• Fixed Deposit
  • Fincare Small Finance Bank
  • Fincare Fixed Deposit Interest Rates
Fincare Fixed Deposit Interest Rates

Fincare Fixed Deposit Interest Rates

PrivateA+ (Stable) 
Shield CheckDICGC

7.5%

Interest for 3 years

Fincare Small Finance Bank FD Interest Rates 2024

TenureNormal Citizen FD RateSenior Citizen FD Rate
7 days - 1 month 14 days3.75%4.25%
1 month 15 days - 2 months 29 days4.25%4.75%
2 months 30 days - 5 months 27 days4.75%5.25%
5 months 28 days - 1 year6.5%7%
1 year 1 day - 1 year 2 months 30 days7.75%8.25%
1 year 3 months - 1 year 5 months 29 days7.5%8%
1 year 5 months 30 days - 1 year 5 months 30 days8%8.5%
1 year 6 months - 2 years7.75%8.25%
2 years 1 day - 3 years 9 months 1 day7.5%8%
3 years 9 months - 9 years 11 months 28 days7.25%7.75%

Note: All interest rates shown above are as on 7th May 2024

About Fincare Small Finance Bank FD

Fincare Small Finance Bank is the genesis of Future Financial Services and Disha Microfin. In 2017, the bank was established to enable the financial inclusion of under-banked and unbanked customer segments. This includes microenterprises, microentrepreneurs and so on. The Fincare Small Finance Bank services include deposits, credit, wealth and protection solutions. The bank has its headquarters in Bengaluru. As of March 2022, Fincare Small Finance Bank has 919 offices across India and 35 ATMs. The total deposits as of March 2022 stood at INR 6,456 crores. Fincare Small Finance Bank’s Fixed Deposits have an A+ (Stable) Credit Rating.

Fincare Small Finance Bank FD

3.75% - 8%

FD Rate

4.25% - 8.5%

FD Rate for Seniors

₹ 5000

Minimum Deposit

₹ 2 Crores

Maximum Deposit

-

Lock-in

-

FD Tenure

-

Loan against FD

A+ (Stable)

CRISIL Rating

Fincare Small Finance Bank FD Returns Based on Investment Amount

Investment AmountFor 3 years with interest of 7.5%For 5 years with interest of 7.25%
₹ 50,000 ₹ 62,572₹ 71,768
₹ 1 lakh ₹ 1,25,145₹ 1,43,535
₹ 2 lakh ₹ 2,50,289₹ 2,87,070
₹ 5 lakh ₹ 6,25,723₹ 7,17,675
₹ 10 lakh ₹ 12,51,446₹ 14,35,351

Compare Fincare Small Finance Bank Fixed Deposit Returns with Top Banks

Use FD calculator to change values and compare your returns from top banks.

vs
Uttarbanga Kshetriya Gramin Bank FD
down-arrow
Fincare Small Finance Bank FD
Fincare Small Finance Bank FD
Maturity Amount 1,06,697 1,05,326
Total Investment Amount₹ 1,00,000₹ 1,00,000
Total Interest Gained6,697 5,326

Compare Fincare Small Finance Bank Fixed Deposit Rates with Top Banks

Bank NameFD Interest Rates
Uttarbanga Kshetriya Gramin Bank FD
5.2% - 5.2%
Kotak Mahindra Bank FD
7% - 7.6%
Paschim Banga Gramin Bank FD
5.3% - 5.8%
Indian Overseas Bank FD
6.5% - 7%
HDFC Ltd FD
7.35% - 7.6%
Jharkhand Rajya Gramin Bank FD
6.5% - 6.75%
Andhra Pragathi Grameena Bank FD
7% - 7.6%
Rajasthan Marudhara Gramin Bank FD
7.1% - 7.6%
Arunachal Pradesh Rural Bank FD
6.25% - 6.75%
State Bank of India FD
6.75% - 7.25%

Calculate Fincare Small Finance Bank FD Returns

1,00,000

Total Investment

6,697

Wealth Gained

1,06,697

Maturity Amount

Explore Debt Funds, instead!

The flexible & tax efficient alternative to FDs.

Fincare Small Finance Bank is a new-age bank which started its operations in 2017. Though it is a new bank, it is not new to the banking industry. This bank is the result of the process of coming together 2 NBFCs. The bank stands true to its motto of transforming banking into smart banking. It offers multiple fixed deposit options for its clients for them to choose from. In this article, we have covered about Fincare Small Finance Bank FD, and its interest rates in detail.

