Fincare Small Finance Bank (SFB) has hiked its interest rates on fixed deposits of less than ₹2 Cr. The DICGC insures fixed deposits placed in Fincare SFB up to ₹5 lakhs. As of March 31, 2022, the bank operated more than 11,000 workers and serviced more than 32 lakh customers in 17 states and the UT. Following the bank’s interest rate change, the general will now get a maximum interest rate of 8.11%, while senior citizens will receive a maximum interest rate of 8.71% on a 750-day deposit. According to Fincare Small Finance Bank’s (SFB) official website, the new interest rates for fixed deposits (FDs) are in effect as of today, February 13, 2023.
Fincare SFB FD Rates
On fixed deposits maturing in 7 to 45 days, the bank will continue to offer an interest rate of 3% and for those maturing in 46 to 90 days, Fincare SFB will continue to offer an interest rate of 3.50%. Fincare SFB will continue to offer an interest rate of 4.50% on a deposit tenor of 91 to 180 days and the bank has hiked the interest rate to 5.50% on a deposit tenor of 181 to 364 days. Deposits maturing in 12 to 15 months will now fetch an interest rate of 7.25% and those maturing in 15 months 1 day to 499 days will now fetch an interest rate of 7.30%.
On fixed deposits maturing in 500 days, the bank has hiked the interest rate to 7.50% and on those maturing in 501 days to 18 months, Fincare SFB has hiked the interest rate from to 7.30%. Fincare SFB has hiked the interest rate to 7.30% on a deposit tenor of 18 months to 24 months. Deposits maturing in 24 months to 749 days will now fetch an interest rate of 7.50% and those maturing in 750 days will now fetch a maximum interest rate of 8.11%.
On fixed deposits maturing in 751 days to 99 days, the bank has hiked the interest rate to 7.50% and on those maturing in 1000 days, Fincare Small Finance Bank has hiked the interest rate to 8%. Fincare Small Finance Bank has hiked the interest rate to 7% on a deposit tenor of 1001 days to 48 months and the bank has hiked the interest rate to 6.75% on a deposit tenor of 48 months 1 day to 59 months. Deposits maturing in 59 months 1 day to 66 months will now fetch an interest rate of 7% while those maturing in 66 months 1 day to 84 months will now fetch an interest rate of 6%.
According to the latest release on February 8, 2023, when the Reserve Bank of India (RBI) increased the repo rate by 25 basis points, the current repo rate in 2023 is 6.50%. Banks including IDBI Bank, Axis Bank, Jammu and Kashmir Bank (J&K Bank), and Tamilnad Mercantile Bank have already increased fixed deposit interest rates in response to the announcement of the repo rate hike.
Meanwhile, IDBI Bank raised the interest rate on fixed deposits under ₹2 crore. The bank is now promising to pay 7.25% for the general public and 8.00% for elderly individuals on special deposits with a 700-day term as a result of the adjustment. According to an announcement on IDBI Bank’s website, the new fixed deposit (FD) interest rates went into effect today, February 13, 2023.