Fincare Small Finance Bank Fixed Deposit Rates

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Operating since 2017, Fincare Small Finance Bank is one of the recently established retail banks in India, providing various financial services to unbanked and underbanked individuals. Headquartered in Bengaluru, it has an extensive network of 919 branch offices and 35 ATMs across India. Its smart suite of banking products includes different fixed deposit schemes with varying rates and terms and conditions associated. Let’s take a look to find out more information about the Fincare Small Finance Bank FD rates, and schemes.

Minimum Deposit	₹5,000
Maximum Deposit	₹30 crores
Minimum Tenure	7 days
Maximum Tenure	7 years
Interest Rates	3.00% to 9.21% (including rates for senior citizens)
Lock-in Period	5-year lock-in period for Tax Saver Fixed Deposit Scheme
Senior Citizen	3.60% to 9.21% (for deposits below ₹2 crores)
General Citizen	3.00% to 8.61% (for deposits below ₹2 crores)

Table of Contents

Fincare Small Finance Bank FD Interest Rates – 2024

Tenure	General Citizen	Senior Citizen

Features and Benefits of Fincare Small Finance Bank FD Interest Rate

Let’s discuss the key features and benefits of Fincare Small Finance Bank FD schemes, differentiating them from fixed deposit products of other banks.

The bank offers investors/depositors interest rates of up to 9.11%, which is quite high compared to other available FD schemes.
Besides high-yielding regular interest rates, the scheme offers preferential Fincare FD rates to senior citizens.
The FD schemes are designed with flexible tenure and hassle-free renewal options.
There are multiple interest-paying-out options, starting from cumulative to monthly/quarterly payments.
Additional benefits include easy pre-closure options and nomination facilities.
The bank also provides loans/overdrafts against FD investments.

How to Book Fincare Small Finance Bank FD?

Here is a stepwise process you need to follow with due diligence to do so.

Step 1: Visit the official website of Fincare Small Finance Bank.
Step 2: Click on the ‘Apply Now’ tab on the top menu.
Step 3: Select the ‘Fixed Deposit’ option.
Step 4: Enter your Aadhaar-linked mobile number and click on ‘Next’. The following page will display the ‘Fixed Deposit Enquiry’ Form.
Step 5: Fill in the form with all the required details and submit it.

A bank representative will reach out to you via your registered email or phone number and will give you further details about how to proceed.

Documents Required to Book Fincare Small Finance Bank FD:

All eligible entities must provide the following documents when opening a Fincare Small Finance Bank FD account.

PAN card or Form 60/61.
Identity proof – Voter ID Card, Aadhaar card, Driving License, etc.
Address proof – Passport, Aadhaar Card and Utility Bills
Passport-size photographs of the applicant
Age proof – Aadhaar card, school passing certificate, ration card, etc.
Duly filled-in application form for opening the FD account.
Bank account details as requested by Fincare Small Finance Bank.

Eligibility to Open Fincare Small Finance Bank FD

Here are the eligibility criteria that you must fulfil to open an FD account and earn Fincare Bank FD rates:

Applicant Type: Resident and Non-resident Individuals, Senior citizens, Hindu Undivided Families (HUFs), Proprietorship/Partnership Firms, Limited Liability Partnerships (LLP), etc.
Age of the applicant: Should be 18 years and above. Minors can open an FD account but must be under guardianship.

Types of Fincare Small Finance Bank FD Schemes

We have curated a list of different types of FD schemes with varying Fincare Small Finance Bank FD rates and other relevant details you need to know before investing.

1. Smart Fixed Deposit Scheme

This is the most common and popular FD scheme of Fincare Small Finance Bank, offering flexible payments of higher interest rates. Under this scheme, you can avail of monthly, quarterly or cumulative payout as per your preference and financial requirement.

Minimum Deposit: ₹5,000 and multiples of ₹100 thereafter (for deposits less than ₹2 crores)
Maximum Deposit: ₹2 crores
Tenure: 7 days to 7 years
Interest Rate: 3.00% to 8.51% in case of general citizens and 3.60% to 9.11% in case of senior citizens (for deposits less than ₹2 crores)
Eligibility: All Indian residents

2. Priority Plus Fixed Deposit Scheme

Priority Plus Fixed Deposit Scheme is a special FD scheme of Fincare Small Finance Bank, designed for bulk deposits. Just like the Smart FD scheme, it also has flexible interest payout options.

