Fincare Small Finance Bank (SFB) increased the interest rate on fixed accounts of less than Rs. 2 crore. Senior citizens can earn at an interest rate of 9.01% on deposits with a term of 1000 days, while the general public can earn interests at 8.41%. The new fixed deposit rates will be implemented on March 24, 2023, bank says, reports Live Mint.
Fixed deposit rates
The bank will pay 3% interest on fixed deposits maturing in 7 to 45 days, while 4.50% interest on savings maturing in 46 to 90 days. Fincare SFB will pay 5.50% interest on savings with terms ranging from 91 to 180 days, and 6.25% interest on deposits with terms ranging from 181 to 364 days.
Deposits maturing in 12 to 499 days now earn 7.50% interest, while those maturing in 500 days earn 7.75%. The bank will pay 7.50% interest on fixed deposits maturing in 501 days to 18 months, while 7.80% interest on savings maturing in 18 months, 1 day to 24 months.
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Fincare SFB will pay 7.90% on accounts with terms of 24 months, 1 day to 749 days, while the bank has raised the interest rate to 8.11% on deposits with terms of 750 days. Investments expiring in the next 751 days to 30 months will now earn 7.90% interest, while deposits maturing in the next 30 months and a day to 999 days will now earn 8% interest.
On fixed deposits maturing in 1000 days to 18 months, the bank offers an interest rate of 8.41%; on deposits maturing in 1001 days to 36 months, the bank provides an interest rate of 8%. The interest rate on a deposit tenor of 42 months to 59 months has been raised to 7.50%, and an interest rate of 8.25% is offered on a deposit tenor of 36 months 1 day to 42 months. Deposits with terms between 59 and 66 months earn 8% interest, while those with maturities between 66 and 84 months earn 7%.
Fincare SFB will pay an interest rate of 8.41% on fixed savings with maturities ranging from 1000 days to 18 months, and will pay an interest rate of 8% on accounts with maturities ranging from 1001 days to 36 months.
While banks increased their deposit rates to 7.50% on terms ranging from 42 months to 59 months, it gives an interest rate of 8.25% on terms ranging from 36 months 1 day to 42 months. Deposits between 59 and 66 months of maturity will give an interest of 8%, and for 66 and 84 months of maturity depositors will earn interest at a rate of 7%.
