Fincare Small Finance Bank started its banking operations on July 21, 2017. Before getting the Banking licence from the RBI in May 2017, it was a Microfinance company called Disha Microfin. Fincare Small Finance Bank operates and conducts its services under Section 22 (1) of the Banking Regulation Act of 1949. On March 31, 2022, the Bank served over 32 lakh customers in 17 states and union territories. The bank works on the ‘Rurban’ viewpoint enabling it to be the new generation retail bank focussing on trust, technology and transparency.
The bank offers various FD investment options, such as smart deposits, tax saver deposits, NRE deposits, NRO deposits, etc. Senior citizens get an additional interest of 0.5% p.a. compared to regular citizens. The rates range from 3-8.41% for regular citizens and 3.6-9.01% for senior citizens with a tenure between 7 days to 7 years.
|Tenure||For General Citizens (p.a.)||For Senior Citizens (p.a)|
|7 days to 45 days||3%||3.6%|
|46 days to 90 days||4.5%||5.1%|
|91 days to 180 days||5.5%||6.1%|
|181 days to 365 days||6.25%||6.85%|
|12 months to 15 months||7.5%||8.1%|
|15 months 1 day to 499 days||7.5%||8.1%|
|501 days to 18 months||7.5%||8.1%|
|18 months 1 day to 21 months||7.8%||8.4%|
|21 months 1 day to 24 months||7.8%||8.4%|
|Note: All interest rates are updated as of 18th May 2023|
Smart Fixed Deposit
Tax Saver Fixed Deposits
Priority Plus Fixed Deposits
To invest in Fincare Small Finance Bank Fixed Deposits, the following are eligible:
The following documents are required to invest in Fincare Small Finance Bank Fixed deposits:
Fixed deposit accounts can be opened in both online and offline methods:
Step 1: Visit the official website of Fincare Small Finance Bank.
Step 2: Select ‘Explore our products’.
Step 3: Click ‘Fixed Deposits’.
Step 4: Click on ‘Apply now’.
Step 5: Fill out the required details and submit the form.
Step 6: Enter the OTP received on the mentioned mobile number.
Step 7: Click on ‘Confirm’.
Step 8: The form is submitted, and a bank representative will contact you regarding further proceedings.
Step 1: Visit the bank branch.
Step 2: Take the FD application form.
Step 3: Fill in the required details and submit the necessary documents.
Step 4: Submit the form to the branch.
According to the Income Tax Act of India of 1961, taxpayers can seek deductions under Section 80C if they invest in FDs.
In a given financial year, a taxpayer can avail tax deduction to a maximum of ₹1.5 lakhs from their gross taxable income, provided the following conditions are fulfilled:
When filing the Income Tax Returns (ITR), the taxpayer can provide supporting documents to avail tax benefits on FDs.
Tax Deducted at Source (TDS)
No, Fincare Small Finance Bank does not allow changing the FD tenure. You can prematurely close the FD and start a fresh FD. However, penalty charges are applicable.
Yes. ₹5 lakhs Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance cover is applicable on Fincare Small Finance Bank FD.
Bank offers monthly and quarterly interest payout choices for its FD plans. The Bank also gives options for cumulative and non-cumulative interest payout.
Yes, the Bank gives options to NRIs to invest in FDs. However, the rates for NRIs will differ from those of domestic citizens.
Disclaimer: The calculator and the results of the same are based on information inputted by you and extracted from third party sources. The information on this page is for illustrative purposes only and does not amount to any investment advice or recommendation. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. The information displayed on this page does not constitute an invitation to invest in any product nor is it a promise of performance. Interest rates are not updated in real time and you are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions.