BankingBusiness

Increased Interest Rates on FDs: Up to 8.25% for Senior Citizens

Banks have been hiking the interest rates for their users since May. It started after RBI increased the repo rate in May 2022. If you are lucky enough to be in a generous bank then you must be experiencing an increase in the interest rate monthly.

If you are banking in Fincare Small Finance Bank, then there is great news for you in terms of FD interest rates. The bank has announced a hike in the interest rates for Fixed Deposits which will be effective from October 11, 2022.

Check this article to learn about the hikes in detail:

Fincare Small Finance Bank FD Rates

The bank has increased its Fixed Deposit interest rates on multiple criteria and here are the pictures straight from the bank’s website to give you a clear idea of the hikes.

Resident Fixed Deposit (Less than Rs.2 Crores) – With Premature Withdrawal Facility

TenureGeneral Public (W.E.F 11-October-2022)General Public Effective Yield (W.E.F 11-October-2022)Senior Citizen Rate (W.E.F 11-October-2022)Senior Citizen – Effective Yield (W.E.F 11-October-2022)
7 days – 45 days3.00%3.00%3.50%3.50%
46 days – 90 days3.50%3.50%4.00%4.00%
91 days – 180 days4.50%4.50%5.00%5.00%
181 days – 364 days5.50%5.61%6.00%6.14%
12 months – 15 months6.75%6.92%7.25%7.45%
15 Months 1 day-499 days6.75%6.92%7.25%7.45%
500 days7.25%7.45%7.75%7.98%
501 days – 18 months6.75%6.92%7.25%7.45%
18 months 1 day – 21 months6.75%6.92%7.25%7.45%
21 months 1 day – 24 months6.75%6.92%7.25%7.45%
24 months 1 day- 749 days7.00%7.19%7.50%7.71%
750 days7.50%7.71%8.00%8.24%
751 days – 30 months7.00%7.19%7.50%7.71%
30 months 1 day to 999 days7.00%7.19%7.50%7.71%
1000 days7.75%7.98%8.25%8.51%
1001 days- 36 months7.00%7.19%7.50%7.71%
36 months 1 day – 42 months7.00%7.19%7.50%7.71%
42 months 1 day – 48 months7.00%7.19%7.50%7.71%
48 months 1 day – 59 months6.75%6.92%7.25%7.45%
59 months 1 day – 66 months7.00%7.19%7.50%7.71%
66 months 1 day – 84 months6.00%6.14%6.50%6.66%

Resident Fixed Deposit (Rs.1 Crore to less than Rs.2 Crores) – Without Premature Withdrawal Facility

TenureInterest Rate (W.E.F 11-October-2022)Effective Yield (W.E.F 11-October-2022)
181 days – 270 days5.60%5.72%
271 days – 330 days5.70%5.82%
331 days – 364 days5.80%5.93%
12 months – 13 months6.50%6.66%
13 months 1 day – 15 months6.60%6.77%
15 months 1 day – 18 months8.00%8.24%
18 months 1 day – 21 months7.75%7.98%
21 months 1 day – 24 months7.75%7.98%
24 months 1 day – 30 months7.75%7.98%
30 months 1 day – 36 months7.75%7.98%

Fixed Deposit (INR 2 Crores and Above)

🗃️ Bulk FD Rates with Premature Withdrawal

🗃️ Bulk FD Rates without Premature Withdrawal

Senior Citizen at Fincare Small Finance Bank

As per the guideline mentioned on the website of the bank, here is a note that you need to keep in mind. You must know that these are the exact words mentioned in the above-shared screenshots.

According to Fincare Small Finance Bank, “A senior citizen is defined as a person above the age of 60 years. In the case of Joint Account Holders where one of the account holders is a Senior Citizen, kindly note that Senior Citizen Term Deposit Interest Rate will only be applicable provided the Senior Citizen is the ‘First holder on the said term deposit.”

Conclusion

If you are interested in getting great returns on your Fixed Deposit Investments at Fincare Small Finance Bank, you must be up to date with the changes introduced by the bank.

This article covered all the important updates on the increased interest rate on Fixed Deposits with them. Kindly go through the entire article so that you can make the best out of your money.

Also Read:

Is Fixed Deposit A Risk-Free Investment? Know How Relying Only On FDs May Leave You Poorer

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Komalpreet

Words help me express the unsaid and we have come a long way while walking hand in hand like that so now I write about anything and everything that ignites the spark of inspiration in me.

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