Questions related to funding
How can I deposit money into my 101 Account?
You can deposit money during the account opening process. You can transfer money from another account through NEFT/IMPS at any point of time. Steps to follow-
- Log into your existing Bank’s internet banking or mobile banking channels
- Add your Fincare Account as beneficiary. The Account Number is mentioned in the e-mail sent to your registered mail ID at the time of account opening
- Once the beneficiary is added, you can go to the “Fund Transfers” option to transfer money using NEFT/IMPS.
- The IFSC code that you will have to enter is FSFB0000001
- Remember, till you don’t get Biometric e-KYC or Full KYC done, you cannot transfer more than the balance limit of INR 90,000.
How much money can I deposit into my 101 Account?
Your 101 Account got opened using an Aadhaar OTP verification. A customer on-boarded through Aadhaar OTP verification is called a ‘Partial KYC’ customer till a face to face meeting is scheduled with one of our representatives to complete ‘Full KYC’. If you are a ‘Partial KYC’ customer, you are subject to the following balance and transaction limits-
- A maximum balance of INR 1 Lakh, including interest, at any point of time across all your deposit accounts with Fincare Small Finance Bank
- Example 1: If you have a 101 Account alone you can at any point of time have a maximum balance of INR 1 Lakh (including interest credits)
- Example 2: If you have a 101 Account and you wish to open a FD through your 101 Account, the aggregate balance of both the account and your FD at any point of time cannot exceed INR 1 Lakh (including interest)
- Maximum credit of INR 2 Lakhs (including interest credits) into your deposit accounts with Fincare Small Finance Bank.
Also as per RBI guidelines, you must complete your ‘Full KYC’ within a year of opening your 101 Account.
Can I fund from any account ?
You can fund from any account so long as it is your own bank account held with another bank