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.

 

[desiviru]

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

I have never put my money in coperative banks. Not all coperative banks comes under DICGC.

If people are stupid enough to put money with high risk coperative banks which cook their books and share fake data with RBI inspection teams what can RBI do? Just in greed of extra interest people go with such banks.

RBI has to act accordingly. They can't stop these banks or dictate them where to use depositors money. Most of coperative banks go down because some borrowers deny to pay back. It is always defaults that lead to bank fall. DICGC is there to protect depositors but if that coperative banks is itself not part of DICGC then people should first check where they are putting money how safe it is.

Generally, people in India think they have no duties and they should always get cooked food which they can just eat and litter here and there. Financial literacy is not part of 90-95% Indian's lives. So their own financial illiteracy make them suffer some day in life.

Even when I suggest people not to put money with such banks, they say, it's our money and our decision.

 

[Vickymaster1010]

Have fd in utkarsh 4 lakhs no Issues since last 3 years all sorted 9.1%

 

[isthisme]

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%.

NEFSB's rates are crazy
view?

 

[SatyG]

Have fd in utkarsh 4 lakhs no Issues since last 3 years all sorted 9.1%

Why don't you share post-tax returns?

 

[Vickymaster1010]

NEFSB's rates are crazy
view?

kitna b crazy hone dedo , till 5 lkh its saif

 

[Vickymaster1010]

Why don't you share post-tax returns?

bro i am below the tax slab so no worry , new job ctc is less , no tax 12lpa k neeche h

 

[Vickymaster1010]

u have any good suggestions then please share

 

[SatyG]

u have any good suggestions then please share

Due to my tax slab, I usually avoid FDs. I prefer arbitrage funds for short-term emergency funds, which are taxed as equity (no tax up to 1.25L LTCG). When there is an opportunity in the market, I simply transfer the amount to other funds using STP for topup SIP, which is a bit convenient.

 

[desiviru]

NEFSB's rates are crazy
view?

I know it but their presence is there only in NE states. Also very less branches they have. They can easily wind up their business in a day.

For me, any bank having 500+ branches and presence across India is a safer bet. The more branches a SFB has, the lower chance it has. Because atleast with more branches they can have a much better liquidity situation to pass off temporary stress builds up in a specific region.

AU has the most branches. Utkarsh also has a good base. Unity growing faster with new branches added every week and presence growing. Also we need to keep and eye if any branch winding up or reducing which indicates start of a problem for a bank.

Out of 7 SFBs I have account with if any day I get to feel problem is there in any one of it, I will close down FD instanly. But sometimes you don't get to know till RBI comes one evening and shuts operations suddenly because RBI works backdoor and they never tell when they are scrutinizing bank records. Most banks have to file things. It's RBI own people which I refer them as RBI Spies, that raise their eyebrows while analyzing those datas.

 

[hender]

I know it but their presence is there only in NE states. Also very less branches they have. They can easily wind up their business in a day.

For me, any bank having 500+ branches and presence across India is a safer bet. The more branches a SFB has, the lower chance it has. Because atleast with more branches they can have a much better liquidity situation to pass off temporary stress builds up in a specific region.

AU has the most branches. Utkarsh also has a good base. Unity growing faster with new branches added every week and presence growing. Also we need to keep and eye if any branch winding up or reducing which indicates start of a problem for a bank.

Out of 7 SFBs I have account with if any day I get to feel problem is there in any one of it, I will close down FD instanly. But sometimes you don't get to know till RBI comes one evening and shuts operations suddenly because RBI works backdoor and they never tell when they are scrutinizing bank records. Most banks have to file things. It's RBI own people which I refer them as RBI Spies, that raise their eyebrows while analyzing those datas.

Out of your 7sfb, do anyone offer CC against FD !
2- Do anyone have online OD against FD, if yes what is % markup !