Fincare Small Finance Bank Ltd Fixed Deposit Interest Rates (as on 2023)

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.

• Competitive interest rates are offered with flexible FD tenures to suit your investment plan.
• FD account can be opened online or by visiting your nearest Bandhan Bank branch.
• FD Tenures: 7 days to 7 years
• Different interest payout options such as monthly, quarterly, etc.
• Easy and fast liquidity options are available.
• Nomination facility is available.
• Part withdrawal facility and auto-renewal facilities
• Senior citizens can enjoy higher interest rate as compared to regular citizens.

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

• Individual
• Minor
• HUF
• Proprietary Firm
• Partnership Firm
• Limited Liability Partnership (LLP)
• Company
• Association of Persons (AOP)
• Body of Individuals (BOI)
• Local Authority
• Trust
• Non-Resident Indian (NRI)
• Registered Society

Following Documents are required for opening a Fixed Deposit Account

• Tax on interest earned on a fixed deposit shall be deducted at source on each interest payment and on interest accrued on March 31 of every year, if the total interest from all FDs with the bank for the financial year exceeds the Rs 10,000 (as specified by the income tax act)
• TDS certificate for the amount deducted shall be issued by the bank
• For no tax deduction at source individuals have to submit form 15G/H at the beginning of every financial year. If not submitted- TDS will be deducted. TDS certificate would be issued to the customer on quarterly basis
• In case customer wants to give Form 15G/H in mid of the month / year, 5th of every month would be taken for consideration. Till the date of receipt of 15G/H, TDS would be deducted and balance period waiver would be marked from the month of submission to 31st March
• Please note that TDS will be waived only up to the maximum of the income tax slab; i.e. interest income up to Rs 2.50 lakhs for individual & Rs 3.00 lakhs for Sr. Citizen, (e.g. Rs 30 lakhs*9% = Rs 2.7 lakhs, as per IT act only Rs 2.50 lakhs exempted, so this customer is not eligible for form 15 G / H)
• In-case of a joint FD, TDS will be deducted in the name of the first account holder.

• If your total taxable income during the financial year is not likely to exceed the maximum amount which is not chargeable to income tax, then you can submit self declaration in Form 15G or 15H (for senior citizens only) to the bank to ensure non deduction of tax at source.
• The declaration has to be given in prescribed format only wherein the valid 10 digit PAN is also required.
• It may be noted that if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to income tax, then the Form 15G submitted will be treated as invalid.
• In case of Senior Citizens, if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to tax and deduction(s) under chapter VIA, if any, for which declarant is eligible, then the Form 15H submitted will be treated as invalid.

You may refer to following table for more details:

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:

   • Resident Indians (Individuals, Trusts, Associations, HUFs, Firms Indian Companies): 10% plus applicable surcharge and education cess
   • Non-Resident Indians: 30% plus applicable surcharge and education cess

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.

• An amount invested in fixed deposits in a scheduled bank is eligible for tax deduction under section 80C. Only the interest earned on the deposit is taxable.
• Tax will be deducted at source (TDS), if the interest income on a fixed deposit per annum exceeds Rs.10,000
• A person can exempt from TDS, if he/ she submits Form 15G/ Form 15H in the beginning of each financial year

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.

• May 25, 2023: Fincare Small Finance Bank has changed its FD Interest Rates w.e.f. 25.05.2023


• May 3, 2021: Motilal Oswal PE invests over Rs 185 crore in Fincare Small Finance Bank


• April 22, 2021: Fincare Small Finance Bank has got ISO:27001:2013 certification for its improved information security management systems


• April 8, 2021: Bharti AXA Life Insurance has partnered with Fincare Small Finance Bank for distribution of life insurance products through the bank's pan-India network


• July 9, 2019: Fincare Small Finance Bank plans Rs 1,200 crore IPO by mid-2020


• December 28, 2018: Fincare Small Finance Bank(SFB) is aiming at achieving a business of Rs 5500 crore in FY19