Features & Benefits of Priority FD
Superior Returns on your Corporate Deposits
Get the returns your institution deserves through our customized Bulk Deposit (For ₹ 1 Cr or more)
Superior Returns on your Corporate Deposits
Get the returns your institution deserves through our customized Bulk Deposit (For ₹ 1 Cr or more)
Flexible Interest Payout Options
Avail flexible Interest Payout Options with our Priority Plus Deposits- monthly, quarterly, or cumulative FDs.
Flexible Interest Payout Options
Avail flexible Interest Payout Options with our Priority Plus Deposits- monthly, quarterly, or cumulative FDs.
Flexible Pre-Closure Terms
Invest in Term Deposits with hassle free pre-closure terms (at a minimal penalty).
Flexible Pre-Closure Terms
Invest in Term Deposits with hassle free pre-closure terms (at a minimal penalty).
Proactive Advisory to Assist with most Valuable Options
YOU first is the Fincare Way. Proactive advisory to structure deposits based on your needs.
Proactive Advisory to Assist with most Valuable Options
YOU first is the Fincare Way. Proactive advisory to structure deposits based on your needs.
Convenience at its best!
 

Convenient e-mail based procedure for instant fulfilment of instructions because ‘Time is Money’.

Have any Questions?
What is the Eligibility Criteria to open a FD ?

Priority Plus Fixed Deposit can be opened either as single holder or joint holder saving deposit or for entities

What is the insurance cover for deposits?

All bank deposits are covered under the insurance scheme offered by Deposit Insurance and Credit Guarantee Corporation of India (DICGC) subject to certain limits and conditions. The details of the insurance cover in force, will be made available to the depositor as and when requested.

  • The DICGC insures all deposits such as savings, fixed, current, recurring, etc. deposits except the following types of deposits:
    1. Deposits of foreign Governments
    2. Deposits of Central/State Governments
    3. Inter-bank deposits
    4. Deposits of the State Land Development Banks with the State co-operative bank
    5. Any amount due on account of and deposit received outside India
    6. Any amount, which has been specifically exempted by the corporation with the previous approval of Reserve Bank of India
  • Each depositor in a bank is insured up to a maximum of ₹ 1,00,000 (Rupees One Lakh) for both principal and interest amount held by him in the same right and same capacity.
  • For example, if an individual had an account with a principal amount of ₹ 95,000 plus accrued interest of ₹ 4,000, the total amount insured by the DICGC will be ₹ 99,000. If, however, the principal amount in that account was ₹ 1,00,000, the accrued interest will not be insured, not because it was interest but because that was the amount over the insurance limit.
  • The deposits kept in different branches of a bank are aggregated for the purpose of insurance cover and a maximum amount up to ₹ 1,00,000 is paid.
What is the TDS on interest earned?
  • Tax on interest earned on a fixed deposit shall be deducted at source on each interest payment and on interest accrued on March 31 of every year, if the total interest from all FDs with the bank for the financial year exceeds the INR 10,000 (as specified by the income tax act)
  • TDS certificate for the amount deducted shall be issued by the bank
  • For no tax deduction at source individuals have to submit form 15G/H at the beginning of every financial year. If not submitted- TDS will be deducted. TDS certificate would be issued to the customer on quarterly basis
  • In case customer wants to give Form 15G/H in mid of the month / year, 5th of every month would be taken for consideration. Till the date of receipt of 15G/H, TDS would be deducted and balance period waiver would be marked from the month of submission to 31st March
  • Please note that TDS will be waived only up to the maximum of the income tax slab; i.e. interest income up to ₹ 2.50 lakhs for individual & ₹ 3.00 lakhs for Sr. Citizen, (e.g. ₹ 30 lakhs*9% = ₹ 2.7 lakhs, as per IT act only ₹ 2.50 lakhs exempted, so this customer is not eligible for form 15 G / H)
  • In-case of a joint FD, TDS will be deducted in the name of the first account holder.
How do I apply?

Please contact Tel : +91 9148203675 or email to vipaccounts@fincare.com

What documentation do I require?

