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Fino Payments Bank has hiked interest rates on savings bank (SB) deposits with balances above ₹1 lakh and up to ₹2 lakh from 2.75 per cent to 5 per cent. However, the Bank has reduced interest on SB deposits below ₹1 lakh from 2.75 per cent to 2.50 per cent.
The Bank, in a statement, said its customers will get monthly interest payouts on their balances. The new rates are effective from January 7.
Also read:Fino Payments Bank in advanced talks with 2-3 fintechs for partnerships, says MD & CEO Rishi Gupta
Payments Banks are allowed to have end-of-the-day deposit balances of up to ₹2 lakh only. Any additional amount in the savings account can be transferred to a partner bank’s sweep account.
Fino Bank has partnered with Suryoday Small Finance Bank to offer sweep account facility to its customers.
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