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Business News/ Money / Personal Finance/  Senior Citizen FD Plan: This bank is leading the way with a rate of 9.11% on 1000 days of tenor
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Senior Citizen FD Plan: This bank is leading the way with a rate of 9.11% on 1000 days of tenor

For senior citizens to increase their savings and receive competitive returns, Fincare Small Finance Bank (SFB) has introduced the Senior Citizen FD Plan.

With a minimum deposit of Rs. 5000 and a tenor of 1000 days, Fincare FD customers may earn up to 8.51% on the funds they deposit, while elderly individuals can earn up to 9.11%. (iStock)Premium
With a minimum deposit of Rs. 5000 and a tenor of 1000 days, Fincare FD customers may earn up to 8.51% on the funds they deposit, while elderly individuals can earn up to 9.11%. (iStock)

For senior citizens to increase their savings and receive competitive returns, Fincare Small Finance Bank (SFB) has introduced the Senior Citizen FD Plan. With a minimum deposit of Rs. 5000 and a tenor of 1000 days, Fincare FD customers may earn up to 8.51% on the funds they deposit, while elderly individuals can earn up to 9.11%. These rates are effective as of today 25th May. To take advantage of the higher FD rates, customers may head to a Fincare Small Finance Bank branch, connect to internet banking, or download a mobile app.

Fincare Small Finance Bank FD Rates

For fixed deposits that mature in 7 to 45 days, the bank will pay a 3% interest rate, whereas Fincare SFB will pay a 4.50% interest rate for deposits that mature in 46 to 90 days. Fincare SFB will provide an interest rate of 5.50% for deposits with tenors of 91 to 180 days, while the bank is offering an interest rate of 6.25% for deposits with tenors of 181 to 365 days. 

The interest rate on deposits that mature in 12 to 499 day months is now 7.50%, while the interest rate on deposits that mature in 500 day months is now 8.11%. While Fincare SFB will provide an interest rate of 7.80% on deposits that maturity in 18 months, 1 day to 24 months, the bank will pay 7.50% on fixed deposits that mature in 501 days to 18 months. Fincare SFB will provide an interest rate of 7.90% for deposits with periods of 24 months, 1 day to 749 days, while it promises an interest rate of 8.31% for deposits with durations of 750 days.

 Deposits that mature over the next 30 months and a day to 999 days will now earn interest at a rate of 8%, while investments maturing in the following 751 days to 30 months will now earn interest at a rate of 7.90%. While Fincare SFB will provide an interest rate of 8% on deposits maturing in 1001 days to 36 months, the bank will offer an interest rate of 8.51% on fixed deposits maturing in 1000 days. While Fincare SFB will provide an interest rate of 7.50% on a deposit tenor of 42 months 1 day to 59 months, the bank is guaranteeing 8.25% on a deposit tenor of 36 months to 42 months. Deposits maturing between 59 days and 66 months will now earn interest at a rate of 8%, while deposits maturing between 66 and 84 months will now do so at a rate of 7%.

Mr. Rajeev Yadav – MD & CEO Fincare Small Finance Bank state: “The Bank believes in providing customer-centric banking solutions, and current FD rates reflect this commitment. Whether you have short-term or long-term financial goals, the diverse tenure options ranging from 7 days to 10 years offer flexibility and the opportunity to tailor your investment strategy to suit your needs".

With a variety of products, including current and savings accounts, fixed and recurring deposits, credit offerings like loans against gold, loans against property, loans for affordable housing, overdrafts, and microloans, Fincare Small Finance Bank is among the leading small finance banks in India. The bank also offers services via its mobile app, WhatsApp Banking, and several payment options including UPI, AePS, IMPS, NACH, etc.

As of the end of March 2023, the Bank has a network of 1,231 banking locations encompassing 338 districts and 57,186 villages across 19 states and three union territories. The bank employs more than 14,000 individuals and serves more than 42 lakh customers.

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ABOUT THE AUTHOR
Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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Published: 25 May 2023, 02:41 PM IST
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