Even though it is new in the competitive market, Fincare Small Finance Bank offers impressive FD interest rates. It also offers attractive interest rates ranging from 3.00% to 8.51% on their deposits. They also have a flexible tenure policy that ranges between 7 days to a wide timespan of 84 months.
Along with the benefits of competitive interest rates and a flexible tenure policy, this bank offers perks to senior citizens as well. A senior citizen opening a fixed deposit account in the bank gets an additional increase from 3.00%-8.51%, for the general public, to 3.60%-9.11% in the interest rate by the Fincare Small Finance Bank.
The table below consists of the rate of interest issued by the Fincare Small Finance Bank for a deposit of less than INR 2 crores with a varied maturity range. This interest rate of FD is solely decided by the bank itself but in the limits of guidelines set by the higher authorities.
Fincare Small Finance Bank FD Interest Rates (p.a.) Highlights 2023 | |
Highest slab rate | 8.51% (for 750 days) |
For 1 year | 7.50% |
For 2 years | 8.01% |
For 3 years | 8.00% |
For 4 years | 7.50% |
For 5 years | 8.00% |
Tax-Saving FD | 8.00% |
Fincare Small Finance Bank FD Interest Rates
Fincare FD Rates on Domestic deposits of less than Rs 2 crore w.e.f. 26 July 2023
Tenure | Interest Rates (% p.a.) | |
General Public | Senior Citizens | |
7 days to 45 days | 3.00 | 3.60 |
46 days to 90 days | 4.50 | 5.10 |
91 days to 180 days | 5.50 | 6.10 |
181 days to 364 days | 6.25 | 6.85 |
12 months to 15 months | 7.50 | 8.10 |
15 months 1 day to 499 days | 7.75 | 8.35 |
500 days | 8.11 | 8.71 |
501 days to 18 months | 7.75 | 8.35 |
18 months 1 day to 21 months | 8.01 | 8.61 |
21 months 1 day to 24 months | 8.01 | 8.61 |
24 months 1 day to 749 days | 8.05 | 8.65 |
750 days | 8.51 | 9.11 |
751 days to 30 months | 8.05 | 8.65 |
30 months 1 day to 999 days | 8.00 | 8.60 |
1000 days | 8.31 | 8.91 |
1001 days to 36 months | 8.00 | 8.60 |
36 months 1 day to 42 months | 8.25 | 8.85 |
42 months 1 day to 48 months | 7.50 | 8.10 |
48 months 1 day to 59 months | 7.50 | 8.10 |
59 months 1 day to 66 months | 8.00 | 8.60 |
66 months 1 day to 84 months | 7.00 | 7.60 |
Fincare Small Finance Bank Tax Saver Deposit
Tenure | Interest Rates (% p.a.) | |
Regular Citizens | Senior Citizens | |
5 years | 8.00 | 8.60 |
NRO Fixed Deposit Interest Rates of deposits less than Rs 2 crores w.e.f. 26 July 2023
Tenure | Interest Rates (% p.a.) |
7 days to 45 days | 3.00 |
46 days to 90 days | 4.50 |
91 days to 180 days | 5.50 |
181 days to 364 days | 6.25 |
12 months to 15 months | 7.50 |
15 months 1 day to 499 days | 7.75 |
500 days | 8.11 |
501 days to 18 months | 7.75 |
18 months 1 day to 21 months | 8.01 |
21 months 1 day to 24 months | 8.01 |
24 months 1 day to 749 days | 8.05 |
750 days | 8.51 |
751 days to 30 months | 8.05 |
30 months 1 day to 999 days | 8.00 |
1000 days | 8.31 |
1001 days to 36 months | 8.00 |
36 months 1 day to 42 months | 8.25 |
42 months 1 day to 48 months | 7.50 |
48 months 1 day to 59 months | 7.50 |
59 months 1 day to 60 months | 8.00 |
NRE Fixed Deposit Interest Rates of deposits up to Rs 10 crores w.e.f. 26 July 2023
Tenure | Interest Rates (% p.a.) |
12 months to 15 months | 7.50 |
15 months 1 day to 499 days | 7.75 |
500 days | 8.11 |
501 days to 18 months | 7.75 |
18 months 1 day to 21 months | 8.01 |
21 months 1 day to 24 months | 8.01 |
24 months 1 day to 749 days | 8.05 |
750 days | 8.51 |
751 days to 30 months | 8.05 |
30 months 1 day to 999 days | 8.00 |
1000 days | 8.31 |
1001 days to 36 months | 8.00 |
36 months 1 day to 42 months | 8.25 |
42 months 1 day to 48 months | 7.50 |
48 months 1 day to 59 months | 7.50 |
59 months 1 day to 60 months | 8.00 |
What is the Eligibility for Fincare Small Finance Bank’s FD Account?
- The fixed deposit can be of a single holder or joint holder as per convenience.
- Applicant should be above the age limit of 18 years.
- Minors can also open an account knowing the FD interest rate under the guidance of the guardian.
- The depositor may or may not already have an existing account in the bank.
What Documentation is Required for a Fincare Small Finance Bank FD Account?
- The application form should be completed with all the necessary and relevant details.
- Proof of birthdate that is a birth certificate is a mandate in the case of minors and senior citizens.
- Proof of identification (PAN Card/Passport/Aadhaar card).
- The bank specified essential KYC documents.
The interest rate can be easily calculated using the Fincare Small Finance Bank FD Calculator, which makes it easier for the depositor to make a quick decision.
What Happens on Premature Withdrawal of Funds?
In case of premature withdrawal, the bank will have full authority to decide on its own penal interest rate if a depositor decides to go back on the agreement. The penalty is 0.5%, depending upon the bank. This rate of interest is only payable for the amount of time the deposition has been made and not the total tenure.
Who is Eligible to Avail the Nomination Facilities?
A nominee is the decision maker that is accountable after the depositor. He has the power to decide whether the account has to be continued or discontinued when the actual depositor fails to do so. Under unavoidable circumstances, the nominee will be answerable to the bank under any such situation. The nominee must be able to present the following to be appointed as a nominee.
- Proof of birthdate that is a birth certificate is a mandate in the case of minors and senior citizens.
- Identity proof (PAN Card/Passport/Aadhaar card)
- The nomination form is filled in with relevant details
- KYC updation of the required documents
- If the depositor dies, the biological heir will be allowed to access the deposits after producing proof for the same.
What are the Interest Rates Available to NRI Accounts?
NRI accounts get lucrative interest rates, which also depend on the type of scheme they adopt for their deposits. The accounts can be NRI/NRE/NRO over a tenure of 1-5 years, with interest rates on FD ranging from 3.00% to 7.00%.
Fincare Small Finance Bank FD Rates FAQ’s :-
The depositor can avail of the nomination facilities by providing the necessary details of the person who is allotted the power to decide the fate of the money.
To open an FD Account, the minimum deposit should be a sum of at least INR 5000. According to the FD interest rates, the amount deposited will double on the basis of the tenure and plan chosen.
Yes, the Fincare Small Finance Bank provides loans against the FD if the other prerequisites of documentation are met.
The bank is solely responsible and not accountable to its beneficiaries when it comes to deciding the interest rates. One should be aware of the prevailing interest rates before the deposition of money.