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Fincare Small Finance Bank FD Interest Rates

3.00% - 5.50%
Interest rates
3 months - 7 years
Time Period
50,000 - 60 crores
Min. - Max amount
QUARTERLY
Compounding

About Fincare Small Finance Bank FD

Fincare Small Finance Bank is a new generation retail bank with a ‘Rurban' orientation that is based on trust, technology, and transparency. The bank began operations in May 2017 after receiving the Reserve Bank of India's final license under Section 22 of the Banking Regulations Act 1949. The bank began operations on July 21, 2017, with the goal of enabling financial inclusion for unbanked and underbanked consumers via the active involvement of the more affluent sectors.

Smart fixed deposits, as well as NRE, fixed deposits, are available from the bank. Senior citizens who open a smart fixed deposit with the bank might earn an additional 0.50% each year. Fincare Small Finance Bank provides ordinary people interest rates ranging from 3.00% p.a. to 6.75% p.a. for various tenures. The bank offers the greatest rate of interest at 6.75% for a duration of 3 years 1 day to 42 months, while senior people receive the highest rate of interest at 7.25% for the same tenure period.

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Started On2017
Head QuartersBengaluru
CRISIL RatingNA
CEORajeev Yadav
Listed on exchange as
ICRA RatingNA

Fincare Small Finance Bank FD Rates 2022

TenureRegular customersSenior citizens
1
2

Features and Benefits of Fincare Small FD

  • Tenure ranges from 7 days to 7 years.
  • The minimum deposit is INR 50,000.
  • INR 6,000,00,000 is the maximum deposit amount.
  • There are two types of interest: cumulative and non-cumulative.
  • Premature Withdrawal: This option is available.
  • There is an auto-renewal option available.

Types of Fincare Small Finance Bank FD Schemes

Smart FD

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:

Scheme Details

  • Tenure ranges from 7 days to 7 years.
  • Amount of Deposit: Rs. 50,000 – Rs. 6 lakh.
  • Interest Treatment (Monthly/Quarterly): Cumulative and Non-Cumulative.
  • Senior Citizen Rates: 0.50% additional.
  • Premature Withdrawal: This option is available.
  • Online reservations are possible.
  • There is an option for automatic renewal.
  • Option to receive interest on a monthly/quarterly basis or on maturity FD without the availability of a premature facility (Rs. 1 crore to less than Rs. 2 crores)

Tax Saver FD

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). 

Scheme Details

  • Tenure ranges from 7 days to 7 years.
  • The deposit ranges from Rs. 5,000 to Rs. 1.5 lakh.
  • Interest Rate: 8% p.a. cumulative and non-cumulative (monthly/quarterly).
  • Senior citizens pay an additional 0.50%.
  • Premature Withdrawal: This option is not available.
  • There is an option for automatic renewal.
  • There is no overdraft facility.
  • A joint account can be kept.
  • The tax advantage is only available to the initial depositor.

Priority Plus FD

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.

Scheme Details

  • Tenure ranges from 7 days to 36 months.
  • Amount of deposit: Rs. 2 crore – Rs. 30 crore
  • Interest Treatment Options: Cumulative/Non-Cumulative (monthly and quarterly).
  • Rates for Senior Citizens: There are no preferred rates for Senior Citizens.
  • Premature Withdrawal: There are two options:
  1. With the early withdrawal facility - a 0.5% penalty
  2. In the absence of a provision for early withdrawal
  • The bank provides assistance in structuring deposits appropriately.
  • There is a nomination facility provided.

Term wise Fincare Small Finance Bank FD Rates

Short-Term Deposits

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.

Medium-Term Deposits

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.

Long-Term Deposits

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.

Fincare vs Other Banks' FD Rates

NameTenureInterest rate
1
2
3
4
5

How to invest in Fincare Small Finance Bank FD?

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.

Eligibility to Open a Fincare FD Account

Individuals or entities satisfying the following criteria can opt for a fixed deposit in Fincare Small Finance Bank –

  • Resident
  • Non-Resident Indians
  • HUFs
  • Trusts, Associations, Clubs, and Societies
  • Partnership Firms
  • Corporates
  • Sole Proprietors

 

Documents Required to Open Fincare Bank FD

The following documents have to be furnished for opening a Fincare Small Finance Bank FD-

  • Aadhar Card
  • PAN Card or Form 60/61
  • Firm’s customer ID (for existing customers)

FAQs

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:

  • PAN
  • Form 60 or 61
  • Aadhaar

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:

  • There are two types of FD interest rates for the Priority Plus FD scheme: with and without early withdrawal.
  • The bank imposes a 0.5% penalty on the appropriate Fincare FD rates.
  • In rare situations, the bank may permit a partial withdrawal.
Calculate Fincare Small Finance Bank FD Interest
Investment Amount
₹25,000.00
Time Period
9 Months
1 Year
2 Years
3 Years
Maturity Amount
Fincare Small Finance Bank
@5.6% p.a
Get higher interest rates
online upto 0%
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