Equitas Bank, headquartered in Chennai, is a subsidiary of Equitas Holdings Limited, launched in 2016. It is a scheduled public bank licensed by the Reserve Bank of India (RBI) to provide various microfinance services in India. Equitas Bank is a small finance bank that provides several personalised products and services. Among these, fixed deposits are one of the most sought-after products, highly popular among investors in India for its attractive rates. Let’s take a look at this comprehensive guide of Equitas Bank FD rates, specifying all the relevant details that you need to know in 2023.
| Minimum Deposit | ₹5,000 |
| Maximum Deposit | No specified limit |
| Minimum Tenure | 7 days |
| Maximum Tenure | 10 years |
| Interest Rates | 3.50% to 9.00% p.a. (including rates for senior citizens which do not apply to NRE/NRO FDs) |
| Lock-in Period | 1-year lock-in period for NRE Fixed Deposit Scheme |
| Senior Citizens | 4.00% to 9.00% p.a. (for deposits below ₹2 crores) |
| General Citizens | 3.50% to 8.50% p.a. (for deposits below ₹2 crores) |
Equitas Bank FD Interest Rates 2024
| Tenure | General Citizen | Senior Citizen |
|---|
Features and Benefits of Equitas Bank FD
The following are some of the features and benefits you can avail if you opt for the Equitas Small Finance Bank FD for your next investment.
- Ranging from 7 days to 10 years, the tenure is flexible enough for all customers to choose whichever option suits their financial plan the best.
- Senior citizens get an additional 0.5% p.a. interest rate over the regular rates, which is up to 9% p.a.
- The bank allows partial or full premature withdrawal of FD without penalty for deposits with a tenure above 6 months.
- These FD schemes come with 3 types of interest payout options: monthly, quarterly or at maturity.
- Equitas Small Finance Bank offers benefits such as a fast account opening process, nomination facility, auto-renewal and minimum documentation requirements.
How to Open an Equitas Bank FD?
If you want to avail the benefits of the competitive Equitas Small Finance Bank interest rates for your next FD investment, you need to open an account first. The bank allows FD booking through both online and offline modes.
Online
The online booking of an Equitas Bank FD is a simple procedure and can be done easily, either through the bank’s net banking portal or its mobile app.
1. Internet Banking
Here is a step-by-step guide to follow to open an FD via the internet banking portal.
- Step 1: Visit the official website of Equitas Small Finance Bank.
- Step 2: Under the Login tab, click on ‘Personal’. You will be redirected to the bank’s registration portal.
- Step 3: Enter your credentials and the CAPTCHA code carefully before logging in to your account. If you are not an existing customer, click on ‘New User Registration’.
- Step 4: Once you have registered your account, navigate to ‘Fixed Deposit’ under the Save option on the following page.
- Step 5: Find the ‘Open FD’ tab and click on it.
- Step 6: Select ‘Instant FD Account Opening’.
- Step 7: Enter all the required details such as your particulars, contact information, Aadhaar and PAN card number.
- Step 8: Click on ‘Continue’ after verifying all your personal details.
The following page will display a confirmation message after successfully processing your application for a fixed deposit.
2. Mobile App
Follow the given steps in order to book an FD with Equitas Bank via its mobile app.
- Step 1: Install the Equitas Small Finance Bank Mobile App on your device and use your credentials to log in.
- Step 2: From the main menu, choose the ‘Open FD’ option.
- Step 3: Select which type of fixed deposit scheme you want to avail as per your financial goals.
- Step 4: Enter the necessary details, including your personal information, nominee details, tenure details and payment mode.
- Step 5: Click on ‘Confirm’ after verifying all your details for a successful account opening.
Check the notification you have received on your device. You will get a confirmation message upon final booking and completed transaction.
Offline
Given below are the steps you need to follow to book an Equitas Bank FD offline.
- Step 1: Visit the nearest branch of Equitas Small Finance Bank along with all the necessary documents.
- Step 2: Obtain a Fixed Deposit Application Form from a bank representative and fill out all the required details.
- Step 3: Attach all the documents with this form and submit it.
