Slice Small Finance Bank
In June 2022, the RBI issued a circular that effectively made slice’s entire business model illegal overnight. The buy-now-pay-later fintech — which had 12 million users, unicorn status at $1.5 billion, and active fundraising rounds underway — suddenly had no product to sell. Competitors quietly shut down. Investors retreated. The slice Super Card, which had made credit accessible to millions of young Indians who had never held a traditional credit card, went dark.
Slice Small Finance Bank
Founder Rajan Bajaj’s response was not to pivot into another fintech product. It was to buy a bank. “Many fintechs saw the RBI circular as a death sentence. Rajan Bajaj saw it as a reason to buy a bank.” — Industry Observer, Inc42, March 2026. And so he did — merging slice with North East Small Finance Bank (NESFB) to create Slice Small Finance Bank (Slice SFB). The RBI approved the merger on October 27, 2024, and in February 2026, the RBI officially approved Bajaj as Managing Director and CEO of the bank.
Slice Small Finance Bank
Today, Slice SFB is one of the most watched banking stories in India — profitable every month, FY26 on track for an annual profit, and already chasing the next milestone: a universal bank licence within 5 years.
Slice Small Finance Bank
Slice SFB — Key Numbers at a Glance (2026)
Slice Small Finance Bank
Max FD rate
7.75% p.a.
Savings account rate
Up to 5.5% p.a.
DICGC protection
₹5 Lakh
Min FD investment
₹1,000
Deposit base (9M FY26)
₹4,349 Cr
NIM (FY25)
14.43% p.a.
The Slice Story — From BNPL to Unicorn to Bank
Slice Small Finance Bank
Understanding where Slice SFB has come from is essential for understanding where it is headed:
- 2016: Rajan Bajaj founds slice as a BNPL service targeting college students and young professionals — people with stable income and zero formal credit history. The insight: India had 1.4 billion people and fewer than 80 million active credit card holders.
- 2021: Slice launches its flagship Super Card — a co-branded credit card issued via banking partners. Revenue from interchange fees, interest on revolving balances, and late payment fees. Achieves unicorn status at $1.5 billion valuation. 12 million+ users.
- June 2022: The RBI PPI Circular bans NBFCs from loading credit lines onto prepaid payment instruments. Slice’s operational architecture is destroyed overnight. Growth goes to zero. Fundraising freezes.
- 2023–2024: Bajaj invests $8.5 million of his own money back into the company when external fundraising dries up. Negotiates merger with North East Small Finance Bank (NESFB).
- October 27, 2024: RBI officially approves the merger — creating Slice Small Finance Bank. India’s first true fintech-to-bank conversion.
- June 2025: Slice launches India’s first UPI-linked credit card AND India’s first UPI-powered bank branch — cementing its technology-first identity even as a licensed bank.
- February 2026: RBI officially approves Rajan Bajaj as MD & CEO of Slice SFB. Bank reports profit every month in FY26. Bajaj publicly targets universal bank licence within 5 years.
Slice SFB FD Rates — May 2026 Complete Table
Slice Small Finance Bank
Slice Small Finance Bank FD rates range from 3.50% to 7.75% p.a. for general citizens and 3.75% to 7.75% for senior citizens — on tenures ranging from 7 days to 120 months (10 years). Here is the full breakdown:
Slice Small Finance Bank
| Tenure | General Citizens | Senior Citizens (+0.50%) |
|---|---|---|
| 7 days – 45 days | 3.50% p.a. | 3.75% p.a. |
| 46 days – 6 months | 4.50–5.50% p.a. | 4.75–5.75% p.a. |
| 6 months – 1 year | 6.50–7.00% p.a. | 6.75–7.25% p.a. |
| 1 year – 18 months | 7.00–7.50% p.a. | 7.25–7.75% p.a. |
| 18M 1 day – 18M 2 days (sweet spot) | 7.75% p.a. (highest) | 7.75% p.a. (highest) |
| 2 years – 5 years | 6.50–7.25% p.a. | 6.75–7.50% p.a. |
| 5 years – 10 years | 6.00–6.75% p.a. | 6.25–7.00% p.a. |
*Rates effective as of February–May 2026. Always verify latest rates at slicebank.in before booking. Premature withdrawal penalty: 1% on applicable interest.
Slice Small Finance Bank
All Slice SFB Products — Complete Menu
Slice Small Finance Bank
- Savings Account: Up to 5.5% interest rate — credited daily, not monthly. No minimum balance requirement. Fully digital — zero paperwork. UPI, internet banking, and mobile banking access. Free debit card. Government-insured deposits up to ₹5 lakh through DICGC.
- Fixed Deposits (FD): ₹1,000 minimum. 7 days to 10 years. Up to 7.75% p.a. Both callable and non-callable options. Cumulative (interest at maturity) and non-cumulative (quarterly payouts) options available. Loan against FD up to 80%. Auto-renewal facility. Sweep-in/sweep-out services.
- Recurring Deposits (RD): Start from ₹100 per month. Tenure: 7 days to 120 months. RD interest rates: 4.50% to 7.50% p.a. for general citizens; 4.75% to 7.50% for senior citizens. Loan against RD up to 90%. Standing instruction facility for auto-debit.
- Slice Credit Card (no annual fee): Zero annual and joining fees. Access to all Slice credit card users. Works on the same underwriting engine that slice built over years — approving applicants that traditional banks routinely reject. Ideal for young professionals and first-time credit card holders building their CIBIL score.
