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Fincare Small Finance Bank Fixed Deposit

Updated 06 Dec 2023

Many individuals seek stable and reliable investment options in today's volatile market. One option that has remained a preferred choice for investors is fixed deposits (FDs). Fincare Small Finance Bank, a prominent name in the banking sector, offers a range of FDs designed to meet diverse financial needs.

In this blog, we delve deep into the FD options provided by Fincare Small Finance Bank, exploring their types, benefits, features, and much more

Types of FDs in Fincare Small Finance Bank

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

Benefits of Investing in Fincare Small Finance Bank Fixed Deposits

  • Tenure: The tenure of the FD with Fincare Small Finance Bank ranges from 7 days to 7 years.
  • Convenient: Having a savings account in Fincare Small Finance Bank allows you to open fixed deposits easily.
  • DICGC Insurance: Deposit Insurance and Credit Guarantee Corporation (DICGC) cover the amount invested, maximum ₹5,00,000 is covered.
  • Minimum amount: FDs can be opened with a minimum investment of ₹5,000.
  • Preference to senior citizens: Senior citizens get 0.5% more interest.
  • Liberal payouts: Monthly or quarterly interest payout options are available.
  • Auto-renewal option: FDs get renewed automatically at maturity.
  • Tax benefits: Offers deductions of up to ₹1.5 lakhs under Section 80C.
  • Loan against FD: Investors can take loans against their FDs, excluding Tax Saver FDs.
  • Nomination facility: Depositors can nominate beneficiaries.

Features of Fincare Small Finance Bank FDs

Smart Fixed Deposit:

  • The minimum investment amount is ₹50,000, and the maximum amount can go up to ₹6 lakhs.
  • Senior citizens get an additional 0.5% of interest. Liberal payouts on a monthly and quarterly basis are available.
  • Premature closure or withdrawal is permitted. The tenure ranges from 7 days to 7 years.
  • Both offline and online modes can be used for opening. Automatic renewal is available at maturity.
  • Based on tenor, the interest rate ranges from 3% to 8.51% for the general public and 3.6% to 9.11% for senior citizens.

Tax Saver Fixed Deposits:

  • Investing in this FD allows for a ₹1.5 lakh deduction under Section 80C.
  • The minimum deposit amount is ₹5,000, with a maximum deposit of ₹1.5 lakhs.
  • The lock-in period is 5 years, and senior citizens get an additional 0.5% interest.
  • No premature withdrawal is permitted. Auto-renewal is available, but no loans can be taken against this FD.
  • For joint holders, tax benefits are available only to the first holder.
  • Monthly and quarterly payouts can be requested.
  • Based on tenor, the interest rate ranges from 3% to 8.51% for the general public and 3.6% to 9.11% for senior citizens.

Priority Plus Fixed Deposits:

  • The tenure ranges from 7 days to 3 years, with a minimum deposit of ₹2 Crores and a maximum of ₹30 Crores.
  • No preference is provided to senior citizens. Liberal interest payouts can be opted for on both cumulative and non-cumulative bases.
  • Premature closure is available with a 0.5% penalty for withdrawal. A nomination facility is also provided.
  • Based on tenor, the interest rate ranges from 3% to 8.51% for the general public and 3.6% to 9.11% for senior citizens.

Eligibility Criteria

  • Resident individuals
  • Hindu Undivided Family (HUFs)
  • Non-Resident Indians (NRIs)
  • Corporates
  • Partnership firms
  • Sole Proprietorship
  • Associations, trusts, and societies.

Documents Required

Identity Proof:

  • PAN card
  • Aadhaar card
  • Passport size photographs

Address proof:

  • PAN form 60 (if PAN card is not available)
  • Utility Bills
  • Bank Statement
     

How to Open an FD in Fincare Small Finance Bank

Online Method:

  • Visit the official website of Fincare Small Finance Bank.
  • Select ‘Explore our products’
  • Click ‘Fixed Deposits’.
  • Click on ‘Apply now’.
  • Fill out the required details.
  • Enter the OTP received.
  • Click on ‘Confirm’.

Offline Method:

  • Visit the bank branch.
  • Obtain the FD application form.
  • Complete the form and submit the necessary documents.
  • Hand over the form to the branch.

Fincare Small Finance Bank FD Premature Withdrawal

  • Fincare Small Finance Bank provides an option for premature withdrawal of FDs.
  • Tax Saver FDs do not allow for premature withdrawal.
  • A 0.5% penalty is charged on the interest for all premature withdrawals.

FAQs

Can an investor change the tenure of Fincare Small Finance Bank FD?

No, one cannot change the FD tenure but opt for premature closure with applicable charges.

Is the ₹5 lakhs DICGC insurance cover applicable on Fincare Small Finance Bank FD?

Yes, ₹5 lakhs DICGC insurance cover is available.

What is the tenure of interest payment?

Interest can be paid monthly or quarterly. Both cumulative and non-cumulative options are available.

Does Fincare Small Finance Bank offer FDs to NRIs?

Yes, NRIs can invest, but the rates differ from domestic rates.

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Fincare Small Finance Bank

Calculate Fincare Small Finance Bank FD Returns

₹1,00,000
6%
365
days
daysmonthsyears
Maturity Amount₹1,06,000

Understanding Fixed Deposit

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Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.

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