Fixed deposits are one of the safest investment options to consider at any given point. Fincare Small Finance Bank puts forth 3 different types of FD schemes. Money invested in any of the schemes is covered (Rs 5 lakh compensation) under Deposit Insurance and Deposit Guarantee Corporation (DICGC).
Read further to know the updated Fincare FD rates as well as related features and benefits of the fixed deposit schemes by the bank.
Table of Contents
| Tenure | Fincare FD Interest Rates (p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 days to 45 days | 3.50% | 4.00% |
| 46 days to 90 days | 4.00% | 4.50% |
| 91 days to 180 days | 4.50% | 5.00% |
| 181 days to 364 days | 6.00% | 6.50% |
| 12 months to 15 months | 6.95% | 7.45% |
| 15 months 1 day to 18 months | 7.00% | 7.50% |
| 18 months 1 day to 21 months | 7.10% | 7.60% |
| 21 months 1 day to 24 months | 7.10% | 7.60% |
| 24 months 1 day to 30 months | 7.25% | 7.75% |
| 30 months 1 day to 36 months | 7.25% | 7.75% |
| 36 months 1 day to 42 months | 7.50% | 8.00% |
| 42 months to 48 months | 7.00% | 7.50% |
| 48 months 1 day to 59 months | 7.00% | 7.50% |
| 59 months 1 day to 66 months | 6.50% | 7.00% |
| 66 months 1 day to 84 months | 5.50% | 6.00% |
Note: Interest rates are applicable on deposits below ₹ 2 crores effective from 3rd September 2020
The bank has three distinct fixed deposit schemes for its customers to invest in. These schemes are designed to provide customers with optimal returns, flexible interest payout options as well as easy premature withdrawal facility. These schemes are listed below and explained further:
The Smart Fixed Deposit scheme enables investors to earn returns at up to 9% rate of interest, per annum. The scheme is quite flexible in terms of tenure and interest payout frequency. Further details about the same are tabulated below:
| Particulars | Details |
| Tenure | 7 days – 7 years |
| Deposit Amount | Rs. 50,000 – Rs. 6 lakh |
| Interest Treatment | Cumulative and Non-Cumulative (Monthly/ Quarterly) 7 to 181 days (calculated at simple interest) |
| Rates for Senior Citizens | Additional 0.50% |
| Premature Withdrawal | Available |
| Features |
|
This scheme is designed for corporates enabling them to make deposits of more than Rs. 2 crores and safeguard their savings while earning decent returns on the same. The scheme comes with two options, viz. with premature withdrawal facility and without premature withdrawal facility. FD rates for both the options vary.
Features of the said scheme are stated in the table below:
| Particulars | Details |
| Tenure | 7 days – 36 months |
| Deposit Amount | Rs. 2 crore – Rs. 30 crore |
| Interest Treatment | Cumulative/ Non-Cumulative (monthly and quarterly) options |
| Rates for Senior Citizens | No preferential rates |
| Premature Withdrawal | Two options available: 1. With premature withdrawal facility – a penalty of 0.5% 2. Without a premature withdrawal facility |
| Features |
|
As the name suggests, this scheme is brought forward to help investors save their income tax. Investments made in this fixed deposit scheme can be claimed as deductions u/s 80C (up to Rs. 1.5 lakh/financial year). Refer to the table below for more details:
| Particulars | Details |
| Tenure | 7 days – 7 years |
| Deposit Amount | Rs. 5,000 – Rs. 1.5 lakh |
| Interest Treatment | Cumulative and Non-Cumulative (Monthly/ Quarterly) at 8% p.a. |
| Rates for Senior Citizens | Additional 0.50% |
| Premature Withdrawal | Not Available |
| Features |
|
If you have at least Rs. 50,000 spare, go for Fincare Smart Fixed Deposit. Choose cumulative option if you want to earn interest on interest. Go for non-cumulative option if you want to get monthly income from your deposit.
Looking for ways to save on income tax? Invest in Fincare’s Priority Plus Fixed Deposit. You will be able to claim deductions up to Rs. 1.5 lakh. You may also save on TDS if your annual taxable income is zero (or below Rs. 2 lakh) by submitting Form 15G/H every year.
For those of you who are looking to invest larger portions, i.e. starting from Rs. 2 crores, Fincare’s Priority Plus Fixed Deposit scheme will work well. It will give you interest from 7 days – 36 months.
FD schemes by Fincare Small Finance Bank are available to the following persons:
FD schemes by the bank come with the premature withdrawal option to fill in for emergency situations. Important points highlighting this facility:
Before putting one’s money in any of the aforementioned fixed deposit schemes by the Fincare Small Finance Bank, it is advised to use the FD calculator which is freely available at Paisabazaar.com.
This calculator provides an estimated figure of how much one would gain on investing in fixed deposits. To use this online tool, the customer merely needs to pitch in FD amount, tenure for which this amount is to be invested and the corresponding fixed deposit rate from the list of current Fincare FD rates.
This way, one can plan their finances better and make a well-informed decision.
To open a fixed deposit scheme with Fincare Small Finance Bank, the following list of documents is required:
Fincare FD Schemes – How to Apply?
To apply for any of the above-mentioned schemes, interested customers are required to contact the bank via any of the following options:
Call – 1800 313 313 (Toll-Free Number)
Email – customerservice@fincarebank.com
Q. At what tenure can I get maximum returns on Fincare fixed deposits?
Currently, as per the prevailing Fincare FD rates, you will gain maximum returns @ 7.50% p.a. for the tenure of 36 months 1 day – 42 months.
Q. How can I save tax on Fincare FD schemes?
You can save up to Rs. 1.5 lakh/FY on investing in fixed deposits for a minimum of 5 years (as per the rules mentioned in Section 80C of the IT Act).
Q. How will my FD be investment taxed?
TDS on interest above Rs. 40,000 (Rs. 50,000 for senior citizens) in a financial year will be taxed at source by the bank @ 10% before crediting to the depositor’s account. If PAN or Form 60/61 is not submitted, TDS @ 20% will be charged.
