Headquartered in Bangalore, Fincare Bank has operated since 2017 with a strong market value and a focus on empowering its customers with financial management. Fincare provides a range of services such as FDs, loans, savings accounts as well as other essential banking services.
When it comes to the Fincare Small Bank savings account, customers get to avail several benefits with high interest rates of up to 7.50% per annum. In this blog, we will walk you through a comprehensive guide on one such offering of the bank while highlighting Fincare savings account interest rates and other details.
Recent Fincare Small Finance Bank Savings Account Interest Rates 2024
Check the latest Fincare Small Finance Bank savings account interest rates from the table below.
| Account Balance | Interest Rate (per annum) |
| Balance below ₹1 lakh | 3.51% |
| Amount below ₹2 lakhs, but over ₹1 lakh | 5.11% |
| Amount between ₹2 lakhs and ₹5 lakhs | 7.11% |
| Balance above ₹5 lakhs, but less than ₹10 crores | 7.50% |
| Account balance more than ₹10 crores, but less than ₹15 crores | 6.50% |
| Amount between ₹15 crores and ₹20 crores | 5.00% |
| Balance more than ₹20 crores, but less than ₹25 crores | 4.00% |
| Account balance exceeding ₹25 crores, but less than ₹30 crores | 3.25% |
| For accounts with a balance over ₹30 crores | 3.00% |
Note that these savings account interest rates are subject to change without prior notice. Hence, you must stay updated with the latest Fincare bank savings account interest rates.
Fincare Small Finance Bank Savings Account Minimum Balance Required
Based on the different account types offered by the Fincare Bank, the following are the minimum/average balance requirements for your respective savings account.
| Account Type | Minimum Balance Required |
| Fincare Smart Saver Savings Account | Average Monthly Balance of ₹1,000 |
| Fincare Priority Savings Account | Average Monthly Balance of ₹10,000For AMB waiver, an FD of ₹1 lakh or more is required to be associated with your bank account |
| Fincare Prime Savings Account | An average Monthly Balance of ₹50,000 is required to be maintained |
| Fincare Priority Plus Account | An average Monthly Balance of ₹1,00,000 is required to be maintainedFor AMB waiver, an FD of ₹4 lakhs or above is required to be associated with your bank account |
Fincare Small Finance Bank Savings Account Charges
You can check your savings account’s applicable charges on debit card transactions and non-maintenance fees using the following information.
Cash Transaction Charges
| Account Type | Cash Transaction Charges | Debit Card Transaction Charges | Non-maintenance Charges |
| Fincare Smart Saver Savings Account | Post your free limit, ₹4 per ₹1,000 with a minimum charge of ₹50 per instance based on the value | Fincare ATMs: ₹20 per transaction (beyond the free limit)Non-Fincare ATMs: ₹21 per transaction (beyond the free limit)Non-financial transactions at non-Fincare ATMs: ₹11 per transaction (beyond the free limit) | ₹50/month (pro-rata) |
| Fincare Priority Savings Account | Post free limit, ₹4 per ₹1,000 | ₹300/month (pro-rata) | |
| Fincare Prime Savings Account | ₹400/month (pro-rata) | ||
| Fincare Priority Plus Account | NIL | ₹500/month (pro-rata) |
Make sure to get updated with the latest Fincare SB interest rates and schedule of charges to avoid any inconveniences.
Why Choose Fincare Small Finance Bank Savings Account?
Apart from attractive Fincare Small Finance Bank savings account interest rates, there are other reasons you may want to open your SB account at Fincare.
- Access to a range of accounts tailored to your unique needs
- Provision of convenience through quarterly interest payouts
- Quick account opening process with Aadhaar-based authentication
Key Benefits of Fincare Small Finance Bank Savings Account
With a Fincare SB account, you will gain the following benefits.
- Convenience through net banking and mobile banking facilities
- Get a range of offerings at Fincare debit cards with additional cashback and discounts over multiple categories of spends
Additional Benefits Associated with Fincare Small Finance Bank Savings Account
In addition to the aforementioned features and benefits, there are additional benefits that you get with your Fincare Small Finance Bank savings account.
- Earn up to 7% per annum of rate of interest on your savings
- Quarterly interest payouts for seamless benefits
- Instant Video-KYC option available
How To Open an Online Fincare Small Finance Bank Savings Account?
Open your Fincare Small Finance Bank savings account online using the following steps.
- Step 1: Visit the official Fincare Bank account opening page based on the type of account you want to open.
- Step 2: Fill up your details in the Account Opening Form (AOF) for your savings account.
- Step 3: Upload the required documents.
- Step 4: Complete your video KYC process to avail the full KYC benefits on your savings account.
Your account will be verified and opened instantly. You can opt for additional features and services from the bank, which will be mailed to your communication address.
