down on fixed deposit 2 crore, Fincare Small Finance Bank (SFB) has announced a hike in interest rates. According to the official website of DICGC-insured Fincare Small Finance Bank, the higher interest rates are effective from August 21, 2022. After the amendment, the bank is now offering 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 offer interest rates of 3% and 3.50 per cent on fixed deposits maturing in the next 7 to 45 days and 46 to 90 days respectively. Fixed deposits maturing from 91 days to 180 days will still be offered a 4% interest rate, and deposits maturing from 181 days to 364 days will still be offered a 5.40% interest rate. According to Fincare Small Finance Bank (SFB), the interest rate for fixed deposits maturing in 12 to 15 months will now be 6.75% from the previous rate of 6.25%, which is an increase of 50 bps. The bank will now offer an interest rate of 6.75% on fixed deposits maturing in 15 months, 1 day to 499 days and 7% on fixed deposits maturing in 500 days. Fixed deposits maturing in 501 to 24 months will now attract 6.75% interest, while fixed deposits maturing between 24 months to 749 days will now attract 7% interest.
Now, Fincare Small Finance Bank (SFB) will pay 7.25% interest on fixed deposits maturing in 750 days and 7% interest on deposits maturing 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 offer an interest rate of 6.75% on fixed deposits maturing in 48 months, 1 day to 59 months and 7% on fixed deposits maturing in 59 months, 1 day to 66 months. The interest rate on fixed deposits in Fincare Small Finance Bank is now 66 months and 6% for maturities between 1 day and 84 months.
Senior Citizens will continue to get an additional interest rate of 0.50% over the regular rate for all maturities in 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 holders is a senior citizen, please note that the senior citizen fixed deposit interest rate will be applicable only if the senior citizen is the ‘first holder’ on the said fixed deposit.”
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