Compare: latest fixed deposit interest rates

Type of Fixed Deposit Schemes

  • Smart Fixed Deposit
  • Priority Plus Fixed Deposit
  • Tax Saver Fixed Deposit

Smart Fixed Deposit

The Smart Fixed Deposit scheme offers significant interest rates to its depositors. The scheme is flexible in terms of interest payout and tenure.

  • Tenure: 7 days to 7 years
  • Minimum Deposit Amount: INR 50,000
  • Maximum Deposit Amount: INR 6,00,000
  • Interest: Cumulative and Non-cumulative
  • Premature Withdrawal: Available
  • Auto-Renewal Facility: Available

Priority Plus Fixed Deposit

The scheme enables corporates to make more than INR 2 crore deposits and safeguard their savings while earning interest. The scheme offers two options, i.e. with premature withdrawal and without premature withdrawal facility. Also, the FD rates for both the options vary.

  • Tenure: 7 days to 36 months
  • Minimum Deposit Amount: INR 2 crore
  • Maximum Deposit Amount: INR 30 crore
  • Interest: Cumulative and Non-cumulative
  • Premature Withdrawal: Available, however, with a penalty of 0.5%.
  • Nomination Facility: Available

Tax Saver Fixed Deposit

The scheme helps its depositors to save tax. As per the Section 80C of the Income Tax Act, deposits up to INR 1,50,000 are eligible for a tax deduction.

  • Lock-in period: 5 years
  • Minimum Deposit Amount: INR 5,000
  • Maximum Deposit Amount: INR 1,50,000
  • Interest: Cumulative and Non-cumulative
  • Premature Withdrawal: Not available
  • Auto-Renewal Facility: Available
  • Overdraft Facility: Not available

Key Features of Fincare Small Finance Bank Fixed Deposit

Fincare Bank FD rates are higher than its savings account rates. The key features of fincare bank’s fixed deposits are listed below:

Tenure

The Fincare Small Finance Bank fixed deposit tenure ranges between 7 days to 7 years. Once invested, one cannot change the tenure of Fincare Small Finance Bank fixed deposit investment. However, one can opt for premature withdrawal. And investors can close the existing Fincare Small Finance Bank fixed deposit and start a new FD with the desired tenure.

Minimum and Maximum Deposit Amount

The minimum and maximum investment for Fincare Small Finance Bank FDs depends on the type of FD.

  • Small Fixed Deposit: Minimum investment is INR 50,000, while maximum investment is INR 6 lakhs
  • Priority Plus FDs: Minimum investment is INR 2 crore, while maximum investment is INR 30 crore
  • Tax Saver FDs: Minimum investment is INR 5,000, while maximum investment is INR 1.5 lakhs per annum.

Fincare Small Finance Bank FD Interest Rate

Fincare Small Finance Bank fixed deposit offers interest rates in the range of 3% p.a. to 6.5% p.a.

Preferential Interest Rates

Fincare Small Finance Bank offers preferential rates to senior citizens. Senior citizens get an additional 0.5% on their FD investments. The rate of interest on senior citizen term deposits ranges from 3.5%-7%.

Eligibility

An FD account in Fincare Small Finance Bank can be opened by eligible investors. Following is the eligibility criteria.

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

Documents required

Following are the documents that one requires to open an FD account with Fincare Small Finance Bank.

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

Additional Payments

It is not possible to deposit any additional amount in an existing Fincare Small Finance Bank fixed deposit. However, one can always invest in a fresh Fincare Small Finance Bank fixed deposit with the additional amount.

Tax and TDS

Investment in Fincare Small Finance Bank Tax Saving Fixed Deposit qualifies for tax deduction under Section 80C of the Income Tax Act, 1961. Investors can claim the tax benefits while filing their income tax returns. All other Fincare Small Finance Bank term deposits do not qualify for tax saving.

Fincare Small Finance Bank FDs’ interest income is taxable as per the individual’s respective income tax slab rates. Moreover, Fincare Bank deducts TDS of 10% (20% if PAN isn’t available) for interest income exceeding INR 40,000 (INR 50,000 for senior citizens).

One can determine the interest income that they might earn from their FD investments is above or below the TDS threshold limit using the Scripbox’s fixed deposit calculator. Moreover, they can determine their tax liability using an Income Tax Calculator. Scripbox’s online Income Tax Calculator helps in determining the tax liability for free.

