Fino Payments Bank announced the increase of its end-of-day account balance limit to Rs 2 lakh
Fino Payments Bank has raised the end-of-day account balance limit for its customers, including MSMEs, small traders and retail customers. at Rs 2 lakh, in accordance with updated RBI guidelines. The bank, which made a profit in the fourth quarter of fiscal 2020, implemented the increased cap on May 1, 2021. Ashish Ahuja, COO of Fino Payments Bank, said in a statement announcing the new deposit limit, âFollowing the RBI directive, we updated our processes and systems and went online on May 1. The increased deposit limit allows our clients to save more money on their account. In addition, our mechanism Existing sweep account continues with our partner bank where customers can save funds exceeding Rs 2 lakh. “
He also added that “The increased deposit limit allows our clients to save more money on their account. In addition, our existing sweep account mechanism continues with our partner bank where clients can save funds exceeding Rs 2 lakh. ” On Fino deposits up to Rs 2 lakh, the existing savings interest rate will apply. Suryoday Small Finance Bank, the affiliated bank, will set the interest rates for deposits to the sweep account. Bank deposits are covered by the Deposit Insurance and Credit Guarantee Corporation (DICGC), which is a wholly-owned subsidiary of the Reserve Bank of India (RBI).
Ashish Ahuja, COO, Fino Payments Bank added that âThe increase in the limit also strengthens the cause of financial inclusion as more and more people will join the banking fold. MSMEs, small traders and traders should use this offer to save time and better financial planning.
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