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Equitas Bank FD Calculator

Equitas Small Finance Bank Fixed Deposit Calculator 2022

Last Updated 14th Jan 2022

Equitas Small Finance Bank FDs have tenures ranging from 2 years 1 day to 10 years with maximum rate of interest of 6.00%. Interest rates for senior citizens are higher than the normal rates and ranges upto 6.50%.

Tenure Interest Rate for General Public Interest Rate for Senior Citizens Max Maturity Amount per Lakh
7 days to 14 days 3.50% 4.00% ₹ 1,00,067 - ₹ 1,00,153
15 days to 29 days 3.50% 4.00% ₹ 1,00,144 - ₹ 1,00,318
30 days to 45 days 3.50% 4.00% ₹ 1,00,288 - ₹ 1,00,493
46 days to 62 days 4.00% 4.50% ₹ 1,00,504 - ₹ 1,00,764
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Equitas Small Finance Bank Fixed Deposit Calculator

Equitas Small Finance Bank fixed deposit calculator helps you calculate maturity value of your deposited amount at the interest rate which is compounded quarterly. The amount of fixed deposits, interest rates on FD, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

  • Deposit amount – This is the initial amount deposited by a customer in Equitas Small Finance Bank. Banks may allow a higher interest rate on larger deposits. Equitas Small Finance Bank offers a deposit amount in the range of Rs. 1,000 to No Limit.
  • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. Equitas Small Finance Bank offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits of less than a year. Highest interest rate offered by Equitas Small Finance Bank is 6.00% for deposit amount Below Rs. 2 crores corresponding to a deposit tenure of 2 years 1 day to 10 years.
  • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 3.50% for a 2 years 1 day FD and a rate of 6.00% for a 10 years FD.
  • Interest Compounding Frequency - This determines the frequency at which interest is compounded. Compounding frequency can be monthly, quarterly, half yearly or annual frequency.
  • TDS applicability and TDS rate - A TDS of 10% of interest amount is applicable if you earn more than Rs 40,000 in a year from FD, which is called FD income. If you do not submit the PAN Card to the bank then TDS rate will be 20% of interest amount.
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 3.50%. In this case, the maturity amount at the end of 7 days will be ₹ 1,00,671 which includes the principal of ₹ 1,00,000 and interest of ₹ 671 is earned on the principal amount during the period. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

      Equitas Small Finance Bank calculates quarterly interest on its fixed deposits. You can also opt for a tax saving scheme to save tax on fixed deposit.

How to Use MyLoanCare FD Calculator

Here is a simple procedure to use MyLoanCare FD calculator:-

  • Go to the FD Calculator.
  • Fill the fields like Deposit Amount, Rate of Interest, Period of Deposit (In years or months), Interest compound frequency.
  • Click Calculate.
  • Result will be shown, which will consist of total maturity amount and total interest earned

Equitas Small Finance Bank Fixed Deposit Interest Rate Calculator – Interest Payment Options

  • Non Cumulative- In a periodic interest payout option, Equitas Small Finance Bank would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
  • Cumulative- In case you opt for a Equitas Small Finance Bank cumulative deposit on maturity you would get a credit for the principal and interest earned net of TDS.

How is Equitas Small Finance Bank FD Rate Calculated?

Equitas Small Finance Bank calculates fd interest in two ways, one is cumulative and non-cumulative as discussed above. It is a decision made by you whether you want interest payout at the end of the tenure or monthly, quarterly, half-yearly or yearly. To earn more money you can go for a cumulative method because interest earned throughout the tenure is added to the principal amount and is compounded then. However, if you are looking for monthly income or so then you can go for non-cumulative.

Equitas Small Finance Bank FD Maturity Calculation for 5 Year

The interest earned on a fixed deposit in Equitas Small Finance Bank depends on the deposit amount, interest applicable, deposit tenure and the type of interest calculation frequency. Interest on Equitas Small Finance Bank FD can be calculated monthly, quarterly, half-yearly and annually.