- Credit Card Against FD: A secured credit card that provides an instant credit limit without a prior credit history — while still earning the full FD interest rate on the deposit. Perfect for anyone who needs to build credit from scratch.
- UPI-Linked Credit Card (launched June 2025): India’s first UPI-linked credit card — combining the ubiquity of UPI (600M+ users) with revolving credit infrastructure. The play is to own credit at the UPI layer for India’s next wave of digital users — hundreds of millions who transact via UPI but have never had a credit card.
- Personal Loan: Starting at 11.99% p.a. Quick digital approval and disbursal. For salaried and self-employed borrowers. Emergency funds, medical expenses, travel, education — end use flexible.
- MSME Loans: Small business working capital and equipment loans — continuing North East SFB’s legacy of financial inclusion for underserved borrowers in rural and semi-urban areas.
Is Slice SFB Safe? — DICGC, RBI, and What You Need to Know
Slice Small Finance Bank
Safety is the most important question for any depositor considering a newer bank. Here is the factual answer for Slice SFB:
- RBI licensed scheduled bank: Slice Small Finance Bank has been recognised as a scheduled bank by the RBI, which makes its depositors eligible for DICGC deposit insurance.
- DICGC cover: Deposits up to ₹5 lakh per depositor — covering FDs, savings, current, and recurring deposits combined — are insured by DICGC, an RBI subsidiary.
- Profitability: Slice SFB has generated profits every month and plans to close FY 2025-2026 with an overall profit — a critical signal of financial health for a bank that is only 18 months into its licensed banking journey.
- NIM expansion: NIM expanded from 4.49% in FY24 to 14.43% in FY25 — showing the banking licence has dramatically improved unit economics by eliminating dependence on expensive NBFC partnership funding.
- Deposit base: ₹4,349 crore in deposits as of 9 months FY26 — growing rapidly as depositors gain confidence in the brand.
- CARE rating (debentures): CARE BBB- on some debt instruments — below investment grade. This applies to debentures, not deposits. Deposits are separately covered by DICGC. Keep deposits within ₹5 lakh for full safety.
- Young bank risk: Slice SFB has only been a licensed bank since October 2024 — less than 18 months of full banking operations. This is inherently a higher-risk depositing environment than a 50-year-old scheduled bank. Factor this into your decision.
Slice SFB vs Unity SFB vs Ujjivan SFB — FD Rate Comparison
Slice Small Finance Bank
| Bank | Max FD rate | Senior rate | Savings rate | DICGC |
|---|---|---|---|---|
| Slice SFB | 7.75% | 7.75% | Up to 5.5% | ₹5 lakh |
| Unity SFB | 7.50% | 8.00% | ~5.0% | ₹5 lakh |
| Ujjivan SFB | 7.20% | 7.70% | ~4.5% | ₹5 lakh |
| AU Small Finance Bank | 7.25% | 7.75% | ~4.0% | ₹5 lakh |
| HDFC Bank | 6.60% | 7.10% | ~3.5% | ₹5 lakh |
The Universal Bank Ambition — Slice’s 5-Year Target
Slice Small Finance Bank
Rajan Bajaj has publicly stated that Slice SFB targets a universal bank licence within the next 5 years. For context: AU Small Finance Bank received in-principle approval for universal bank status in August 2025 — after years of consistent growth and demonstrated portfolio diversification. Ujjivan SFB’s application was returned by RBI in April 2026 because its secured book was not sufficiently diversified.
Slice Small Finance Bank
For Slice SFB, the path to a universal licence requires demonstrating consistent profitability, growing its secured loan portfolio, expanding its branch network beyond North East India and into the national market, and building institutional credibility with SEBI and RBI over time. Its digital-first infrastructure — the UPI credit card, the no-minimum-balance savings account, the fully paperless FD booking — gives it cost advantages that traditional SFBs cannot easily replicate. Whether this translates into the loan book diversification the RBI wants to see is the key question over the next 3 years.
Slice Small Finance Bank
How to Open an Account with Slice Small Finance Bank
Slice Small Finance Bank
- Download the Slice app from Google Play Store or Apple App Store — search “Slice Bank”
- Register with your mobile number — verify via OTP
- Complete KYC — Aadhaar-based e-KYC (Aadhaar OTP + selfie) — entirely paperless
- Open your savings account instantly — no minimum balance required
- Transfer money via UPI or IMPS to fund your account
- Book an FD directly in-app — select amount, tenure, and payout option in under 2 minutes
- Apply for the Slice Credit Card from the same app — no separate application process
Slice Small Finance Bank — Contact Details
- Website: slicebank.in
- App: Google Play Store / Apple App Store → search “Slice Bank”
- Customer care: 24×7 support via in-app chat
- RBI licence approved: October 27, 2024
- MD & CEO: Rajan Bajaj (RBI approved February 2026)
- Formerly: North East Small Finance Bank (NESFB)
Disclaimer: This article is for informational and educational purposes only. FD rates, charges, and product details are subject to change. Slice SFB is an 18-month-old licensed bank — always verify the latest rates at slicebank.in before investing. DICGC covers up to ₹5 lakh per depositor. This does not constitute financial advice. Consult a SEBI/RBI-registered advisor before making any financial decisions.
