New Year 2023: This bank offers 7.11% interest on saving account — Check account balance required, other details

New Year 2023: New-age bank, Fincare Small Finance Bank is offering interest of 7.11 per cent per annum on savings account. This is said to be the highest interest rate on savings account among banks today. 

As per the official release, the bank is offering 7.11% per annum, on account balance ranging from 5 to 25 Lakhs. And the interest is calculated on a daily basis. 

“Keeping our core promise of customer delight in mind, we are pleased to announce our latest offering of best-in-class interest rates on Savings Account. We aim to leverage our superior interest rates and digital banking services to attract savvy and discerning customers to our smart banking stack,” said Rajeev Yadav, MD & CEO, Fincare Small Finance Bank. 

Also Read: New Year 2023: Set your financial goals for the coming year in 6 easy steps – Experts explain 

Fincare Small Finance Initial Public Offering (IPO) proposal 

Fincare Small Finance Bank Limited has proposed an IPO of its Equity Shares and has filed a draft red herring prospectus dated August 6, 2022 (“DRHP”) with the Securities and Exchange Board of India (“SEBI”).

Fincare Small Finance Bank's IPO comprises fresh issue of equity shares worth up to ₹625 crore and an Offer For Sale (OFS) aggregating up to 1.7 crore equity shares by a promoter and investors.

Fincare Small Finance Bank is a new-age bank with a Digital-first DNA. It offers its modern banking services through banking outlets, ATM, WhatsApp, Video Banking, Mobile Banking, Internet Banking and Chatbots.

The Bank commenced banking operations on 21st July 2017 under Section 22 of the Banking Regulation Act, 1949. The bank was included in the Second Schedule to the RBI Act, 1934 published in the Gazette of India dated April 13, 2019.

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