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