If you live in India and have a smartphone, you’ve probably heard the buzz around Slice. For years, it was the cool kid on the fintech block, offering credit limits to young professionals and students when traditional banks wouldn't even look at them. But recently, Slice did something massive. They didn't just partner with a bank; they became one.
Following their merger with North East Small Finance Bank (NESFB), Slice has transformed from a credit app into a full-fledged banking entity: Slice Small Finance Bank.
Why does this matter to you? Because they have launched a Savings Account that is shaking up the industry. Imagine a bank account with zero balance requirements, an interest rate that actually beats inflation, and—get this—interest that is paid out daily.
If you are tired of your money sitting idle in a traditional bank earning peanuts (usually 2.5% to 3%), this guide is for you. In this article, I’m going to walk you through exactly how to open a Slice savings account, why you should consider it, and what the catch is (if any).
Why Is Everyone Talking About the Slice Account?
Before we jump into the "how-to," let’s talk about the "why." Traditional banking in India has remained largely the same for decades. You open an account, you are forced to maintain a minimum balance (often ₹10,000 or more), and your interest is credited once every three months.
Slice has flipped this model on its head. Here is why this account is different:
1. The "Repo Rate" Interest
Most banks decide their own interest rates, which are usually low to maximize their profits. Slice has linked its savings rate directly to the RBI Repo Rate.
Current Offer: As of late 2024/early 2025, Slice offers an interest rate of 5.5% to 6% (depending on the live repo rate).
Comparison: Major banks like HDFC or SBI typically offer around 3% on standard savings accounts.
2. Daily Interest Payouts
This is the feature that really catches the eye. In a standard bank, interest accumulates and is paid quarterly. In the Slice account, interest is calculated and credited to your account every single night.
The Magic of Compounding: When you get paid interest today, tomorrow’s interest is calculated on your principal plus the interest you just earned. Over time, this "daily compounding" effect earns you slightly more money than the traditional quarterly calculation.
3. Zero Balance Forever
There is no "Minimum Average Balance" (MAB) requirement. You can have ₹100,000 in the account or ₹0—you will never be charged a penalty fee.
4. Fully Digital
No paperwork. No branch visits. No standing in queues. The entire process happens on your phone.
Eligibility Criteria: Who Can Apply?
One of the best things about Slice becoming a Small Finance Bank is that they have opened their doors to a wider audience. However, there are still some basic boxes you need to tick.
You are eligible if:
You are a Resident Indian: The account is currently for Indian citizens living in India. NRIs usually have different compliance requirements.
You are 18 Years or Older: While some banks offer accounts for minors, the fully digital Slice onboarding is currently optimized for adults.
You Have Valid Documents: You need an Aadhaar card linked to your mobile number and a PAN card.
You Have a Smartphone: Since Slice is a digital-first bank, you need an Android or iOS device to operate the account.
Documents You Will Need
Since the process is 100% digital, you don’t need photocopies or passport-sized photos. However, keep the following handy before you start the video call:
Original PAN Card: You will need to show the physical card during the Video KYC process.
Aadhaar Number: You don't need the physical card, but you need the number and the phone linked to it for OTP verification.
A Blank White Paper and a Blue/Black Pen: You will be asked to sign on paper during the video call for signature verification.
Step-by-Step Guide: How to Open a Slice Savings Account
Ready to ditch the 3% interest rate? Follow this step-by-step walkthrough. I’ve broken it down to make it foolproof.
Step 1: Download the Slice App
Go to the Google Play Store or Apple App Store and search for "Slice". It might be listed as "Slice: UPI, Card & Credit" or simply "Slice".
Note: If you already have the Slice app because you use their credit/borrow feature, you might just need to update the app to see the "Bank" section.
Step 2: Mobile Number Verification
Open the app. It will ask for your mobile number.
Enter the mobile number that is linked to your Aadhaar card and your other bank accounts (for UPI).
Slice will send a One-Time Password (OTP) to this number.
Enter the OTP to verify.
Step 3: The "Activate Slice Account" Banner
Once you are logged in, look for a banner on the home screen that says something like "Open Slice Account" or "Upgrade to Slice Bank."
If you are a new user, the onboarding flow will naturally guide you here.
If you are an existing user, click on the "Profile" section or the "Bank" tab at the bottom to find the option.
Step 4: Enter Personal & Professional Details
The app will ask for some basic information to build your profile.
Email ID: Use your primary email.
Employment Status: Are you Salaried, Self-Employed, or a Student?
Income Range: Select the bracket that fits your annual income.
Marital Status & Father’s/Mother’s Name: Standard banking protocol.
Tip: Be honest here. Inconsistent data can sometimes lead to rejection during the background check.
Step 5: Aadhaar Verification (e-KYC)
Now comes the regulatory part.
Enter your 12-digit Aadhaar Number.
You will receive an OTP on the mobile number linked to your Aadhaar.
Enter the OTP.
This grants Slice permission to fetch your address and photo from the UIDAI database.
Step 6: PAN Verification
Enter your Permanent Account Number (PAN).
The system will instantly verify your name against the PAN database to ensure it matches your Aadhaar details.