Let’s understand how much interest you will earn if you invest ₹ 1,00,000 in Equitas Small Finance Bank FD for a 5-year tenure at an interest rate of 6.00% for depositors below 60 years and 6.50% for senior citizens.The maturity schedule of Equitas Small Finance Bank FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at 6.00% for Citizens below 60 years and at 6.50% for Senior Citizens for 5 years

Year Citizens below 60 Years of Age Senior Citizens above 60 Years
Interest Earned Closing Balance Interest Earned Closing Balance
2022 ₹ 6,136 ₹ 1,06,136 ₹ 6,660 ₹ 1,06,660
2023 ₹ 6,513 ₹ 1,12,649 ₹ 7,104 ₹ 1,13,764
2024 ₹ 6,913 ₹ 1,19,562 ₹ 7,577 ₹ 1,21,341
2025 ₹ 7,337 ₹ 1,26,899 ₹ 8,082 ₹ 1,29,423
2026 ₹ 7,787 ₹ 1,34,686 ₹ 8,620 ₹ 1,38,043

Equitas Small Finance Bank FD Calculator Formula

Along with an online FD Calculator, you can use the formula to do the mathematical calculation of the maturity amount and interest earned on Equitas Small Finance Bank FD.

A = P (1 + r/n) ^ n*t
In the above formula –

  • A - Amount received on maturity
  • P - Deposit amount
  • r - Annual interest rate
  • n - Number of times the interest is compounded
  • t is Investment tenure

Other Investment Calculators

FAQs

What is the highest interest earned on Equitas Small Finance Bank fixed deposit?

You can earn a maximum interest of 6.00% on Equitas Small Finance Bank fixed deposits.

How many years FD will double in Equitas Small Finance Bank?

The growth of Equitas Small Finance Bank FD depends on the rate of interest and tenure. There is a method called Rule 72, which computes the number of years it will take to double one’s amount invested in Equitas Small Finance Bank FD.You can also use Equitas Small Finance Bank fd calculator to calculate the maturity amount. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 7.05%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/7.05 = 10.21. So it will take a little more than 14 years for one’s investment to get doubled in Equitas Small Finance Bank.

What are the minimum and maximum amounts that I can invest in an Equitas Small Finance Bank FD?

The minimum investment limit in Equitas Small Finance Bank Fixed deposit account is ₹ 1,000 and there is no maximum investment limit on FD.

Can I withdraw my premature FD from Equitas Small Finance Bank?

Yes, you can withdraw your premature FD amount if you want money before the tenure ends.

How can I calculate Equitas Small Finance Bank premature FD amount?

To calculate premature FD amount you can use Equitas Small Finance Bank bank fd calculator. All you have to put is the value of the invested amount, tenure, interest rate and premature penalty rate (if any).


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Equitas Bank News - Jan 2022
  • 2021-10-01 : Equitas Small Finance Bank Revises FD Rate
    Equitas Small Finance Bank has revised the return rate on fixed deposit schemes on various tenures. The bank is offering the highest interest rate of 6% for 2 years 1 day to 887 days and 5 years 1 day to 10 years. Senior citizens will get an extra 0.50% interest rate on all the tenures.
  • 2021-09-01 : Equitas Small Finance Bank ties with Google Pay for Digital FD
    Equitas Small Finance Bank announced that it will now enable users to open fixed deposits on Google Pay. Initially, the functionality will be available for Google Pay users who are accessing the app from Android.
  • 2020-06-02 : Equitas Bank revised its FD rates
    With effect from 1 June 2020, Equitas Bank changed its FD rates. The fixed deposit rate for 7 to 29 days is 3.60%, for 30 to 45 days it is 4.10% and it is 4.60% for 46 to 62 days. The FD rate for 63 to 90 days is 5.60%, for 90 to 180 days it is 5.85% and stands at 6.10% for 181 to 270 days. Further, the fixed deposit rates for 271 to 364 days is 6.60%, it is 7.10% for 1 year to 2 years and for 2 years one day to 3 years, it is 7.15%. FD 3 years one day to 10 years is 6.75% and stands at 7.35% for 888 days.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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