Safety

Under the Deposit Insurance Scheme of RBI, DICGC insures all Fincare Small Finance Bank deposits up to INR 5,00,000.

Premature withdrawal

Fincare Small Finance Bank will allow premature or partial withdrawals as per the FD type. The Priority Plus FD has separate interest rates for with and without premature withdrawal option. The premature withdrawal comes with a penalty of 0.5% interest. Hence investors will receive 0.5% less interest on the interest accumulated till the date of withdrawal. Also, there is no premature withdrawal facility on the tax-saving FDs.

Nomination Facility

Depositors can nominate beneficiaries for their Fincare Small Finance Bank FDs.

Auto-Renewal

Fincare Small Finance Bank offers an auto-renewal facility to depositors for their FDs.

Convenience

Opening an FD in Fincare Small Finance Bank is easy and convenient through their online portal.

Loan against FD and Overdraft

Fincare Small Finance Bank allows investors to take a loan against the FD investment. This will help investors to meet their short term liquidity requirements. Moreover, they do not have to go through the hassle of applying for a fresh loan. The loan against Fincare Small Finance Bank FDs is given as per the rules of the bank. These rules are subject to change from time to time as per the bank’s discretion.

Pan Card

PAN Card isn’t mandatory to invest in Fincare Small Finance Bank FDs. However, not submitting the PAN Card has its drawbacks. The Fincare Bank will deduct TDS at 20% instead of 10%. Moreover, it will not issue any TDS certificate. Also, all exemption certificates (Form 15G and 15H) will be invalid.

Requirement of savings account

Individuals need not have a Fincare Small Finance Bank account to open a fixed deposit account.

Does Fincare Small Finance Bank offer Recurring Deposits?

Yes, Fincare Small Finance Bank offers recurring deposit schemes.

  • Tenure: 6 months to 5 years
  • Minimum Deposit Amount: INR 500 per month
  • Maximum Deposit Amount: INR 1,50,000 per month
  • Also, the bank doesn’t currently offer preferential interest rates on RDs for senior citizens and staff.

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Frequently Asked Questions

What is the highest Fincare Small Finance Bank FD rate today?

The highest Fincare Small Finance Bank FD rates for general citizens is 8% p.a. and 8.5% p.a. for senior citizens.

What is the highest interest rate on Fincare Small Finance Bank 1 year FD scheme?

The highest interest rate on Fincare Small Finance Bank 1 year FD scheme is 6.5% p.a.

What is Fincare Small Finance Bank FD scheme interest rate for 5 years?

7.25% p.a is the interest rate for 5 years on Fincare Small Finance Bank FD scheme.

How many years FD will double in Fincare Small Finance Bank?

To know in how many years Fincare Small Finance Bank Bank FD will double, we can follow the 72 rule. We have to divide 72 by the interest rate, and the result will be the number of years Fincare Small Finance Bank Bank FD will double. The current highest Fincare Small Finance Bank FD interest rate is 8% so investors will double the investment in 9.00 years. Similarly, senior citizen depositors will double their FD investment in 8.47 years, where the highest FD rate for senior citizens is 8.5%.

What is Fincare Small Finance Bank FD minimum deposit amount?

The minimum investment in Fincare Small Finance Bank FD is INR 5,000. However, there is no limit on the maximum amount of investment in Fincare Small Finance Bank FD.

What is senior citizen fixed deposit interest rates in Fincare Small Finance Bank?

The senior citizen fixed deposit interest rates in Fincare Small Finance Bank range between 4.25% to 8.5% p.a. for an available minimum and maximum investment duration.

What are the available FD tenures in Fincare Small Finance Bank?

Fincare Small Finance Bank FD tenure ranges from 7 days to 9 years 11 months 28 days

What is Fincare Small Finance Bank FD ROI for 10 lakh deposit for 1 year?

The interest from the Fincare Small Finance Bank FD calculator for 10 lakh deposit for 1 year will be INR 66,972. The maturity value will be INR 10,66,972. You can use Scripbox’s FD Calculator to determine the maturity value of your investment.

How to check the fixed deposit balance in Fincare Small Finance Bank?

You can check Fincare Small Finance Bank FD balance either online or offline mode. For online mode, log in to the Fincare Small Finance Bank internet banking portal. Alternatively, you can visit the nearest Fincare Small Finance Bank bank to update your passbook for FD balance enquiry.

How many FDs can be opened in Fincare Small Finance Bank?

There is no restriction on the number of FDs you can open with Fincare Small Finance Bank.