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Fincare Zero Balance Account-First Savings Account

Fincare Small Finance Bank offers 101-First Savings account, a zero balance savings account to its customers. This online savings account can be opened digitally within a few minutes without any deposit.

Fincare Small Finance Bank offers 101-First Savings account, a zero balance savings account to its customers. This online savings account can be opened digitally within a few minutes without any deposit.

How to open Fincare Zero Balance Account

You can open a Fincare Zero Balance Account within a few minutes. Follow these steps to open a Fincare Zero Balance account.

  1. Click here to initiate the account opening process.

    fincare small finance bank

  2. Add your mobile number, email address, PAN number

  3. Authenticate your mobile number

  4. Add your Aadhaar number and enter the OTP that you have received on your Aadhaar registered mobile number.

  5. The bank will fetch details such as your name, date of birth and Aadhaar registered address from the Aadhaar base.

  6. You can add your communication address, if the communication address is different from the Aadhaar address.

  7. Upload your selfie and signature.

  8. Add other personal details such as your parent’s name and nominee.

And your account is created. Save the details. You can download the Fincare Bank’s mobile banking app to carry out banking transactions through the mobile bank app.  

Features of Fincare Small Finance Bank 101 Savings Account:

Zero Balance:

Fincare Bank’s 101 First savings account is a zero balance account. It does not have a minimum average balance and customers don’t have to keep any minimum balance in the savings account.

Attractive interest rate:

Fincare Small Finance Bank provides attractive interest rates to its savings account customers. Currently, the bank is offering an interest rate of up to 7%. The interest rate of the savings account starts at 5% per annum.

Free debit card:

Customers of 101 First savings account get a debit card without any issuance fee through which they can carry out online and offline transactions. Also, there are no annual maintenance charges for the first year. Customers can carry out 8 free ATM transactions (financial and non-financial) per month.

Bank through your phone: 

Customers can download the Fincare Small Finance Bank mobile banking app to pay bills, set up flexible standing instruction options, transfer fund and more.    

Open FD and get a higher interest rate 

 One can open a fixed deposit through the digital account and earn up to 9% rate of interest.

Attractive Interest rate 

Fincare Small Finance Bank offers attractive interest rates on their savings account including the 101 Savings Account. It offers high interest of up to 7.50% for balances above Rs.20 crores. The starting interest rate on the savings account is 6% which is provided for deposits of up to Rs.1 lakh.

Incremental interest rate is applicable to the different deposit slab. E.g. if the total balance is Rs.25 crore, the following interest rates on the balances up to 6% will be applicable on the first lakh, the interest rate on above Rs.1 lakh and up to Rs.5 crores will be offered to above Rs.1 lakh and up to Rs. 5 crores etc.

Here is the breakup of the interest rate offered on different balances: 

Savings Account Rate of Interest
Up to and including Rs.1 lakh 5%
Above Rs. 1 lakh and up to including Rs.5 lakh   6.25%
Above Rs.5 lakh and up to including Rs.1 crore 7.00%
Above Rs.1 crore and up to including Rs.5 crore 6.50%
Above Rs.5 crore and up to including Rs.15 crore6.25%
Above Rs.15 crore and up to including Rs.20 crore6.00%
Above Rs.20 crore and up to including Rs.30 crore3.50%
Above Rs.30 crore and up to including Rs.50 crore3.50%
Above Rs.50 crores3.50%
Fincare Small Finance Bank interest rates

Charges and Fees: 

While Fincare Small Finance Bank doesn’t charge anything for non-maintenance of the minimum average balance, it has some other charges such as cash withdrawal from banks, debit card, ATM charges and cheque book etc.

For cash transactions in a bank, Rs. 4 is charged for every Rs.1000 worth of transactions.

After the first year, customers are charged Rs.30 per month as debit card annual maintenance fees. In case of replacement of the debit card, the debit card replacement charges stand at Rs.200.

In case of financial and non-financial transactions through ATM, five transactions per month in non-metro areas and three transactions per month in urban centres are free. Financial transactions above the free transactions are charged at Rs.25 per transaction and Rs.10 for a non-financial transaction.                    

The charge of a cheque book of 25 leaves is Rs.50.  

Conclusion on Fincare Small Finance Bank zero balance account

101 First Savings Account is the zero balance account of Fincare Small Bank Finance Bank. It has different benefits such as instant account opening, no minimum balance, attractive interest rates etc.

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