This DICGC-insured SFB hikes fixed deposit interest rates: Now get up to 8%
Premium- On fixed deposits below ₹2 crore, Fincare Small Finance Bank (SFB) has announced a rise in interest rates.
On fixed deposits below ₹2 crore, Fincare Small Finance Bank (SFB) has announced a rise in interest rates. The higher interest rates are effective starting on August 21, 2022, according to the DICGC-Insured Fincare Small Finance Bank's official website. Following the amendment, the bank is now giving a maximum interest rate of 7.50% for fixed deposits maturing in 1000 days to the general public and 8% for senior citizens.
Fincare SFB FD Rates
The bank will continue to provide interest rates of 3% and 3.50 per cent on fixed deposits that mature in the next 7 to 45 days and 46 to 90 days, respectively. A 4% interest rate will still be offered on fixed deposits maturing from 91 days to 180 days, and a 5.40% interest rate will still be provided on deposits maturing from 181 days to 364 days. The interest rate for fixed deposits maturing in 12 to 15 months will now be 6.75%, up from the previous rate of 6.25%, a hike of 50 bps, according to Fincare Small Finance Bank (SFB). The bank will now provide an interest rate of 6.75% on fixed deposits maturing in 15 months, 1 day to 499 days, and a rate of 7% on fixed deposits maturing in 500 days. Fixed deposits with maturities between 501 and 24 months will now pay interest at a rate of 6.75%, while term deposits with maturities between 24 months and 749 days will now pay interest at a rate of 7%.
Now, Fincare Small Finance Bank (SFB) will pay 7.25% interest on term deposits that mature in 750 days and 7% interest on deposits that mature in 751–999 days. The maximum interest rate for deposits maturing in 1000 days is now 7.50%, while the interest rate for deposits maturing in 1001 days to 48 months is now 7%. The bank will now provide an interest rate of 6.75% on fixed deposits maturing in 48 months, 1 day to 59 months, and 7% on term deposits maturing in 59 months, 1 day to 66 months. The interest rate on fixed deposits at Fincare Small Finance Bank is now 6% for maturities between 66 months and 1 day and 84 months.
Senior citizens will continue to get an additional interest rate of 0.50% over and above the regular rate, across all maturities at Fincare Small Finance Bank. The bank has mentioned on its website that “A senior citizen is defined as a person above the age of 60 years. In case of joint account holders where one of the account holder 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."
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