- Step 4: Deposit the FD amount to the bank.
- Step 5: Collect the fixed deposit receipt on successful account booking.
Documents Required to Book an Equitas Bank FD
Here is a list of documents that are required for the application process:
- Applicant’s identity proof (driving licence, passport, voter ID card, government/defence ID card)
- Address proof of the applicant (Aadhaar card, electricity bill, telephone bill, ration card, bank account statement, authorisation letter from statutory body, income tax order)
- Proof of date of birth (birth certificate, service discharge certificate)
- Passport-size photographs of the applicant
- Bank account details – account number, IFSC code, and branch name.
- PAN card or Form 60/61.
Eligibility to Open an Equitas Bank FD
Before we dive into the different Equitas Bank FD rates for different schemes, let’s check out the list of eligible entities that can open a fixed deposit.
- Type of Applicant: Resident individuals, Hindu Undivided Families (HUFs), Partnership firms, Sole proprietorship, Limited companies, etc.
- Age of Applicant: He/she must be 18 years or more of age.
Types of Equitas Bank FD Schemes
Here is a list of different types of FD Schemes, with varying Equitas Small Finance Bank interest rates, that you can opt for in 2023 for a safe investment.
1. Regular Fixed Deposit Scheme
One of the most popular types of FD schemes of Equitas Bank, it has different interest rates depending on the tenure decided at the time of deposit. The regular Fixed Deposit Scheme allows all eligible entities to withdraw their deposit prematurely, without penalty, after 6 months.
- Minimum Deposit: ₹5,000
- Maximum Deposit: No specified limit
- Tenure: 7 days to 10 years
- Interest Rate: 3.50% to 8.50% p.a. for general citizens and 4.00% to 9.00% p.a. for senior citizens (for deposits below ₹2 crores)
- Eligibility: Indian residents and senior citizens
2. Selfe Fixed Deposit Scheme
Selfe Fixed Deposit Scheme facilitates instant investments without any hassle or time-consuming documentation process. Through this scheme, you can avail the attractive Equitas FD rates by just providing your PAN and Aadhar card. Additionally, there is no need for depositors to already have an account with this bank since the deposit amount is directly transferred using UPI.
- Minimum Deposit: ₹5,000
- Maximum Deposit: ₹90,000
- Tenure: 7 to 365 days
- Interest Rate: 3.50% to 8.20% for general citizens and 4.00% to 8.70% for senior citizens (for deposits below ₹2 crores)
- Eligibility: Indian residents above 18 years of age who are not existing customers of Equitas Small Finance Bank
3. NRE Fixed Deposit Scheme
The NRE Fixed Deposit Scheme is best suitable for those earning money overseas to get interest in India. The interest earned from investing in this FD is tax-free. This scheme comes along with a quarterly interest payout option and nomination facility. Furthermore, all eligible depositors can earn interest on bulk deposits.
- Minimum Deposit: No limit specified
- Maximum Deposit: No limit specified
- Tenure: 1 to 10 years
- Interest Rate: 7.25% to 8.50% p.a. (for deposits below ₹2 crores, for general citizens)
- Eligibility: NRIs (Non-Resident Indians)
4. NRO Fixed Deposit Scheme
The NRO Fixed Deposit Scheme of Equitas Bank offers Indians living abroad the opportunity to earn interest on their deposits held in India. This scheme comes with a 1% penalty on all pre-closure withdrawals made before 6 months. Besides a quarterly payment, you can also avail monthly payments of interest at a discounted rate.
- Minimum Deposit: ₹1,000
- Maximum Deposit: No limit specified
- Tenure: 1 year to 10 years
- Interest Rate: 8.20% to 8.50% p.a. (for deposits below ₹2 crores, for general citizens)
- Eligibility: NRIs (Non-Resident Indians)
Hopefully, now you are all set to enjoy the best compounding returns by choosing the ideal Equitas Bank FD rate for your needs. Fixed deposits remain a reliable investment option due to their negligible risks and assurance of regular income. To get the best possible returns from FDs, you should keep checking the prevailing interest rates and invest when they are high.