Minimum Deposit: ₹2 crores and multiples of ₹1,000 thereafter (for deposits above ₹2 crores)
Maximum Deposit: ₹30 crores
Tenure: 7 days to 36 months
Interest Rate: Not specified
Eligibility: All Indian residents except minors

3. Tax Saver Fixed Deposit Scheme

The Tax Saver Fixed Deposit Scheme of Fincare Small Finance Bank offers tax benefits to investors/depositors, as per Section 80C of the Income Tax Act, 1961. However, this scheme does not provide any additional benefits such as premature or partial withdrawal and overdraft facility.

Minimum Deposit: ₹5,000
Maximum Deposit: ₹1,50,000
Tenure: 5 years
Interest Rate: 8.00% in case of general citizens and 8.60% in case of senior citizens
Eligibility: All Indian residents

4. NRO Fixed Deposit Scheme

The NRO Fixed Deposit Scheme is ideal for non-resident Indians looking for an investment option to manage their earnings generated from India. This scheme also offers flexible interest payments and facilities such as instant renewal and easy withdrawal or account pre-closure.

Minimum Deposit: No limit specified
Maximum Deposit: ₹1 crores
Tenure: 7 days to 5 years
Interest Rate: 3.00% to 8.51%
Eligibility: NRIs (Non-Resident Indians)

5. NRE Fixed Deposit Scheme

Through the NRE Fixed Deposit Scheme of Fincare Small Finance Bank, NRIs can manage their foreign earnings by converting them into Indian currency. Furthermore, foreign investors can also avail tax benefits on the interest earned from such deposits on a repatriable basis.

Minimum Deposit: No limit specified
Maximum Deposit: ₹10 crores
Tenure: 1 to 5 years
Interest Rate: 7.50% to 8.51% (for deposits less than ₹10 crores)
Eligibility: NRIs (Non-Resident Indians)

Hopefully, now you have a detailed idea about the different FD schemes with varying Fincare Small Finance Bank FD rates. Although investment in the above-mentioned FD schemes is a sound choice, verify all the interest rates before making a decision.

FAQs

Can I make an FD of more than ₹2 crores in Fincare Small Finance Bank?

Yes, you can make an FD of more than ₹2 crores in Fincare Small Finance Bank. However, you need to consult a bank representative before opening such a deposit and finding out details regarding the applicable interest rates.

How does the Fincare Small Finance Bank calculate the maturity value of NRE/NRO deposits?

The Fincare Small Finance Bank uses the simple interest method to calculate the maturity value of the NRE/NRO fixed deposit scheme, having a tenure of less than 181 days. Under this scheme, the interest is calculated every quarter and payable by the bank at maturity.

Can I open a joint FD in Fincare Small Finance Bank?

Yes, all eligible entities are allowed to opt for a joint FD account in the Fincare Small Finance Bank as per their choice.

Is there any insurance cover for fixed deposits in Fincare Small Finance Bank?

Yes, all deposits made in FD schemes of Fincare Small Finance Bank enjoy insurance cover of Deposit Insurance and Credit Guarantee Corporation of India up to a certain limit.

What is the exemption limit for TDS deduction on Fincare Bank FDs?

The exemption limit for TDS deduction on Fincare Bank FDs is ₹2.5 lakhs for individual residents and ₹5 lakhs for senior citizens.

When is TDS deducted from the FD interest?

The TDS is deducted if the amount of interest earned in a financial year exceeds ₹40,000 in the case of general citizens and ₹50,000 in the case of senior citizens.

Are preferential rates applicable under the NRO/NRE Fixed Deposit Scheme of Fincare Small Finance Bank?

No, the Fincare Small Finance Bank does not provide any preferential interest rates to senior citizens or other eligible entities under its NRO/NRE Fixed Deposit Scheme.

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