Step 7: Video KYC (The Final Frontier)
This is the most critical step. Since you aren't visiting a branch, the RBI requires a "Video Customer Identification Process" (V-CIP).
Permissions: The app will ask for permission to access your Camera and Microphone. Allow these.
Connect to Agent: You will be connected to a bank agent via a video call.
The Interaction:
The agent will ask you to state your name and maybe your date of birth.
They will ask you to hold up your Original PAN Card to the camera. Ensure the room is well-lit so the details are readable.
They will ask you to sign on the blank white paper while the camera is focused on your hand.
They might ask to see your face clearly to capture a live photo.
Pro Tip: Do this during business hours (9 AM to 6 PM) for the fastest connection, although many digital banks offer extended KYC hours. Ensure you have a stable 4G or Wi-Fi connection.
Step 8: Account Activation
Once the Video KYC is done, the agent will confirm that your application is submitted.
Timeline: Usually, approval happens within 2 to 24 hours.
Notification: You will get a notification saying, "Welcome to Slice Bank!"
Virtual Card: You will instantly see a virtual debit card in the app, which you can use for online shopping or subscriptions.
Features That Are Worth Exploring
Now that your account is open, here is how to get the most out of it.
1. Linking to UPI
You don't need to use the Slice app for everything.[3] You can link your new Slice Savings Account to PhonePe, Google Pay, or Paytm.
The bank name will be listed as Slice Small Finance Bank or North East Small Finance Bank (depending on how the UPI apps have updated their backend directory).
Create a UPI PIN and start using it for daily transactions.
2. The "Fire" Rewards
Slice has a gamified reward system. When you use the Slice card or UPI for transactions, you often get a "Fire" game where you spin or break a card to reveal cashback. It’s small amounts, but it’s more fun than the zero rewards you get on standard debit card swipes.
3. Fixed Deposits (FDs)
If you have a lump sum amount, check their FD section. Because they are a Small Finance Bank trying to acquire customers, their FD rates are currently very aggressive—often touching 8.5% to 9% for specific tenures (like 15 months or 18 months). This is significantly higher than the 6.5% offered by big banks.
Is It Safe? (The Big Question)
This is the most common concern. "It's a digital bank; what if the app disappears?"
Here is the reassurance you need:
It is a Regulated Bank: Slice is no longer just a tech company. By merging with NESFB, they are a bank regulated by the Reserve Bank of India (RBI). They are subject to the same strict audits and rules as SBI or HDFC.
DICGC Insurance: This is the gold standard of safety. Your deposits in Slice Small Finance Bank are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC).
What this means: In the extremely unlikely event that the bank fails, your deposits (savings + FD) are insured up to ₹5 Lakh. As long as you keep your balance under ₹5 Lakh, your money is sovereign-backed and safe.
Pros and Cons: An Honest Review
Nothing is perfect. Here is a balanced look at the Slice Savings Account.
The Pros:
Unbeatable Interest: Earning 5.5%+ on a savings account is rare in 2025.
Compounding: The daily payout serves as a great psychological boost to save more.
User Interface: The app is sleek, modern, and incredibly fast compared to the clunky apps of traditional PSUs.
No Fees: Zero balance fees, free virtual card, and no hidden maintenance charges.
The Cons:
Physical Presence: If you are someone who likes walking into a branch to shout at a manager when things go wrong, this isn't for you. Branches exist (inherited from NESFB), but they are mostly in the North East region.
Cheque Books: While available on request, the focus is digital. If you run a business that relies heavily on physical cheques, stick to a traditional current account.
Customer Support: Digital-only support (chat/email) can sometimes be frustrating if you have a complex issue that a bot cannot solve.
Conclusion: Should You Open One?
If you are a digital-native user—meaning you are comfortable with UPI, smartphones, and doing things online—the Slice Savings Account is a no-brainer.
Think about it: You probably keep ₹20,000 or ₹50,000 in your main bank account for monthly expenses. In a standard bank, that money is losing value against inflation. In Slice, it’s earning a respectable return, and you have the satisfaction of seeing those interest notifications pop up every morning.
It is free to open, takes less than 10 minutes, and requires zero maintenance. My advice? Open it as a secondary account. Keep your emergency fund or monthly expense fund here to enjoy the high interest, while keeping your primary salary account with a large traditional bank for loan relationships. It’s the best of both worlds.
Happy banking!
Frequently Asked Questions (FAQs)
Q: Is there a minimum balance penalty?
A: No, the Slice savings account is a zero-balance account. You will not be charged if your balance hits zero.
Q: Can I get a physical debit card?
A: Yes. By default, you get a free virtual card. You can order a physical debit card through the app, though there might be a small issuance fee depending on the current offer.
Q: How is the interest calculated?
A: Interest is calculated on your end-of-day balance based on the Repo Rate (approx 5.5-6% p.a.) and is credited to your account the very next day.
Q: Is Slice a real bank?
A: Yes. Following its merger with North East Small Finance Bank, it is a fully licensed Small Finance Bank regulated by the RBI.
Q: Can I deposit cash into this account?
A: Direct cash deposit is difficult as branches are limited to specific regions (mostly North East India). It is best to transfer money into this account digitally via UPI or IMPS from another bank account.
