Fino Payments Bank goes live with enhanced deposit limit of Rs. 2 lakh

Fino Payments Bank has recently announced increasing its end-of-the-day account balance limit to Rs. 2 lakh for customers including MSMEs, small traders, and retail customers.

The bankwent live with the enhanced limit effective May 1, 2021. The move was in line with RBI’s announcement in April, 2021 to increase the maximum balance limit at the end of the day for payments banks to Rs. 2 lakh from R.s 1 lakh in order to boost financial inclusion.

Ashish Ahuja, COO, Fino Payments Bank, stated, “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 Rs 2 lakh.”

Up to Rs. 2 lakh in the Fino account, the existing savings interest rate will be applicable while funds in the sweep account will get interest rates as set by its partner bank Suryoday Small Finance Bank.