Fixed Deposit Interest Rate Increased: Fincare Small Finance Bank (FSFB) has recently made changes to its fixed deposit (FD) interest rates, catering to both senior citizens and other customers. The bank has announced that FD account holders with Fincare can now earn returns of up to 8.51% on their savings.
Moreover, senior citizens are being offered a special return rate of up to 9.11% on a minimum FD amount of Rs 5000. These revised rates have become effective as of today, which is the 25th of May.
Higher Returns for Senior Citizens
Fincare Bank is providing an attractive interest rate of 9.11% on a 1000-day fixed deposit (FD) exclusively for senior citizens. This is the highest interest rate offered by the bank across various FD tenures. For regular customers, the interest rate on a 1000-day FD stands at 8.51 percent.
Interest Calculation for Different FD Periods
For FD durations ranging from 1 day to 59 days up to 66 months, senior citizens can earn an interest rate of 8.6 percent, while other customers will receive 8 percent interest. On FDs spanning from 66 months 1 day to 84 months, senior citizens will enjoy a return of 7.6 percent, and others will receive up to 7 percent. Additionally, Fincare Bank is offering senior citizens a competitive interest rate of 8.85 percent on deposits ranging from 36 months 1 day to 42 months, whereas regular customers will receive 8.25 percent interest for FDs of the same duration.
Other Banks with Increased Interest Rates
It’s worth noting that Suryoday Small Finance Bank recently announced a hike in FD rates. They are currently offering senior citizens an interest rate of up to 9.6 percent. Similarly, Unity Small Finance Bank has declared a maximum interest rate of 9.5 percent for senior citizens.
Opening an FD Account with Fincare Bank
To avail the enhanced FD rates at Fincare Bank, customers can either visit their nearest bank branch or access the internet banking or mobile app platforms. Opening an FD account has become more convenient than ever.