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Can you bank on small finance banks to help your money grow?
Small finance banks are able to provide higher returns as compared to larger banks due their low overhead costs
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Microfinance industry grew by 5.16% to Rs 2.43 lakh crore
NBFCs accounted for another 6.85% and other MFIs account for 1.05% of the universe, the report said
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Three-year FDs: These banks are offering up to 7% interest
A few private banks and small finance banks are offering higher interest rates to attract new deposits.
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Parking money in small finance banks: Know the math
All SFBs come under strict RBI guidelines and are monitored by the central bank like any other big commercial bank.
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Small Finance Banks — the next NBFCs?
Small savings banks & their participation will most certainly lead to greater competition in the space — and this competition may lead to consequenc
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These two small finance banks revised FD rates, check here
Fixed deposits: FD interest rates of different banks vary by deposit amount, deposit tenure and type of depositor.
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Microfinance loan portfolio grows 11.9% to Rs 2,59,377 crore as on March-end: MFIN
MFIN is an industry association comprising 58 NBFC-MFIs and 39 associates including banks, small finance banks (SFBs), and NBFCs.
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Banks thrive on low-cost deposits in savings accounts
Lenders are flush with funds in CASA accounts as people deposit money in banks for safe-keeping
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Interest rates: Even small finance banks are lowering them
However, even after lowering rates, small finance banks offer higher interest rates on fixed deposits of all tenures compared to commercial banks
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Small finance banks are offering minimum 7% interest to senior citizens on 3-year FDs
Small finance banks can undertake all basic banking activities including lending and taking deposits
