Senior Citizens Fixed Deposit Interest Rates in Fincare Small Finance Bank
Updated 19 Dec 2023
Fincare Small Finance Bank, a newer entrant than traditional banking giants, has gradually established its reputation in the Indian financial landscape. Recognising the significance of financial security for senior citizens, the bank has crafted Fixed Deposit schemes that cater specifically to this demographic, ensuring they enjoy more favourable terms. Let's explore how Fincare Small Finance Bank provides these lucrative offerings to its elderly patrons.
Features of Senior Citizen FD in Fincare Small Finance Bank
- Enhanced Interest Rates: Typically, senior citizens benefit from a bonus interest rate over and above the regular FD rates offered to other customers. The exact rate is contingent on the bank's prevailing policies.
- Qualification: Only individuals who are 60 or older are eligible to open a senior citizen FD account.
- Duration: The available FD tenures range widely, spanning from as short as 7 days to as long as 10 years.
- Early Withdrawal: Although breaking the FD before its maturity can incur penalties, senior citizens often enjoy more lenient terms for such premature withdrawals.
- Borrowing Options: Like other account holders, senior citizens can avail loans against their FD holdings if needed.
- Beneficiary Assignment: The bank permits a beneficiary to inherit the FD funds after the demise of the account holder.
- Tax Deduction at Source (TDS) Implications: Interest earnings from FDs are liable to taxation as per Indian regulations. However, by furnishing Form 15H, eligible senior citizens can sidestep TDS deductions.
- Automatic Renewal: Fincare, in line with various other banks, might feature an automatic renewal mechanism, ensuring the FD's continuation post-maturity unless directed otherwise.
- Deposit Limits: There are often established minimum deposit requirements for opening a senior citizen FD. However, the deposit amount may not always be a set upper limit.
- Unique Offerings: Sometimes, or based on specific bank campaigns, senior citizens might be presented with exclusive offers or features tailored just for them.
Fincare Bank FD Interest Rate for Senior Citizens
| Tenure | Senior Citizen FD Rate |
|---|---|
| 7 days - 1 month 14 days | 3.60% |
| 1 month 15 days - 2 months 29 days | 5.10% |
| 2 months 30 days - 5 months 27 days | 6.10% |
| 5 months 28 days - 11 months 30 days | 6.85% |
| 1 year - 1 year 4 months 11 days | 8.10% |
| 1 year - 1 year 2 months 29 days | 8.10% |
| 1 year 2 months 30 days - 1 year 4 months 11 days | 8.40% |
| 1 year 4 months 12 days - 1 year 4 months 12 days | 8.71% |
| 1 year 4 months 13 days - 1 year 5 months 29 days | 8.40% |
| 1 year 5 months 30 days - 1 year 11 months 30 days | 8.40% |
| 2 years - 2 years 18 days | 8.50% |
| 2 years 19 days - 2 years 19 days | 8.91% |
| 2 years 20 days - 2 years 5 months 29 days | 8.50% |
| 2 years 5 months 30 days - 2 years 8 months 25 days | 8.60% |
| 2 years 8 months 26 days - 2 years 8 months 26 days | 8.90% |
| 2 years 8 months 27 days - 2 years 11 months 30 days | 8.60% |
| 3 years - 3 years 5 months 28 days | 8.90% |
| 3 years 5 months 29 days - 4 years 10 months 29 days | 8.10% |
| 4 years 11 months - 5 years 5 months 28 days | 8.60% |
| 5 years 5 months 29 days - 6 years 11 months 29 days | 7.60% |
Note: All interest rates shown above are as on 4th Aug 2023
Eligibility for Senior Citizen FDs in Fincare Small Finance Bank
- Fincare Small Finance Bank offers its 'Senior Citizen FD' exclusively for individuals aged 60 and above.
- Notably, the bank might introduce additional schemes or modifications to existing ones, similar to its contemporaries.
- Such specific schemes could offer enhanced interest rates or other beneficial terms for the senior citizens, ensuring they get the best possible returns on their savings.
Documents Required to Open a Fincare Small Finance Bank Fixed Deposit for Senior Citizens
The following documents are required to invest in Fincare Small Finance Bank Fixed deposits-
Identity Proof
- Aadhaar card
- Voter ID
- Ration card
- Passport
- PAN card
- Driving Licence
Address Proof
- Bank Statement
- Cancelled Cheque
- Utility Bills
FAQs
Is there a special scheme for senior citizens at Fincare Small Finance Bank?
Fincare Small Finance Bank offers a special FD for senior citizens, ensuring they benefit from additional advantages over the regular FD schemes.
Can I break my Senior Citizen FD at Fincare prematurely?
Yes, but there might be penalties associated. Always consult with the bank for the specific details.
Is TDS applicable on the interest earned from Senior Citizen FD at Fincare?
Yes, TDS is applicable if the total interest earned crosses the threshold specified by the Income Tax department in a financial year.
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Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.
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