This bank is giving interests at 9.01% in just 1000 days

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%.

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.

Every bank or financial institution that offers the fixed deposit facility sets its FD interest rates based on various internal and external factors.

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.

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%.