Ever since the Reserve Bank of India (RBI) increased the repo rate, banks have been competing to increase fixed deposit (FD) rates. In the last 10 days, many big banks of the country have changed their FD rates one after the other.
After the month of May, as soon as the RBI started increasing the repo rate continuously, many banks in the country have increased their FD rates almost every month. Now the name of Fincare Small Finance Bank has also been added to this race. The bank has also announced an increase in the interest rate on FDs of less than Rs 2 crore. According to the official website of the bank, the increased new interest rates are applicable from October 11.
New FD Rates of Fincare Small Finance Bank Bank FDs of 91 days to 180 days, 4.5 percent, 181 days to 364 days FDs 5.5 percent, 12 months to 24 months FDs 6.75 percent, 500 days FDs 7.25%, 1000 days FDs 7.75%, Interest will be 7% on FDs of 24 months 1 day to 48 months, 6.75% on FDs of 48 months 1 day to 59 months and 6% on FDs of 66 months 1 day to 84 months.
Senior Citizens to get 8.25% Interest
Fincare Small Finance Bank will offer an additional 0.50% interest rate to its Senior Citizen customers over and above the General Interest Rate. Now senior citizen customers of this bank will get 3.5% to 8.25% interest on FDs of 7 days to 10 years. On the other hand, if the senior citizen is the ‘first holder’ in the joint account, only then the interest rate plan with the senior citizen will be applicable.