As per KYC norms of the bank. For account opening, an Aadhar and PAN card would suffice.

What are the interest payment options and frequency?
  • Customer will be given the option of cumulative interest (compounding) at the end of every quarter, or payout at the end of every month, or payout at the end of every quarter
  • Customer has to convey his/her option at the time of opening the account. No changes shall be allowed at a later date.
  • Default option is cumulative interest, with interest being compounded quarterly
  • Any interest payouts to customers will be net of TDS.
What is Form 15G/H?

Form 15G/H is a declaration which a customer can submit to ensure that the tax is not deducted at source on the interest income if s/he meets the applicable conditions. Additionally, the customer should also have a Permanent Account Number (PAN) before claiming a tax deduction through Form 15G/H.

Type of Form

Form 15G
Statement of Declaration under section 197A (1) and section 197A (1A) by an individual claiming certain incomes without deduction of tax.

Form 15H
Statement of Declaration under section 197A(1C) by an individual who is of the age of sixty years or more claiming certain incomes without deduction of tax.

What is the difference between Form 15G/H?

The main difference between Form 15G and Form 15H is that Form 15G is meant for non-senior citizens, whereas form 15H is meant for senior citizens only (60 Years and above).

Is there any time limit for submitting Form 15G/H?

There is no time limit or due date for submitting Form 15G/H to Fincare Small Finance Bank (FSFB). However, it is advisable to submit it at the beginning of the financial year (i.e., April 01st ) or as and when the new deposit is created.

What are the pre-requisites for Submitting Form 15G/H?

The date of birth (DoB) and PAN should be updated in your FSFB account(s) in the bank’s records. As per Central Board of Direct Taxes (CBDT) circular number 03/11, in the absence of PAN, Form 15G/H and other exemption certificates submitted will be invalid and penal TDS will be applicable.

When is TDS liable to be deducted?

TDS is to be deducted when the interest income earned exceeds ₹10,000 in a financial year for all resident assesses, except for resident senior citizens. In case of resident senior citizens, TDS is to be deducted when the interest income earned exceeds ₹50,000 in a financial year.

What is the time frame during which Form 15G/H are valid?

Form 15G/H are valid for one financial year ending on March 31st of every year. So, customer needs to submit these forms every year if they are eligible. Submitting them as soon as the financial year starts will ensure non-deduction of any TDS on the interest income earned.

Does filing of Form 15G/H mean that interest income is not taxable?

Yes, Form 15G/H are only a declaration that no TDS will be deducted on your interest income.

Who all are not eligible for Submission of Form 15G/H?

The following are not eligible for submission of Form 15G/H

  • Company (Both Public and Private Ltd)
  • Partnership Firm.
  • Foreign National
  • Non Resident Indian (NRI)
Is the threshold of ₹10,000 / ₹50,000 (interest income earned) calculated individually or in aggregate across the branches?

The threshold of ₹10,000 (interest income earned) is to be calculated in aggregate, i.e., the interest income earned from all the deposits from all the branches across the FSFB are to be included while calculating the threshold of ₹10,000. (For resident senior citizens, the threshold applicable is ₹50,000).

What recourse to be taken by the customer, if s/he fails to submit the form and TDS is deducted?

The only way to seek refund of excess TDS deducted is by filing your income tax return. The TDS that is deducted before the form is submitted will not be refunded by the FSFB, as the FSFB would have already remitted it to the income tax department. Income tax department will refund the TDS deducted, after you file an income tax return.

Whether Fincare SFB depositor needs to visit the nearest branch to provide the Form 15G/H, if not already shared.

No, FSFB Depositor can download the forms which is available in the “Forms Centre” on our website www.fincarebank.com and fill in the part 01 of Form 15G/H and dispatch it to the below mentioned address.

Central Processing Centre,
Fincare Small Finance Bank, No.17/1, 2nd Floor, GRA Towers, Ambalipura Road, Off Sarjapura Road, Bellanduru, Bengaluru – 560103.