Fincare Small Finance Bank Ltd Fixed Deposit Interest Rates (as on 2024)

Fincare Small Finance Bank FD Interest Rates (below Rs.2 Crore) w.e.f. 28.10.2023

TenorsInterest Rate p.a.(%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
7 days - 14 days3.003.60
15 days - 30 days4.505.10
31 days - 45 days5.255.85
46 days - 90 days5.756.35
91 days - 180 days6.256.85
181 days - 364 days7.007.60
12 months - 15 months7.658.25
15 months - 499 days7.858.45
500 days8.218.81
501 days to 18 months7.858.45
18 months 1 day - 21 months8.118.71
21 months 1 day - 24 months8.118.71
24 months 1 day - 749 days8.158.75
750 days8.619.21
750 days to 30 months8.158.75
30 months 1 day - 999 days8.118.71
1000 days8.419.01
1001 days to 36 months8.118.71
36 months 1 day - 42 months8.258.85
42 months 1 day - 48 months7.508.10
48 months 1 day - 59 months7.508.10
59 months 1 day - 66 months8.008.60
66 months 1 day - 84 months7.007.60

Fincare Small Finance Bank FD Interest Rates (Rs.2 Crore to Rs.10 Crore) w.e.f. 24.10.2022

TenorsInterest Rate p.a. (%)
7 days to 14 days3.35
15 days to 30 days4.45
31 days to 45 days3.85
46 days to 60 days4.10
61 days to 90 days4.35
91 days to 99 days5.45
100 days to 120 days4.95
121 days to 180 days4.95
181 days to 270 days4.80
271 days to 330 days5.30
331 days to 364 days5.75
12 months to 15 months6.75
15 months 1 day to 18 months6.50
18 months 1 day to 24 months6.50
24 months 1 day to 36 months6.45

Fincare Small Finance Bank Recurring Deposit Interest Rates (below Rs.2 Crore) w.e.f. 28.10.2023

TenorsInterest Rate p.a.(%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
7 days - 14 days3.003.60
15 days - 30 days4.505.10
31 days - 45 days5.255.85
46 days - 90 days5.756.35
91 days - 180 days6.256.85
181 days - 364 days7.007.60
12 months - 15 months7.658.25
15 months 1 day - 18 months7.858.45
18 months 1 day - 21 months8.118.71
21 months 1 day - 24 months8.118.71
24 months 1 day - 30 months8.158.75
30 months 1 day - 36 months8.118.71
36 months 1 day - 42 months8.258.85
42 months 1 day - 48 months7.508.10
48 months 1 day - 59 months7.508.10
59 months 1 day - 66 months8.008.60
66 months 1 day - 84 months7.007.60

Snapshot: Fincare Small Finance Bank

PointsDetails
EligibilityAny Resident Individual, Minor with guardian, Firm, Company or Club
Minimum FDRs. 1,000
Maximum FDNo maximum limit FD
FD Tenure7 days to 7 years
Periodicity of Interest PaymentMonthly (at discounted rates) or Quarterly or Cumulative
Interest to Senior Citizens0.50% more than general FD for FD amount below Rs.1 Crore

Fincare Small Finance Bank Fixed Deposit

Fincare Small Finance Bank has a range of Fixed Deposits (FD) products at competitive interest rates with various tenures and lots of other benefits. Fincare Small Finance Bank offers Fixed Deposit schemes for a short term period and long term period.

It is very easy to open a Fincare Small Finance Bank FD either online through its website or by visiting its nearby branch.

Important Points regarding Fincare Small Finance Bank Fixed Deposit

Features & Benefits: Fincare Small Finance Bank Fixed Deposit

Eligibility for Fincare Small Finance Bank Fixed Deposit

Any of the following persons can invest in fixed deposits (FD):

Documents Required for Fincare Small Finance Bank Fixed Deposit

Following Documents are required for opening a Fixed Deposit Account

CategoryDocuments Required
Individual, HUF, Proprietor
  • PAN and KYC documents
  • Passport size photograph
  • Deed of declaration of HUF
Partnership Firm
  • PAN and KYC documents
  • Partnership Deed
  • Letter from partners to open and operate the account
  • Passport size photographs of all partners
Trust
  • PAN and KYC documents
  • Copy of the Trust Deed
  • Copy of the Registration Certificate
  • Copy of the Resolution of the Trustees
  • Fincarethorizing the members concerned to open and operate the account
  • Photographs of the members operating the account
Associations, Clubs
  • PAN and KYC documents
  • By-Laws of the Association
  • Board Resolution to open and operate the account
  • Passport size photographs
Company
  • PAN and KYC documents
  • Certificate of Incorporation
  • Memorandum and Articles of Association
  • Board Resolution to open and operate the account
  • ID proofs of Fincarethorised signatories
  • Passport size photographs of directors

Types of Fincare Small Finance Bank Fixed Deposits

  1. Fincare Small Finance Bank Smart Fixed Deposits: This is a regular FD scheme which helps you invest your idle savings to earn higher returns as higher as 9% p.a. It offers you monthly payout, quarterly payout and cumulative options. Its tenure ranges from 7 days to 7 years. It offers great rates, flexibility and security for your fixed deposits, with 0.50% higher interest for our Senior citizens, with monthly/ quarterly payout options. Nomination facility is available.

