Fincare Small Finance Bank (SFB) has announced an increase in interest rates on fixed deposits under Rs. 2 crores. The DICGC-Insured Fincare, Small Finance Bank’s official website, states that the higher interest rates will take effect on August 21, 2022. Following the modification, the bank now offers a maximum interest rate of 7.50 per cent to the public for fixed deposits due in 1000 days and 8 per cent to seniors.
The bank will still offer 3 per cent and 3.50 per cent interest rates on fixed deposits that mature in the upcoming 7 to 45 and 46 to 90 days, respectively. Fixed deposits with maturities between 91 and 180 days will continue to be eligible for a 4 per cent interest rate, and those with maturities between 181 and 364 days will continue to be eligible for a 5.40 per cent interest rate. According to Fincare Small Finance Bank, the interest rate on fixed deposits maturing in 12 to 15 months would increase by 50 basis points to 6.75 per cent from the previous rate of 6.25 per cent. (SFB).
Term deposits maturing in 750 days will now earn 7.25 per cent interest from Fincare Small Finance Bank (SFB), and deposits maturing in 751–999 days will earn 7 per cent interest. Deposits maturing in 1000 days or less now have a maximum interest rate of 7.50 per cent; deposits maturing in 1001 days or more now have a maximum interest rate of 7 per cent. The interest rate on fixed deposits maturing in 48 months, one day to 59 months, will now be 6.75per cent, and on term deposits maturing in 59 months, one day to 66 months, it will be 7 per cent. At Fincare Small Finance Bank, the interest rate on fixed deposits is now 6% for maturities ranging from 66 months and one day to 84 months.