Slice has introduced a new feature allowing selected users to upgrade their
Slice Wallet into a Savings Bank Account.This move follows its merger with North East Small Finance Bank.
Key Features of the Upgraded Savings Account
- Zero Balance Account
- You won’t need to maintain a minimum balance in this account.
- There are also no Annual Maintenance Charges (AMC), making it a free-to-maintain account.
- 6.25% p.a. Interest Rate
- A flat 6.25% annual interest rate, which is quite attractive compared to the 3-4% most savings accounts offer.
- Interest is credited daily.
- No Charges (for now)
- As of now, there are no account opening fees or hidden charges.
- Debit Card
- Users will be issued a virtual Rupay Classic debit card for online transactions.
- Physical debit card - Rs.299 issuance charges.
- Cheque Book on Request
- A cheque book is not issued automatically but can be provided upon request.
Important Note: Slice Wallet Will Be Closed
Once you upgrade your Slice Wallet to the Savings Account, your
Slice Wallet will be permanently closed. This is an irreversible process.
Who Can Upgrade?
The upgrade is
not available to everyone. It’s currently being offered to selected users based on Slice’s internal criteria. If you’ve received the option, you’ll see it in your Slice app.
Why This Upgrade Could Be a Good Move:
- A higher interest rate compared to most savings accounts.
- A truly zero-balance account with no hidden fees (as of now).
- Daily interest payouts, which could maximize your savings.
Important Links:
Update:
New users do not have option for wallet services. Bank account will be opened directly. No change for existing wallet customers as of now.
