Fixed Deposit or FD is a good interest rate investment option. Fincare Bank offers a Fixed Deposit Account with a high interest rate. Fixed Deposit can open for the duration of a minimum of 7 days and a maximum of ten years. Fixed Deposit gives you a high-interest rate on your deposit amount. The Deposit minimum amount is depending upon the bank. You can visit the official website for the latest interest rate.
Benefits of Fincare Bank Fixed Deposit
- You get a higher interest rate on your fixed Deposit while comparing with saving accounts.
- Multiple fixed deposits can open.
- Fincare Bank also gives a loan on your fixed Deposit so that, you don’t need to break your Deposit for your need.
- You can get an Rs.1.5 lakh exemption under Section 80 C of the Income Tax Act, 1961.
- If you are a senior citizen, then you will get a high-interest rate on your Fixed Deposit account.
Fixed Deposit Eligibility
- Fixed Deposits can open the name of Individual, Joint, Society, Company, Partnership, etc.
- The applicant must have a savings account in the bank.
Income Tax Facts on Fincare Bank Fixed Deposit Interest
If you are looking for income tax fact on Fixed Deposit interest, then you can check below:
- If Fixed Deposit interest is less then Rs. 40, 000/-, then the Fincare Bank will deduct TDS on interest.
- Interest earned on Fixed Deposit is taxable. It will treat as Income from Other Sources.
- If you don’t want to pay any TDS on Fixed Deposit, then you have to submit Form 15G and Form 15H in Fincare Bank.
Fincare Bank Tax Benefit Fixed Deposit
- Interest Rate is 6.5% for 5 years term deposits.
- The amount can not withdraw before five years.
- The deposit account can not transfer to another bank.
Fincare Bank Fixed Deposit Interest Rate
|Tenure||General Public (w.e.f 01-February-2020)||Senior Citizens** (w.e.f 01-February-2020)|
|7 days to 45 days||4.00%||4.50%|
|46 days to 90 days||4.00%||4.50%|
|91 days to 180 days||6.00%||6.50%|
|181 days to 364 days||7.00%||7.50%|
|12 months to 15 months||7.75%||8.25%|
|15 months 1 day to 18 months||7.75%||8.25%|
|18 months 1 day to 21 months||8.00%||8.50%|
|21 months 1 day to 24 months||8.25%||8.75%|
|24 months 1 day to 30 months||8.50%||9.00%|
|30 months 1 day to 36 months||9.00%||9.50%|
|3 years 1 day to 5 years||8.00%||8.50%|
|5 years 1 day to 7 years||7.00%||7.50%|