iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

Fino Payments Bank soars 3% as RBI nods referral services of Term Deposits in association with Suryoday SFB

21 Apr 2022 , 12:54 PM

Fino Payments Bank Limited has received approval from the Reserve Bank of India (RBI) dated April 19, 2022, for carrying out referral services of Term Deposits by partnering with Suryoday Small Finance Bank as a Business Correspondent.

The Banks customers will be able to get the Term Deposits facilities through Partner Bank Suryoday Small Finance Bank, with whom the Bank has tied up. This will also increase the revenue of the Bank.

This is the second tie-up between Fino Bank and SSFB and the first one as the listed entity. Earlier, Fino joined hands with SSFB to offer a sweep account facility to its customers to address the Rs1 lakh end-of-the-day deposit limit, which was later increased to Rs2 lakh.

According to an RBI report released on February 25, 2022, the total term deposits in India at the end of 9 months of FY22 stood at over Rs26.57 trillion. In FY21, term deposits were more than Rs33.63 trillion with the first nine months accounting for close to Rs25 trillion.

The FD and RD referral services will be offered to Fino Bank’s over 3.9 million customers who need these products to ensure their financial needs are met. The service is expected to commence in Q2FY23.

In addition to FD and RD with Suryoday SFB, Fino Bank is looking forward to commencing international remittance services anytime soon, with a partner having received RBI approval for the same in January 2022.

Fino Payments Bank is currently trading at Rs313.65 up by Rs8.25 or 2.7% from its previous closing of Rs305.40 on the BSE. It hit day’s high and low of Rs318.35 and Rs311.50 respectively.

Related Tags

  • Fino Payments Bank Approval
  • Fino Payments bank stock
  • Fino Payments bank updates
  • FinoPaymentsBankNews
  • FinoPaymentsBankShare
  • FinoPaymentsBankShareNews
  • FinoPaymentsBankSharePrice
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.