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Fincare Small Finance Bank forays into corporate salary account

  • Bengaluru-based SFB announces expansion of its product portfolio as it ventures into Corporate Salary Account segment

Gurugram, Tuesday, November 20, 2018: Fincare SFB announced on Saturday that it is venturing into the corporate salary account segment. This product will be offered across the key markets, including Delhi/NCR, Mumbai, Bengaluru, Chennai and Ahmedabad. The bank launched the product on the sidelines of the launch of its second branch at Sector 10 in Gurugram.

The salary account is tailored to meet the requirements of modern day professionals of small and medium corporates as well as employees at industrial units. The account opening process is paper-less and hassle-free. The account offers 12 free ATM withdrawals per month, complimentary mobile and internet banking, free debit card with personal accident cover, among other attractive features. The account comes with no minimum balance requirements, and high interest rates of up to 7% p.a., with monthly interest payouts.

In a statement, Mr. Rajeev Yadav, MD &CEO of Fincare SFB said, “While most banks are focused on large corporate or government employees, Fincare SFB aims to bring benefits of smart banking to salaried individuals with small and medium corporates. Gurugram, as a leading services and industrial hub, with a variety of small and medium sized businesses and manufacturing units, is the perfect market to launch this product.”

Speaking further, he stated that Gurugram has been a very successful market for Fincare. “The performance of our first branch launched in June, this year, has been very encouraging for us, and therefore adding branches in the city makes immense business sense”.

Fincare SFB, which is currently expanding its distribution network as part of its ‘rurban’ strategy, offers fixed deposits, savings accounts and current accounts, with interest rates of up to 9% p.a. on fixed deposits, going up to 9.5% for senior citizens and up to 7% p.a. on savings accounts. These rates are amongst the highest offered in the industry. All the bank branches are equipped with cash recyclers, where customers can not only withdraw but also deposit cash into their bank accounts 24×7 and receive immediate credit. The branches also offer loans against gold, locker services as well as insurance solutions.

In addition to branch banking, customers can avail Fincare SFB services through Fincare mobile app as well as internet banking. The bank has over 500 banking outlets operational across 10 states and one Union Territory.


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