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Equitas Bank FD Interest Rates

Equitas Bank FD Rates 2020

Last Updated 05th Aug 2020

Equitas Small Finance Bank is one of most reliable FD providers amongst a number of FD providers in the market. Equitas Small Finance Bank FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to the FD interest rate, the highest rate offered on Equitas Small Finance Bank FD is 7.35%. Latest Equitas Small Finance Bank FD interest rate for senior citizens, on the other hand ranges between 4.20% to 7.95%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 3.60% 4.20%
15 days to 29 days 3.60% 4.20%
30 days to 45 days 4.10% 4.70%
46 days to 62 days 4.60% 5.20%
63 days to 90 days 5.60% 6.20%

Equitas Bank Fixed Deposit (FD)

Equitas Small Finance Bank FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than savings account. Key Features of Equitas Small Finance Bank FD are:

  • Deposit Amount: Equitas Small Finance Bank FD can be opened with an amount as a low ₹ 5,000 to up to No Limit.
  • FD Tenure: Ranges between 7 days to 888 days.
  • Interest Rate Range: 3.60% p.a. to 7.35% p.a.
  • Senior Citizens FD Rate: 4.20% to 7.95% p.a.
  • Highest Interest Rate: As per today’s rate, Equitas Small Finance Bank’s highest interest rate on FD is 7.35% offered for a tenure of 888 days.
  • Safety of Equitas Small Finance Bank Deposits: Equitas Small Finance Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD: Equitas Small Finance Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto Renewal Facility: Available
  • Nomination Facility: Available
  • Popular FD Schemes: Fixed Deposit, Selfe Fixed Deposit

Equitas Small Finance Bank Best FD Plan

We need to compare tenure wise latest FD rate of Equitas Small Finance Bank to choose the tenure at which it provides the highest interest rate. Equitas Small Finance Bank FD rates are best for the deposits with a tenure of 2 years 5 months 8 days to 2 years 5 months 8 days, wherein the current FD rate of interest is 7.35% p.a

If one is looking to invest in short term deposits with Equitas Small Finance Bank, FD interest rates range from 3.60% p.a. to 6.60% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term Equitas Small Finance Bank FD rates for senior citizens range from 4.20% to 7.20% p.a.

If one is looking to invest in long term deposits, Equitas Small Finance Bank FD interest rates with tenure of 5 years to 10 years are a good choice with interest rates on deposits with a tenure of 10 years at 6.75%. Senior citizens are offered special rates from bank with highest deposit rates of 7.35% p.a. on long term FDs.

Fixed Deposits of Equitas Small Finance Bank have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in Equitas Small Finance Bank are:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% payable to the senior citizens
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

Documents required to open Fixed Deposit Account in Equitas Small Finance Bank

  • PAN and Aadhaar card
  • Mobile number should be linked to Aadhar.

FD in Equitas Small Finance Bank – Premature Withdrawal

Premature closure of Term Deposit with Equitas Small Finance Bank is along with the lower interest rate of than the contracted rate. The penal provisions for premature closure on Equitas Small Finance Bank FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit Equitas Small Finance Bank

Equitas Small Finance Bank offers loan up to 0% against its own deposit. Note that Equitas Small Finance Bank will not give you loan against FD of any other bank. Equitas Small Finance Bank offers Loan against FD at the rate of 4.6% to 8.35%

FD Account Opening Process at Equitas Small Finance Bank

To open a Fixed Deposit account in Equitas Small Finance Bank, you can visit the official website and login to your account. Choose Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the Equitas Small Finance Bank FD after reading the terms and conditions.

Nomination Facility on Equitas Small Finance Bank FD

Equitas Small Finance Bank offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a Equitas Small Finance Bank fixed deposit. Nominee has to submit his/her identification proof at the time of claim.

Equitas Small Finance Bank Fixed Deposit Scheme

Fixed Deposit

Description:

  • Equitas Small Finance Bank FD ensures high rate of returns, safety and helps money to grow with meagre efforts. The fact that one can avail interest at regular interest make Equitas even more lucrative.
  • The higher interest rate for senior citizens.
  • Partial and full premature withdrawal is allowed.
  • Nomination facility is allowed.
  • Reinvestment, Quarterly Payout, and Monthly Payout available.

Who is eligible?

  • Resident Indians, Hindu Undivided Families, Sole proprietorship firms, Partnership firms, Limited companies and Trust accounts.
Selfe Fixed Deposit

Description:

  • Self Fixed Deposit avails the opportunity to book FD online in just three minutes using Aadhar Number and PAN. It provides attractive returns and high safety.
  • Higher interest rate for senior citizens
  • Facility of opening a FD without a saving account
  • The minimum initial amount is Rs. Rs. 1000.

Who is eligible?

  • An individual should be an Indian resident and he should be more at least 18 years old.

FAQs

What is the highest FD rate for Equitas Small Finance Bank?

You can earn a maximum interest of 7.35% on Equitas Small Finance Bank fixed deposit.

Are there any special rates for senior citizens FD of Equitas Small Finance Bank?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 3.60% to 7.35%. Compared to this, the rate of senior citizens FD are in the range of 4.20% to 7.95%.

Is there any minimum amount that I have to give for opening a Fixed Deposit with Equitas Small Finance Bank?

The minimum deposit amount required to book an FD with Equitas Small Finance Bank is ₹ 5,000.

Can I deposit additional amount in my FD account?

No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

Who is eligible for opening an FD account in Equitas Small Finance Bank?

All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

What documents are required to open an FD account in Equitas Small Finance Bank?

The documents required to open an FD account in Equitas Small Finance Bank includes PAN and Aadhaar card, Mobile number should be linked to Aadhar..

Is it possible to change the tenure of my existing fixed deposit account with Equitas Small Finance Bank?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with Equitas Small Finance Bank without their PAN card

  • TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

What is the current interest rate on FD in Equitas Small Finance Bank?

Current interest for FD in Equitas Small Finance Bank ranges between 3.60% - 7.35%.

Can a customer open a FD account online in Equitas Small Finance Bank?

Yes, you can submit your application for opening a FD account on the website of Equitas Small Finance Bank. After submitting the application, you will be contacted by the bank’s representative for further process which includes filling an application process and submitting KYC documents.

In how many years FD will double in Equitas Small Finance Bank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 with the 7.35%. For Equitas Small Finance Bank FD the number of years in which your FD will get doubled is; 72/7.35 = 10


Equitas Bank News - Sep 2020
  • 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.
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