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Best Small Finance Banks 2023

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BiggBoss

BiggBoss

TF Select
Vote for the Best Small Finance Bank 2023

As the backbone of niche banking services in our communities, Small Finance Banks play a pivotal role in catering to the unique needs of their customers. They are vital in promoting financial inclusion, offering personalized services, and supporting local development. This poll aims to recognize the Small Finance Banks that have excelled in 2023, providing outstanding services and innovative financial solutions.

Criteria:

  • Customer Service: Responsiveness, personal attention, and understanding and meeting customer needs.
  • Online Services: The effectiveness, ease of use, and feature set of the bank's digital banking platforms, including Internet and mobile services.
  • Product Range: The variety and suitability of financial products offered, such as loans, savings accounts, and investment services tailored to small and medium-sized businesses and individual customers.
  • Community Impact: The bank's role and effectiveness in supporting local businesses, promoting financial literacy, and contributing to community development.
 
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AritraSaha

AritraSaha

TF Legend
BiggBoss said:
Vote for the Best Small Finance Bank 2023

As the backbone of niche banking services in our communities, Small Finance Banks play a pivotal role in catering to the unique needs of their customers. They are vital in promoting financial inclusion, offering personalized services, and supporting local development. This poll aims to recognize the Small Finance Banks that have excelled in 2023, providing outstanding services and innovative financial solutions.

Criteria:

  • Customer Service: Responsiveness, personal attention, and understanding and meeting customer needs.
  • Online Services: The effectiveness, ease of use, and feature set of the bank's digital banking platforms, including Internet and mobile services.
  • Product Range: The variety and suitability of financial products offered, such as loans, savings accounts, and investment services tailored to small and medium-sized businesses and individual customers.
  • Community Impact: The bank's role and effectiveness in supporting local businesses, promoting financial literacy, and contributing to community development.
Click to expand...
Au didn't let me open account so.
Just have fincare SFB.
Have good rate for fds
 
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pothi

pothi

TF Ace
RML Group
ashwink said:
They were only showing 10K MAB Account for me 🥲
Click to expand...

If you are going to use it mainly for FD rates and if you can put at least 20k in FD, then go with 10k MAB account that has a waiver of fee if one maintains 20k FD. Ref:

Rates and Charges - Fincare Small Finance Bank

Home Rates and Charges Rates and Charges Schedule of Charges Forex Rates Choose Your Relevant ProductSmart Saver Savings AccountPriority Savings AccountPrime Savings AccountPriority Plus Savings AccountPro-Priority Savings AccountFamily Savings ProgramNRE Savings AccountNRO Savings...
fincarebank.com fincarebank.com

Select 101 Priority Savings account in the list of accounts.

Then please see under "Account Opening" charges.

It comes with RuPay platinum debit card that may be helpful for Amazon Friday offers.
 
Last edited:
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anonymuos

anonymuos

TF Ace
Have experience personally with only 3 of them: Suryoday, AU and Equitas and my pick would be Suryoday for good banking products, rewarding RuPay Platinum debit card

AU is overrated. Yes it's the most well known, biggest market cap & revenues among SFBs, gives good DC & CC offers, but also has hostile CC issuance policy for self-employed, CC application process is disgusting (lead deletion issues, CIBIL enquiry at first step only etc), debit card cashback offers are flawed - have to DEMAND it with proofs only then they give cashback

Customer Service: Suryoday
Online Services: Suryoday
Product range: AU
Community impact: AU

Best overall (from my own experience): Suryoday Small Finance Bank
 
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T

Tarun239

TF Premier
I had excellent experience with au royale account, they treat u like king. At the moment au is actually offering most discounts.Had a very good experience so far. Rest of the options no clue and do not even intend to open in future as well.
 
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anonymuos

anonymuos

TF Ace
Tarun239 said:
I had excellent experience with au royale account, they treat u like king. At the moment au is actually offering most discounts.Had a very good experience so far. Rest of the options no clue and do not even intend to open in future as well.
Click to expand...
Yep AU Royale and Ivy might be good, since you are maintaining 1 lakh MAB in SAVINGS so naturally they treat customer like a king. That's expected.
 
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RAMESH BABU N

RAMESH BABU N

TF Ace
More or less, all SFBs are same.
Except minor variations.

What matters most is the close proximity.

Even if they offer the moon n stars in their best branch, what's the use, if their branch is located over 100 kms far away ?

Unlike 20 yrs back, today every customer has a variety of options to choose. Regular PSBs, Big Private Banks, Small Private Banks, Coop Banks, SFBs, Digital banks n CPs - contact points - or BCs - Banking Correspondents - of many banks even in rural areas. Besides, the mobile based banking products. Even Foriegn Banks are not averse to go to rural areas - Stanchart got a branch in Proddatur. Imagine StanChart operating there....
 
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SSV

SSV

TF Pioneer
Contributor
VIP Lounge
RAMESH BABU N said:
Even Foriegn Banks are not averse to go to rural areas - Stanchart got a branch in Proddatur. Imagine StanChart operating there....
Click to expand...
True, the world became a global village....

However on this particular case, it's not Stanadard Charted anymore...
..
.
It is SUB Standard Chartered Bank as far as Indian operations are concerned...
 
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yobro

yobro

TF Select
BiggBoss said:
I want to know which people are using which banks and how the service is; it's helpful for those trying to open a new account.
Click to expand...
Using AU and Fincare bank.
Both r great but their network of branches is very limited. I live in a posh area of Ahmedabad hence I have access to even those banks which most people won't have.
Fincare account have free virtual Debit card as well along with zero balance making it as good as kotak811
 
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