Senior Citizen Fixed Deposit Interest Rate Hike News: Fincare Small Finance Bank (FSFB) has revised its FD interest rates for senior citizens and others. In a statement today, the bank said that Fincare FD customers can earn up to 8.51% on their savings, and senior citizens can earn up to 9.11% with a minimum deposit of Rs. 5000. The revised rates will be applicable from May 25, 2023.
“The Bank believes in providing customer-centric banking solutions, and current FD rates reflect this commitment. Whether you have short-term or long-term financial goals, the diverse tenure options ranging from 7 days to 10 years offer flexibility and the opportunity to tailor your investment strategy to suit your needs,” said Rajeev Yadav, MD and CEO of Fincare Small Finance Bank.
The Fincare Bank is offering 9.11% interest to senior citizens on FDs of 1000 days. This is the highest interest rate offered by this bank across different tenors. For general citizens, the interest rate is 8.51% of the 1000-day FD.
Also Read: Fixed Deposit interest rate for senior citizens jumps again: How much should you invest in a bank?
On FDs of 59 days 1 day to 66 months, the bank is offering 8.6% to senior citizens and 8% interest to others. For deposits of 66 months to 1 day to 84 months, the bank gives 7.6% interest to senior citizens and 7% to others. The bank is also offering 8.85% interest to senior citizens on deposits of 36 months 1 day to 42 months, while for general citizens, the rate is 8.25% for the same tenure.
For opening a FD accoun in Fincare Bank, customers can visit the bank’s branch or log in to internet banking or mobile app to avail the improved FD rates, the bank said in its statement.
The FD rate hike announcement by Fincare Bank comes days after Suryoday Small Finance Bank announced the highest 9.6% interest for senior citizens while the Unity Small Finance Bank also announced a maximum of 9.5% for elderly depositors.
Disclaimer: The above content is for information purposes only and based on a press release by Finacare Small Finance Bank. Please consult with your financial advisor before investing.
