Seeking Advice wrt creating FD with Small Finance Banks

[isthisme]

Hello, I want to create an FD of around, say 1L (quarterly interest). Looked up the SFBs (insured ones). Has anyone here created FD with these Small Finance banks?

How's your experience? I know they're insured upto 5L but the collapse of a bank takes months, what's your view on it?

I've found Unity SFB to be offering the highest rate, Do you have any other bank in view which offers higher than unity?

Also, should i use stable money app to create FD or just do it via Bank.

Thanks..

 

[6ix9ine]

@desiviru

. . .

 

[prankster]

Yes you can create FDs in SFBs, only keep amount that you can live without for a couple of months (In case it comes to availing DICGC, it might take a couple of months to receive funds).
Unity is good, have been a customer for over a year and no complains. You can also explore Slice/NESFB.
Stable money also seems good, I made a FD recently.
DM if you want referral for any of these.

 

[desiviru]

Go with Unity and please visit branch and open account. It will open in 1 hour max. and no hassles thereafter ever. RBI scrutinize account opened via bank's own apps and third party apps. With stablemoney your account will open in Mumbai branch and to get it transferred to nearest branch will be a tough task later. Open only if you don't have branch near you. Unity allows account opening through its own app also.

Unity has the highest 8.6% interest currently. After them is Ukarsh SFB. I have accounts with 7 SFBs and have parked 35L from a long time with monthly intt. payout. I can risk that much as no problem waiting for DICGC to give back my money. Soon deposit insurance will increase to 10L this year itself.

Unity has to pay PMC Bank customer till 2032. So till then RBI won't let them sink. 🤣 Forget about going down, RBI won't let any bank under its ambit to go away.I had my doubts about SFBs too but then analyzed them for 6 months and went ahead. The only thing I will lose is few months interest if they go down.

Utkarsh also allows to open through their website which you can access easily on mobile too for vKYC purpose but currently Utkarsh is having NPA problem while Unity is highly profitable, a little bit conservative and good management.

The other options include Jana and Suryoday.

Go fast as they will change interest rates on June 11 and it will went down by max 0.50%.

 

[magnusfan]

Go with Unity and please visit branch and open account. It will open in 1 hour max. and no hassles thereafter ever. RBI scrutinize account opened via bank's own apps and third party apps. With stablemoney your account will open in Mumbai branch and to get it transferred to nearest branch will be a tough task later. Open only if you don't have branch near you. Unity allows account opening through its own app also.

Unity has the highest 8.6% interest currently. After them is Ukarsh SFB. I have accounts with 7 SFBs and have parked 35L from a long time with monthly intt. payout. I can risk that much as no problem waiting for DICGC to give back my money. Soon deposit insurance will increase to 10L this year itself.

Unity has to pay PMC Bank customer till 2032. So till then RBI won't let them sink. 🤣 Forget about going down, RBI won't let any bank under its ambit to go away.I had my doubts about SFBs too but then analyzed them for 6 months and went ahead. The only thing I will lose is few months interest if they go down.

Utkarsh also allows to open through their website which you can access easily on mobile too for vKYC purpose but currently Utkarsh is having NPA problem while Unity is highly profitable, a little bit conservative and good management.

The other options include Jana and Suryoday.

Go fast as they will change interest rates on June 11 and it will went down by max 0.50%.

Interesting view - helpful!

 

[neel]

Used equitas last 4 years and now slice.

Equitas is really stable
Chennai based. Disciplined.

 

[percolate]

RBI won't let any bank under its ambit to go away

what makes you say so?
Last year 2 cooperative banks went down.