Recently, after the merger of fintech company Slice with North East Small Finance Bank, the bank has decided to change its name to Slice Small Finance Bank Limited. This information was given in the EGM notice of the bank. This merged entity has received NOC from the Reserve Bank of India (RBI) to change the name. Meanwhile, the option to open a bank account on the Slice app has gone live.

The special thing is that you can open an account in a few minutes through the app. For this, an Aadhaar and PAN card will be required. Customers will have to do video KYC. The biggest advantage of opening a bank account here is that account holders will get daily interest on opening a savings account. In this bank, customers will get interest at the rate of 6.25 percent per annum on savings accounts. The bank says that customers will get interest on savings accounts as per RBI's repo rate. Not only this, there is no need to keep any minimum balance in the savings account. Apart from this, the bank is offering up to 9 percent interest on fixed deposits i.e. FD.

You can link your bank account to any UPI app.

At present, there is an option for North East Small Finance Bank to open a bank account through the Slice app. Soon customers will start seeing Slice Small Finance Bank. Once you open a bank account, you can link it to any UPI app including Paytm, PhonePe, Google Pay, Amazon Pay, Mobikwik, and Freecharge apart from the Slice app, and make UPI payments.

Is your money safe in Small Finance Bank?

Now the question arises whether it is safe to keep money in Small Finance Bank. Let us tell you that your amount deposited in any bank is insured up to Rs 5 lakh. This security is available under the Deposit Insurance Program of Deposit Insurance and Credit Guarantee Corporation (DICGC). This guarantee also applies to Small Finance Bank. This means that if your money is deposited in a Small Finance Bank, then the amount up to Rs 5 lakh will be safe. Even if the bank defaults for some reason, you will get back your deposit amount of up to Rs 5 lakh.

If you want to know whether your bank is registered for deposit insurance or not, then you can get the information by clicking on the link given below.

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