This bank is offering senior citizens up to 8.25% interest rate on FDs

Fixed deposit (FD) investors are a happy lot as banks have been increasing interest rates since May after the RBI has started hiking the repo rate since May 2022. Most banks have been hiking interest rates almost on a monthly basis.

Fincare Small Finance Bank has announced a hike in FD interest rates under Rs 2 crore. According to the bank's official website, the new rates are effective from October 11, 2022.

Fincare Small Finance Bank FD Rates

The bank will continue to provide fixed deposits maturing in 7 days to 45 days at a rate of 3% and term deposits maturing in 46 days to 90 days at a rate of 3.5%. Deposits maturing between 91 and 180 days will now earn a 4.5% interest rate from Fincare Small Finance Bank, while deposits maturing between 181 and 364 days will earn a 5.5% interest rate.
Fixed deposits with maturities between 12 to 24 months will earn to pay 6.75 percent interest. While, 500 days tenure will earn 7.25% and 1000 days will earn 7.75%.

The bank will offer deposits maturing in 24 months 1 day to 48 months at a 7% interest rate and term deposits maturing in 48 months, 1 day to 59 months at a 6.75% interest rate.
Fincare Small Finance Bank will provide a 6% interest rate on fixed deposits with maturities ranging from 66 months and 1 day to 84 months.

Senior citizens FD rates
At Fincare Small Finance Bank, senior citizens will still receive an extra 0.50% in interest on top of the standard rate for all maturities. Senior citizens will earn interest rates between 3.50% and 8.25% on deposits maturing between 7 days to 10 years.

According to the bank website, “A senior citizen is defined as a person above the age of 60 years. In case of joint account holders where one of the account holder is a senior citizen, kindly note that senior citizen term deposit interest rate will only be applicable provided the senior citizen is the ‘First Holder’ on the said term deposit."