Fincare Small Finance Bank hikes interest rates on fixed deposits

Fincare Small Finance Bank increased interest rates on fixed deposits with maturities ranging from 15 months and 1 day to 18 months in response to the modification. (iStock)

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On fixed deposits below 2 crore, Fincare Small Finance Bank has announced an increase in interest rates. According to the bank’s official website, the new rares are effective as of today, July 18, 2022. The bank increased interest rates on fixed deposits with maturities ranging from 15 months and 1 day to 18 months in response to the modification.

Fincare Small Finance Bank FD Rates

The bank will continue to offer a 3 per cent interest rate on fixed deposits maturing in 7 days to 45 days, and a 3.5 per cent interest rate on term deposits maturing in 46 days to 90 days. Fincare SFB will continue to give a 4 per cent interest rate on deposits maturing from 91 days to 180 days, while the bank will continue to offer a 5.4 per cent interest rate on deposits maturing from 181 days to 364 days.

Fixed deposits with maturities between 12 and 15 months will continue to pay 6.25 per cent interest, while the bank will now offer term deposits with maturities between 15 months and 18 months at a rate of 6.90 per cent, up from 6.25 per cent previously—a 65 basis point increase. The bank will continue to provide a 6.50 per cent interest rate on deposits maturing in 18 months, 1 day to 36 months, and a 7 per cent interest rate on term deposits maturing in 36 months, 1 day to 42 months.

On deposits maturing in 42 months, 1 day to 59 months, Fincare Small Finance Bank will continue to give an interest rate of 6.75 per cent, and on deposits maturing in 59 months, 1 day to 66 months, the interest rate has remained the same at 7 per cent. Following today’s adjustment, Fincare Small Finance Bank will continue to provide a 6% interest rate on fixed deposits with maturities ranging from 66 months and 1 day to 84 months.

Fincare Small Finance Bank FD Rates

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Fincare Small Finance Bank FD Rates (fincarebank.com)

Meanwhile, IDFC First Bank has also hiked its interest rates on fixed deposits of less than 2 Cr. With effect from July 18, 2022, the adjustment triggered the bank to increase interest rates on deposits with maturities ranging from two to three years. On the other hand, Federal Bank also changed the interest rates on fixed deposits today. For deposits maturing in 6 months to 10 years, the bank now offers an interest rate that varies from 4.25 per cent to 5.75 per cent for regular customers and 4.75 per cent to 6.40 per cent for senior citizens.

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