5.5% interest on savings account: Yes, this bank offers it without higher balance requirement

Core Insights - Slice Small Finance Bank offers a competitive interest rate of 5.5% on savings accounts for deposits below ₹1 lakh, which is the highest among banks and small finance banks in India [1][11] - The Reserve Bank of India (RBI) repo rate is currently at 5.5%, and Slice Small Finance Bank claims to offer savings account interest rates at 100% off this rate [2][12] - The bank's ability to maintain this interest rate is attributed to its low operating costs through technology and efficient lending practices [4][12] Interest Rate Comparison - The interest rates offered by Slice Small Finance Bank (5.5%) significantly exceed those of other banks, which typically offer rates between 2.5% and 3% for deposits up to ₹1 lakh [11] - For balances above ₹1 lakh, other banks may offer interest rates up to 8%, indicating that Slice Small Finance Bank does not maintain the highest rates for larger deposits [5][12] Impact of RBI Repo Rate - The RBI repo rate influences overall interest rates on bank deposits; a reduction in the repo rate generally leads to lower interest rates on savings accounts due to competitive pressures among banks [8][12] - The current RBI repo rate has remained unchanged during the September-October Monetary Policy Committee meeting, which may stabilize interest rates in the near term [2][12] Digital Banking Features - Slice Small Finance Bank, previously known as North East Small Finance Bank, emphasizes a fully digital banking experience, allowing customers to open and manage savings accounts through a mobile app [9][10][12]