.3%, 1 year 7.1%. Although SBM is not a small finance Bank. It is full fledged Private bank(SBM INDIA PVT LTD) owned by State Bank of Mauritius. So it will not going to closed down like other small pvt bank.

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bhopali91355 wrote:

Don’t go with Equitas, go with SBM, do two year fd for 7.3%, 1 year 7.1%. Although SBM is not a small finance Bank. It is full fledged Private bank(SBM INDIA PVT LTD) owned by State Bank of Mauritius. So it will not going to closed down like other small pvt bank.

the flexibility in savings account we can’t get in FD, isn’t it?

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bhopali91355 wrote:

Don’t go with Equitas, go with SBM, do two year fd for 7.3%, 1 year 7.1%. Although SBM is not a small finance Bank. It is full fledged Private bank(SBM INDIA PVT LTD) owned by State Bank of Mauritius. So it will not going to closed down like other small pvt bank.

Is amount upto 5 lakhs is secured (insured) in sbm bank?

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punjab_se wrote:

Is amount upto 5 lakhs is secured (insured) in sbm bank?

Yes. Should be as they have RBI license.

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punjab_se wrote:

Is amount upto 5 lakhs is secured (insured) in sbm bank?

Yes insured upto 5 lakhs as per RBI rules plus SBM Bank is a giant, no need to worry.

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sbm only 6 branches!!

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baaz4u2007 wrote:

sbm only 6 branches!!

If branch is concern, please use your nearest Small finance bank ….. All problems solved. joy

I have Ujjivan and niyo-equitas accounts, never been to branch …..

Infact, Ujjivan folks come home when there is a need or even festivals … Being high value customers.

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Manitian wrote:

If branch is concern, please use your nearest Small finance bank ….. All problems solved. joy

I have Ujjivan and niyo-equitas accounts, never been to branch …..

Infact, Ujjivan folks come home when there is a need or even festivals … Being high value customers.

Ujjivan FD rates? And how is the App?

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Anybody having equitas elite account?

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dhinchakrohit wrote:

Anybody having equitas elite account?

Hold Normal Equitas account

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bhopali91355 wrote:

Don’t go with Equitas, go with SBM, do two year fd for 7.3%, 1 year 7.1%. Although SBM is not a small finance Bank. It is full fledged Private bank(SBM INDIA PVT LTD) owned by State Bank of Mauritius. So it will not going to closed down like other small pvt bank.

Seems SBM has reduced their interest rates like all other banks

Also they have branches in only 6 cities & not allowing to open accounts or creating an FD from other cities…So, not applicable for me…

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Sushrut.B wrote:

Seems SBM has reduced their interest rates like all other banks

Also they have branches in only 6 cities & not allowing to open accounts or creating an FD from other cities…So, not applicable for me…

You can use vested , they open a zero bal account with SBM 

Check if they allow FD there 

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EkdamSastaRaju wrote:

You can use vested , they open a zero bal account with SBM 

Check if they allow FD there 

Vested is an investment platform? I am not into investing actually…

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Novizio wrote:

au

AU asking to visit one of their branches…

They have branches in my city but about 2 hours traveling & they told me that I need to visit their branch to open an account at the last stage of online account creation process & after selecting the preferred branch…


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Sushrut.B wrote:

AU asking to visit one of their branches…

They have branches in my city but about 2 hours traveling & they told me that I need to visit their branch to open an account at the last stage of online account creation process & after selecting the preferred branch…


but their online facilities are goood n they r paying 7% on saving (25lac + balance)n monthly interest  credit

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Sushrut.B wrote:

Vested is an investment platform? I am not into investing actually…

Yes. Its an investment platform

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Sushrut.B wrote:

Vested is an investment platform? I am not into investing actually…

Yes investment platform 

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Sushrut.B wrote:

AU asking to visit one of their branches…

They have branches in my city but about 2 hours traveling & they told me that I need to visit their branch to open an account at the last stage of online account creation process & after selecting the preferred branch…


I opened AU Savings account, last month, completely online!

No need to visit branch

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Highest saving bank interest rate currently? Ujjivan?

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mGforCe wrote:

I opened AU Savings account, last month, completely online!

No need to visit branch

They told me my location is far away from their branches so I will have to visit one of their branches…I talked to multiple AU agents & on video calls also, they mentioned the same…So, I will have to wait until they open a branch in the serviceable distance…

I asked them if it’s possible to send a representative to my home for account opening but they said they don’t offer that facility…

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parveenkk wrote:

Highest saving bank interest rate currently? Ujjivan?



Amount Interest Rate (p.a.)
Up to 1 lakh 3.50%
> 1 Lakh to 25 Lakhs 7.00%
> 25 lakhs to 10 Crores 6.00%
> 10 crores 6.75%


I’ll most probably be doing an FD with monthly payout for 1 year after my KYC is done…

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Sushrut.B wrote:



Amount Interest Rate (p.a.)
Up to 1 lakh 3.50%
> 1 Lakh to 25 Lakhs 7.00%
> 25 lakhs to 10 Crores 6.00%
> 10 crores 6.75%



I’ll be doing an FD with monthly payout for 1 year after my KYC is done…



Ujjivan?

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parveenkk wrote:

Ujjivan?

Yes…

Their app & netbanking seems good, simple & clutter free…

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parveenkk wrote:

Ujjivan?

But don’t put more than 5L in any of these banks as some people may do this mistake of parking all their amounts in a single bank for high interests…We can only get 5L back if something goes wrong with the bank…

So, distribute your savings among these banks so that it doesn’t exceed 5L in each bank…

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