How to Open an Offline Fincare Small Finance Bank Savings Account?
You can conveniently open your Fincare Small Finance Bank savings account by visiting your nearest branch and considering the following steps.
- Step 1: Visit your nearest Fincare branch.
- Step 2: Fill up your details in the Account Opening Form (AOF) for your savings account.
- Step 3: Attach the required documents.
- Step 4: Deposit the minimum balance in your account as per the requirements of your savings bank account.
- Your account will be verified and you will receive confirmation and documents of your savings account.
- Step 5: Accept the chequebook, passbook, and debit card, as well as the other documents from your bank.
Eligibility Criteria to Open Fincare Small Finance Bank Savings Account
One has to fulfil the following eligibility criteria to open your Fincare Small Finance Bank savings account.
- Resident and Non-Resident Indians, HUF members or a foreign national are eligible
- Minors can open their minor savings account with a guardian
- Need to provide a cheque or cash towards the minimum deposit account
- Salaried employees can only avail the salary account benefits
Documents Required to Open Fincare Small Finance Bank Savings Account
You will require the following documents to open your savings account at Fincare Bank.
- A self-attested copy of PAN is required
- Proof of Identity and Address such as an Aadhaar card, Voter ID card, Passport or Driving License is required
Types of Fincare Small Finance Bank Savings Account and Its Features
Given below is an outline of the different types of savings accounts offered by the Fincare Small Finance Bank along with their features.
1. Fincare Smart Saver Savings Account
Lowest Average Monthly Balance of ₹1,000.
Avail of the benefits from the Silver RuPay Classic debit cards with the following offers:
Travel, e-commerce and entertainment benefits
5 free transactions at non-metro and 3 free transactions per month at metro ATM locations.
2. Fincare Priority Savings Account
Average Monthly Balance of ₹10,000.
Waiver at FD of ₹1,00,000 or more
Avail locker facilities ranging from ₹2,000 to ₹5,000 per year
3. Fincare Prime Savings Account
Average Monthly Balance of ₹50,000.
Avail locker facilities ranging from ₹2,000 to ₹5,000 per year
After 10 transactions, ₹4 per 1000 for every other instance based on the amount of transaction
4. Fincare Priority Plus Account
Average Monthly Balance of ₹1,00,000.
Waiver at FD over the amount of ₹4,00,000.
Free unlimited cash transactions and withdrawals at home and non-home branches
Avail locker facilities ranging from ₹2,000 to ₹5,000 per year
Steps to Open Fincare Small Finance Bank Video KYC Savings Account
You can easily open your Fincare Small Finance Bank using the VKYC process as mentioned below in the following step-by-step guide.
Note that VKYC is operational from 9 AM to 11.50 PM.
- Step 1: Visit the official website of Fincare Small Finance Bank Savings Account.
- Step 2: Enter your Aadhaar-linked mobile number.
- Step 3: Click on the ‘Verify’ button.
- Step 4: Provide the OTP.
- Your details will be fetched from Aadhaar verification using information from your database such as your name, date of birth and address.
- Step 5: Verify your email address and PAN number.
- Step 6: On your video call, the bank representative will take a photograph to complete the video KYC process and end the call.
Fincare Savings Account Transaction Limit
The following table demonstrates the transaction limits as per the different account types under Fincare Bank.
| Account Type | Transaction Limit |
| Fincare Smart Saver Savings Account | 4 free transactions per month |
| Fincare Priority Savings Account | |
| Fincare Prime Savings Account | 10 free transactions per month |
| Fincare Priority Plus Account | No limits |
How to Close a Fincare Small Finance Bank Savings Account?
The closure process of the Fincare Small Finance Bank savings account can be completed using the given stepwise guidelines.
- Step 1: Visit your nearest branch to obtain the account closure form. You can alternatively download the closure form by visiting the bank’s official website.
- Step 2: Provide your basic information as asked in the form.
- Name
- Account and Branch details
- Signatures
- Step 3: Attach your KYC documents along with your account closure form.
- Step 4: Surrender the documents such as cheque leaves, along with your debit card and passbook to the branch.
- Step 5: Withdraw the balance amount in either cash, cheque or DD. Alternatively, you can also choose to transfer the amount to another account to complete the closure process.
Final Word
Using the above information, you can easily open/close your savings account at Fincare Bank. You can additionally check the latest Fincare savings account interest rates from the table and evaluate the charges and benefits of different savings account types.
FAQs
In case you want a waiver on the minimum balance on your Priority Plus account of ₹1,00,000, you must open an FD worth at least ₹4,00,000.
A salary account at Fincare Bank is available as a zero-balance account. Hence, you do not need to maintain any minimum or average balance.
You will get access to unlimited transaction benefits on your Fincare Priority Plus account. Hence, there are no charges for exceeding the transaction limit under this account type.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
