Fino Payments Bank ups interest rate on savings deposit to 5%

Fino Payments Bank on Monday said it has increased the interest rate on its savings deposits of Rs 1 lakh and above (upto Rs 2 lakh) to 5 per cent from 2.75 per cent earlier. The aim is to encourage higher savings leading to a better return for customers, the bank said in a statement. 

In addition to the hike in interest, the bank’s customers will also get monthly interest pay-outs on their balances. Meanwhile, deposits upto Rs 1 lakh would earn an interest rate of 2.50 per cent.

Major Ashish Ahuja, Chief Operating Officer, Fino Payments Bank said, “We are happy to announce the hike in interest rate as it will benefit our existing 60 lakh customers as well as the over 2.5 lakh new ones associating with us every month”.

As of H1FY23, Fino Bank had total deposits of over Rs 845 crore. It has opened around 1.36 million new CASA accounts, and facilitated transactions worth Rs 1.21 trillion, and registered a profit after tax of Rs 24 crore during the first six months of FY23.