Top 10 Small Finance Banks in India

Banks that hold SFB licenses are classified as small finance banks. With this license, a bank can offer basic banking services like depositing money. The objective of such banks is to help small businesses and individuals from the unorganised sector.

A small finance bank must register as a public limited company under the Companies Act 2013. They must also follow the rules and regulations set by SEBI.

List of Top 10 Small Finance Banks

1. Suryoday Small Finance Bank

2. Shivalik Small Finance Bank Limited.

3. Jana Small Finance Bank.

4. Bandhan Financial Services Limited.

5. Capital Small Finance Bank.

6. AU Small Finance Bank.

7. Fincare Small Finance Bank.

8. Utkarsh Microfinance Private Ltd.

9. Suryodaya Microfinance Private Ltd.

10. Equitas Small Finance Bank.

Suryoday Small Finance Bank

The bank offers a variety of products. This bank serves more than 30 lakh customers. It operates in 15 states. The bank employs over 7,700 people. Its goal is to provide personalized assistance, understand customer perspectives, and protect customers from fraud.

Suryoday Small Finance Bank also offers fixed deposits at an interest rate of 9.10% for senior citizens.

Shivalik Small Finance Bank Limited

The key advantage of Shivalik Small Finance Bank is its focus on small business loans. Customers can take out small loans and repay them accordingly. It is registered with the DICGC.. Customers can open fixed deposits (FDs) for both the short and long term.

Jana Small Finance Bank

Headquartered in Bengaluru, it operates under the regulations of the Reserve Bank of India (RBI). Customers can avail themselves of both gold and home loans. It has approximately 278 branches in rural areas. It has more than 12 million customers.

Bandhan Financial Services Limited

Founded on August 3, 1995, the bank manages investments. It also has a subsidiary of BFSL. As it follows corporate governance principles. It also provides detailed results and reports and manages unpaid and unclaimed dividends. It also displays its shareholding pattern.

Capital Small Finance Bank

It provides innovative banking solutions and also offers loan insurance to customers. As it effectively manages customer portfolios. It has a consistent track record of growth.

AU Small Finance Bank

The benefit of AU Small Finance is it offers Video Banking Services. Customers can resolve their queries on video calls. For businessmen, business banking services are available. It has a total of 2,383 branches across India. Customers can also avail mobile banking and internet banking.

Fincare Small Finance Bank

For child education, it offers a child education program. It also has a banking app that allows people to manage their accounts conveniently. Products are savings accounts, deposits, loans and others.

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank offers banking services such as loans, accounts, deposits, and investments. Also provides online banking services to which people can add money to their accounts. Customers can easily make online transactions.

Equitas Small Finance Bank

This finance bank provides loans to people in rural areas at a low interest rate. The main office is in Chennai. Specifically, it offers personal loans.

Conclusion

Although it depends upon the customer's choice to select the bank. Every bank comes with pros and cons. Having information about the top 10 small finance banks in India is helpful.