(Last Updated: May 16, 2019)

Fincare Small Finance Bank Wiki: How safe it is to invest?

  • Has anyone heard about Fincare small finance bank in India? I read about it and felt like knowing a bit more about small finance banks and their actual benefits. How safe is investing in such banks? Is it really " a new era in smart banking"? Or our normal banking system is better? @prateek @prateek049 @Tarun @Harleen @Ishu @brokerdude

  • @Anmol To be frank, I don't believe much in this new small banking model. I feel the traditional banks may be private or public sector are more reliable.

  • @Anmol Small finance banks provide basic and limited banking services. Fincare Small Finance bank is one such Small Finance bank having its corportae office in Benagluru, Karnataka. It has already opened a number of branches across India. The primary aim of setting up of these banks was to provide banking to the rural and unbanked sectors in India.

    Fincare Small Finance Bank provides products like savings account, current account, fixed deposits and affordable loans etc. Interest rate is also 6% to 7% on savings account.

    Further, long term FDs offer interest rate ranging from 8%-9% or even higher for senior citizens based on duration of FD. Presently, they are offering high interest rates on FDs and savings account. These seem to be quite lucrative and attract a number of customers.

    But, still one needs to be very cautious before putting money. Just check all the necessary terms and conditions before investing your money. If anyone had a real experience with any of the small finance banks, do share your feedback.

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