Fino Payments Bank FD Interest Rates: Current Rates Guide
Fino Payments Bank FD Interest Rates
Fino Payments Bank offers fixed deposit (FD) options through partner financial institutions accessible via the BPay app. As a payments bank, Fino facilitates FDs for its customers through tie-ups rather than offering them directly on its own balance sheet. Here is what you need to know about Fino FD rates and how to book one.
How Fino FDs Work
Fino Payments Bank partners with other banks and NBFCs to offer fixed deposit products through the BPay app. When you book an FD, your funds are placed with the partner institution while the process is managed seamlessly through Fino’s platform.
Indicative FD Interest Rate Ranges
| Tenure | General Customers | Senior Citizens |
|---|---|---|
| 7 days to 30 days | 3.00% to 4.00% p.a. | 3.50% to 4.50% p.a. |
| 31 days to 90 days | 4.50% to 5.50% p.a. | 5.00% to 6.00% p.a. |
| 91 days to 180 days | 5.50% to 6.50% p.a. | 6.00% to 7.00% p.a. |
| 181 days to 1 year | 6.00% to 7.00% p.a. | 6.50% to 7.50% p.a. |
| 1 year to 3 years | 6.75% to 7.50% p.a. | 7.25% to 8.00% p.a. |
Note: These rates are indicative. Always verify current rates in the BPay app before booking your FD.
How to Book an FD via BPay App
- Open the BPay by Fino app and log in.
- Tap on Deposits or Fixed Deposit.
- Select the partner institution and choose your deposit amount and tenure.
- Review the interest rate and maturity amount.
- Confirm with your MPIN to complete the booking.
Key Takeaways
- Fino FDs are offered via partner institutions through the BPay platform.
- Senior citizens typically earn 0.25% to 0.50% extra on FD rates.
- Minimum deposit amount is usually Rs 1,000.
- Interest is compounded quarterly in most FD products.
- Premature withdrawal is permitted with a penalty on interest earned.
Frequently Asked Questions
Does Fino Payments Bank directly issue FDs?
As a payments bank, Fino cannot take term deposits directly. FDs are facilitated through partner banks or NBFCs via the BPay app.
Are Fino FDs DICGC insured?
DICGC insurance applies to the partner bank offering the FD, covering up to Rs 5 lakh. Confirm with the specific partner institution.
What is the minimum FD amount on Fino?
The minimum is typically Rs 1,000, though it may vary by partner product. Check the BPay app for current minimums.
Can I withdraw my Fino FD before maturity?
Yes. Premature withdrawal is allowed but incurs a penalty that reduces the effective interest rate earned.
How do I track my active FDs on Fino?
Log in to the BPay app and go to the Deposits or Fixed Deposit section to view all active FDs and their maturity details.
