|Tenure||Regular customers||Senior citizens|
The Smart Fixed Deposit plan allows investors to earn interest rates of up to 9% per year. In terms of duration and interest payout frequency, the program is highly adaptable. Further information is provided below in the form of a table:
This plan, as the name implies, is designed to assist investors in reducing their income tax liability. Investments in this fixed deposit program are deductible under section 80C (up to Rs. 1.5 lakh per fiscal year).
This plan is intended for corporates, allowing them to make deposits of more than Rs. 2 crores and protect their funds while receiving reasonable returns. The plan is available in two segments: with and without the ability to withdraw funds prematurely. The FD rates for these choices differ.
The Period that begins from 7 days to 365 days or less than a year are known as short term fixed deposits, and their interest rates start from 3% to 5% depending on the number of days of the deposit for general customers, and from 3.5% to 5.5% for senior citizens.
A Medium-term fixed deposit, that is, from 12 months to 66 months, withhold interest rates are 5.6% to 6% for general customers and is 6.1% to 6.5% for senior citizens according to the period of lock-in.
A Long-term FD goes from 66 months to 84 months, and the interest rate is 5.5% for general customers and 6% for senior citizens.
For booking a Fincare Small Finance Bank FD, visit the official website. Click on 'Apply Now' on the fixed deposit webpage. The page will get redirected to the 'Fixed Deposit Enquiry' Form. Fill out the form with the required information. A bank official will connect through phone or email for further processing.
Alternatively, one can visit the nearest Fincare Small Finance Bank branch. Fill out the Fincare Small Finance Bank FD application form and present all the necessary documents with the deposit amount. On successful processing of the application, an FD receipt will be provided by the Fincare Small Finance Bank FD.
Individuals or entities satisfying the following criteria can opt for a fixed deposit in Fincare Small Finance Bank –
The following documents have to be furnished for opening a Fincare Small Finance Bank FD-
An investment in Fincare Small Finance Bank Tax Saving FD entitles to tax saving up to Rs. 1,50,000 p.a. No other Fincare Small Finance Bank FD entitle to tax saving under Section 80C of the Income Tax Act.
Also, note that the interest income from the Fincare Small Finance Bank Fixed Deposit is taxable according to the slab rates of income tax. Also, the interest income is subject to a TDS of 10% if the income from Fincare Small Finance Bank FD exceeds Rs. 40,000 p.a.
For senior citizens, the limit is Rs. 50,000 p.a. Also, if the investor fails to provide PAN Card details to the bank, the TDS rate will be 20%.
Fincare Small Finance Bank provides loans against their Fixed Deposits. The loan and the rate of interest for the loan depend on the rules set by Fincare Small Finance Bank.
All Fincare Small Finance Bank Fixed Deposits can be withdrawn prematurely, excluding the tax-saving Fixed Deposits. Fincare Small Finance bank levies a 0.5% penalty on the interest for all premature withdrawals.
How will my FD be taxed as an investment?
TDS on interest earned above Rs. 40,000 (Rs. 50,000 for senior people) in a fiscal year would be deducted at the source by the bank before crediting the depositor's account. If a PAN or Form 60/61 is not supplied, TDS at a rate of 20% will be levied.
How long can I obtain the best profits on Fincare fixed deposits?
According to the current Fincare FD rates, you would get the highest returns of 6.75 percent per annum for a term of 36 months 1 day - 42 months.
How can I save money on taxes using Fincare FD schemes?
Investing in fixed deposits for a minimum of 5 years might save you up to Rs. 1.5 lakh/FY (as per the rules mentioned in Section 80C of the IT Act).
What are the documents required for the FD?
The following documents are necessary to start a fixed deposit program with Fincare Small Finance Bank:
Who is eligible for the FD?
Smart Fixed Deposit and Priority Plus Fixed Deposit can be opened as single holder, joint holder, or entity deposits. Users are encouraged to contact one of the bank's customer service professionals for further information on the qualifying requirements.
Can the FD amount be withdrawn before the lock-in period?
The bank's FD plans include the opportunity to withdraw funds early in the event of an emergency. Important details about this facility include: