Fino Payments Bank has increased the end of the day account balance limit to ₹ 2 lakh for its customers. The move is in line with the revised guidelines announced by the Reserve Bank of India. The bank, which became profitable in the fourth quarter of 2020-21, went live with the enhanced limit effective May 1, 2021..
“The increased deposit limit allows our customers to save more money in their account. Further, our existing sweep account mechanism continues with our partner bank wherein customers can save funds in excess of ₹ 2 lakh,” said Ashish Ahuja, COO, Fino Payments Bank.
Existing savings interest rate will be applicable up to ₹2 lakh in Fino account. Funds in sweep account will get interest rates as set by Suryoday Small Finance Bank, the partner bank.
The bank deposits are insured under the Deposit Insurance and Credit Guarantee Corporation.