Kochi: Fincare Small Finance Bank (SFB) has entered Kerala with its first branch in Palarivattom. The new branch was inaugurated by V P Sajeendran, MLA. Fincare SFB will become operational in Kerala, Andhra Pradesh, Karnataka, Tamil Nadu and Telangana. “Kerala is India’s first digital state with the highest mobile penetration of more than 30 million connections, in a population of 33 million. Fincare SFB believes that its unique 3D proposition; Deposit Rates, Doorstep Service and Digital banking will help cater to the evolved banking needs of such a mature market,” said Rajeev Yadav, MD & CEO of Fincare. Fincare offers fixed deposits, with interest rates of up to 9 per cent p.a., going up to 9.5 per cent p.a. for senior citizens, and savings accounts with interest rates of up to 7 per cent p.a. Also, Kerala being the highest receiver of overall remittances to India, is a potential market for bank’s NR services that offers deposit rates of 9 per cent p.a., the highest among banks. Fincare introduces instant bank accounts within 15 minutes, a suite of savings, investment and insurance products to the Kerala market, rated among the most banking-savvy states in the country. Fincare’s rating has been recently upgraded by ICRA for its long-term instrument to A (stable) from A- (Stable), and for its medium term instruments to MA+ from MA. Suresh Krishnamurthy, COO-South, Fincare and Paul Jose, Product Head, Retail Banking, Fincare were also present at the press conference. Fincare commenced banking operations on July, 2017, after receiving the final license from the RBI in May 2017 under Section 22 of the Banking Regulation Act 1949.