Senior Citizens Fixed Deposit Interest Rates in Fincare Small Finance Bank

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.

• 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.

Note: All interest rates shown above are as on 4th Aug 2023

• 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.

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