Which small finance bank is good?

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Crowdpuller
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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Sushrut.B wrote:

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…

Agree 100%

Deal Cadet Deal Cadet
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Sushrut.B wrote:

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 they don’t offer that facility…

Quite strange!! May be they changed something now…

Deal Cadet Deal Cadet
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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.

have you opened account with sbm ?

Deal Newbie Deal Newbie
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flawlessking wrote:

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.

Confused. Should we open account in Niyox or directly with Equitas bank. 

Deal Subedar Deal Subedar
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dcb_lover wrote:

Confused. Should we open account in Niyox or directly with Equitas bank. 

I would suggest Niyox. Equitas doesnt have app and lacks UI. Also i get lot of rewards and offers via Niyo.

Critic Critic
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dcb_lover wrote:

Confused. Should we open account in Niyox or directly with Equitas bank. 

Just a thing to keep in mind, in case of any txn failure/issue you will be made to go back & forth between niyox & equitas support as each will try to push the blame on other side for resolution(something similar happened with me while trying to make a correction in my credit report for onecard issued by idfc bank where onecard support & idfc bank support kept referring me to each other).

Perfectionist Perfectionist
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Manitian wrote:

I would suggest Niyox. Equitas doesnt have app and lacks UI. Also i get lot of rewards and offers via Niyo.

Equitas doesn’t have app? Is this true
I can see one on playstore

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avgn wrote:

Equitas doesn’t have app? Is this true
I can see one on playstore

I am not aware, i use niyo.

Deal Cadet Deal Cadet
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Manitian wrote:

I would suggest Niyox. Equitas doesnt have app and lacks UI. Also i get lot of rewards and offers via Niyo.

Equitas has the mobile app. I use app.

Although, it feels like 2-3 years behind but does the job.

Deal Lieutenant Deal Lieutenant
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how about paytm bank?

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Jigglypuff wrote:

how about paytm bank?

Worst customer service, worst corporate group, worst app

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