  2. Fincare Small Finance Bank Priority Plus Fixed Deposit: This is a High ticket sized FD scheme which offers you higher returns upto 9% p.a. It offers the returns your institution deserves through our customized Bulk Deposit (For Rs 1 Crore or more). Its tenure ranges from 7 days to 7 years. You can avail flexible Interest Payout Options with our Priority Plus Deposits- monthly, quarterly, or cumulative FDs. You can invest in Term Deposits with hassle free pre-closure terms (at a minimal penalty). You can get proactive Advisory (named YOU first) to assist with most Valuable Options

TDS on Interest Earned: Fincare Small Finance Bank Fixed Deposit

Interest Payment Options and Frequency: Fincare Small Finance Bank Fixed Deposit

Benefits of Senior Citizens Fincare Small Finance Bank Fixed Deposit

Senior Citizens are offered more interest rate by Fincare Small Finance Bank for FD amount below Rs.1 Crore as detailed below:

How and when to apply for exemption on TDS?

You may refer to following table for more details:

CategoryName of FormExemption limit (Male)Exemption limit (Female)
Individuals(upto age of 60)Form 15GRs.2,50,000Rs.2,50,000
HUFs, Associations, TrustsForm 15GRs.2,50,000Rs.2,50,000
Individual (age 60 years and above but less than 80 years)Form 15HRs.3,00,000Rs.3,00,000
Individual (age 80 years and above)Form 15HRs.5,00,000Rs.5,00,000
OthersExemption certificate issued by Income Tax OfficerAs per Exemption CertificateAs per Exemption Certificate

Fincare Small Finance Bank Fixed Deposit FAQ

  1. What interest payment options are available under Term Deposit with Fincare Small Finance Bank?

    Interest payment on Monthly (discounted), Quarterly and Cumulative is available under Fincare Small Finance Bank Term Deposit.

  2. What is the minimum and maximum amount of FD in Fincare Small Finance Bank?

    The minimum amount is Rs.1,000 and there is no cap on maximum FD amount.

  3. What is the minimum and maximum tenor for which Term Deposit can be kept with Fincare Small Finance Bank?

    The minimum and maximum tenor for general/Senior citizen is 7 days and 7 years respectively.

  4. Does Fincare Small Finance Bank offer any special interest rate for Senior Citizen on its Term Deposits?

    Yes, an additional interest rate for Senior Citizen is 0.50% for deposits less than Rs. 1 crore.

  5. When is TDS deducted?

    TDS is done at the time of credit of interest to account, if the total interest payable to the customer during the financial year is likely to exceed the limit of Rs.10,000.

  6. At what rate is TDS deducted?

    TDS is deducted at rates as required by section 194A (Resident) and section 195 (NRO) of IT Act 1961 for the following category of account holders:

  7. Can I apply for exemption on TDS?

    Yes, you can apply for exemption on TDS, in case your total taxable income during the financial year is not likely to exceed the maximum amount which is not chargeable to income tax. For this, you need to submit self declaration in Form 15G or 15H (for senior citizens only) to the Bank to ensure non deduction of tax at source, in the beginning of respective financial year.

Tax Implications and TDS in FD

Factors affecting Fixed Deposit Interest Rates

  1. Change in Policies Rates by RBI: If there is a change in Cash Reserve Ratio (CRR) and/ or Repo Rate, it affects the fixed deposit interest rate.

  2. Inflation: As FD interest rate has to be kept higher than inflation by the banks, hence if inflation increases then FD interest rates also go higher. When inflation decreases, banks offer lower interest rates so that people can borrow and spend more.

  3. Demand and Supply of Credit: With the increase in demand of the credit/ loan, interest rates of fixed deposit also go higher. When the supply is more than the demand of credit, banks offer lower interest rates on fixed deposit.

  4. Growth Uncertainty: If there is any uncertainty of future economic growth, the banks need to offer higher interest rates on FD as a compensation for higher defFincarelt risks.

  5. State of Economy: If a country's economic state is very good then the banks of that country offer higher interest rate on fixed deposits in order to attract more investments to extend more credits/ loans.

  6. Recession: Whenever there is a situation of recession in an economy, it always results into a decrease in the fixed deposit interest rate, as in case of situation of recession, the RBI needs to increase the liquidity in the market by releasing the funds i.e. by lowering CRR and hence, banks reduce the FD interest rates.

  7. Global Liquidity: Higher global liquidity results into higher domestic liquidity. In such cases banks will offer lower interest rates on FD.

Fincare Small Finance Bank FD News May 2024

Disclaimer: The FD Interest Rates keep on changing. You are advised to check the interest rates with banks before making your savings.      Source: Bank Websites