Fincare Small Finance Bank Fixed Deposit

Note: Interest rates are applicable on deposits below ₹ 2 crore effective from 2nd March 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:

Features & Benefits of Fincare FD Schemes

1. Smart Fixed Deposit

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:

2. Priority Plus Fixed Deposit

This scheme is designed for corporates enabling them to make deposits of more than Rs. 2 crore 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:

3. Tax Saver Fixed Deposit

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:

FD schemes by Fincare Small Finance Bank are available to the following persons:

• Individuals – Resident Indians & Non-Resident Indians
• Non-Individuals – HUFs, Corporates, Sole Proprietor, Partnership Firm, Trust, Association, Society and Club

FD schemes by the bank come with the premature withdrawal option to fill in for emergency situations. Important points highlighting this facility:

• There are different FD interest rates for options of Priority Plus FD scheme, i.e. With and Without premature withdrawal
• The bank levies a penalty of 0.5% on the applicable Fincare FD rates
• The bank may allow partial withdrawal in some cases

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 estimate figure of how much one would gain on investing in fixed deposits. To use this online tool, 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:

• PAN (Permanent Account Number) of the applicant
• Form 60/61 (if PAN is not available)
• AADHAR
• Firm’s Customer ID (for existing customers)

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 @ 9% p.a. for the tenure of 36 months 1 day to 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 minimum 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.