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Fincare Small Finance Bank FD Interest Rate

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 Sm...Read More

Fincare Small Finance Bank Fixed Deposit Interest Rates

Note: All interest rates are updated as of 30 Jan 2024
TenureFor General Citizen (p.a)For Senior Citizen (p.a)
7 days to 14 days3 %3.6 %
15 days to 30 days4.5 %5.1 %
31 days to 45 days5.25 %5.85 %
46 days to 90 days5.75 %6.35 %
91 days to 180 days6.25 %6.85 %
180 days to 365 days7 %7.6 %
12 months to 15 months7.65 %8.25 %
15 Months 1 day to 499 days7.85 %8.45 %
500 days8.21 %8.81 %
501 days to 18 months7.85 %8.45 %
18 months 1 day to 21 months8.11 %8.71 %
21 months 1 day to 24 months8.11 %8.71 %
24 months 1 day to 749 days8.15 %8.75 %
max_returns
750 days
8.61 %9.21 %
751 days to 30 months8.15 %8.75 %
30 months 1 day to 999 days8.11 %8.71 %
1000 days8 %9.01 %
1001 days to 36 months8.11 %8.71 %
36 months 1 day to 42 months8.25 %8.85 %

Types of FDs by Fincare Small Finance Bank

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 over regular citizens. 
  • Liberal payouts on a monthly and quarterly basis. 
  • Premature closure or withdrawal is available. 
  • The tenure ranges from 7 days to 7 years. 
  • It can be opened in both offline and online modes. 
  • It can be renewed automatically at the time of its maturity.   

Tax Saver Fixed Deposits  

  • Investing in this FD allows the investor to deduct ₹1.5 lakhs under Section 80C of the Income Tax Act of 1961.
  • The minimum deposit amount is ₹5,000, and the maximum amount you can deposit is ₹1.5 lakhs.
  • The lock-in period for this FD is 5 years.
  • Senior citizens get an additional 0.5% of interest over regular citizens
  • This FD does not give the investors the facility of premature withdrawal. 
  • The auto-renewal facility is available. 
  • No facility for a loan against FD. 
  • In the case of joint holders. Tax benefits will only be available to the first holder.
  • Investors can demand to pay out monthly and quarterly.    

Priority Plus Fixed Deposits

  • This kind of FD's tenure ranges from 7 days to 3 years. 
  • The minimum amount to be deposited is ₹2 Crores, and the maximum is ₹30 Crores.  
  • No preference is given to senior citizens.   
  • Liberal interest payouts can be opted for monthly and quarterly, both on cumulative and non-cumulative options. 
  • This FD provides the investor an option for premature closure with minimal penalty. 
  • A penalty of 0.5% will be levied in case of premature withdrawal of this FD. 
  • The Bank also provides a nomination facility for this kind of FD.  

Pros of investing in Fincare Small Finance Bank Fixed Deposits

  • Premature withdrawal:  The tenure of the FD with Fincare Small Finance Bank ranges from 7 days to 7 years. You cannot change the tenure once the investment starts. However, an investor can opt for premature withdrawal. 
  • Convenient: Having a savings account in Fincare Small Finance Bank allows you to open fixed deposits easily, and they can be liquidated whenever required.
  • DICGC Insurance: Deposit Insurance and Credit Guarantee Corporation (DICGC) cover the amount invested with the Bank for the total sum of ₹5 lakhs. 
  • Minimum amount: Fixed deposits with Fincare Small Finance Bank can be opened with a minimum investment of ₹5,000.
  • Preference to senior citizens: Fincare Small Finance Bank FD gives a preference to senior citizens. Senior citizens get 0.5% more interest in comparison to regular citizens.
  • Liberal payouts: Fincare Small Finance Bank FD provides monthly or quarterly interest payout options. You get interest with cumulative or non-cumulative options.
  • Auto-renewal option- The Bank offers an auto-renewal option for their FDs. This means at the time of maturity of the FD, it gets renewed automatically.
  • Tax benefits: Fincare Small Finance Bank’s Tax Saver FD offers deductions of up to ₹1.5 lakhs under Section 80C, thus helping to save taxes.
  • Loan against FD: Fincare Small Finance Bank allows investors to take loans against their FDs. This, however, does not apply to Tax Saver FD. 
  • Nomination facility: Depositors can nominate beneficiaries for their investments in Fincare Small Finance Bank FDs.

Cons of investing in Fincare Small Finance Bank Fixed Deposit

  • Not dynamic: Interest rates on FD are not dynamic. So, it fails to overcome the risk of inflation. 
  • Fixed-rate: Fixed deposits offer a fixed rate on the investment. Hence, you cannot benefit from higher returns in cases of increased market interest rates.

Eligibility Criteria to Open a Fixed Deposit with Fincare Small Finance Bank

To invest in Fincare Small Finance Bank Fixed Deposits, the following are eligible:

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

Documents Required to Open a Fincare Small Finance Bank Fixed Deposit

The following documents are required to invest in Fincare Small Finance Bank Fixed deposits:    

  • PAN card
  • Aadhaar card
  • Passport size photographs 
  • Address proof 
  • PAN form 60 in case of non-availability of PAN card.

How To Open A FD Account with Fincare Small Finance Bank?

Fixed deposit accounts can be opened in both online and offline methods: 

Online Method:

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. 

Offline Method: 

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. 

Fincare Small Finance Bank Fixed Deposit Premature Withdrawal

  • Fincare Small Finance Bank gives an option for premature withdrawal of the FDs. 
  • The Tax Saver FD does not come under the purview of premature withdrawal. 
  • The Bank levies a 0.5% penalty on the interest for all premature withdrawals. 

Tax implications on Fincare Small Finance Bank FD

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:

  • Taxpayers can invest in FD either through public or private sector banks. 
  • Individuals and HUFs can avail tax deductions by investing in tax savings FDs. 
  • Bank's five-year tax saving FD offers exemptions under Section 80C. 
  • Investors cannot get loans against these FDs. 
  • In the case of joint holders, only the first holder can get tax benefits. 

How to claim tax benefits?

When filing the Income Tax Returns (ITR), the taxpayer can provide supporting documents to avail tax benefits on FDs. 

Tax Deducted at Source (TDS)

  • TDS will be deducted from the interest accrued on the FDs if the interest is more than ₹40,000 (₹50,000 for senior citizens) in a given financial year. 
  • For Resident customers, if you have submitted your PAN card details, the deduction will be 10% per year on the interest. The bank will deduct 20% of TDS annually without a PAN card.

FAQs

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

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.

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

Yes. ₹5 lakhs Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance cover is applicable on Fincare Small Finance Bank FD.

What is the tenure of interest payment?

Bank offers monthly and quarterly interest payout choices for its FD plans. The Bank also gives options for cumulative and non-cumulative interest payout.

Does Fincare Small Finance Bank offer FDs to NRIs?

Yes, the Bank gives options to NRIs to invest in FDs. However, the rates for NRIs will differ from those of domestic citizens.

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Fincare Small Finance Bank

Calculate Fincare Small Finance Bank FD Returns

₹1,00,000
750 days
7 days to 14 days15 days to 30 days31 days to 45 days46 days to 90 days91 days to 180 days180 days to 365 days12 months to 15 months15 Months 1 day to 499 days500 days501 days to 18 months18 months 1 day to 21 months21 months 1 day to 24 months24 months 1 day to 749 days750 days751 days to 30 months30 months 1 day to 999 days1000 days1001 days to 36 months36 months 1 day to 42 months
8.61 %
Yes
No
Maturity Amount₹1,17,692

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