What to Know About Equitas Bank FD Rates for 2024?

**Equitas Small Finance Bank**, established by Equitas in 2007 as a microfinance lender, addresses the financial needs of smaller segments. This Chennai-based bank received its Reserve Bank of India (RBI) license on September 5, 2016, and transitioned to a scheduled commercial bank by February 4, 2017. A subsidiary of Equitas Holdings Ltd, the bank is renowned for its savings and locker facilities, with its Fixed Deposit (FD) schemes being exceptionally popular among customers.

The growing recognition of Equitas Bank FD rates stems from their enticing features and competitive interest rates. These deposits offer reliable returns, making them an attractive option for investors focusing on financial security and growth.

Key Features and Benefits of Equitas Bank Fixed Deposits

Characteristics and Advantages of Equitas Fixed Deposit:

• Secure Investment Option
• Competitive Interest Rates
• No Penalty for Early Withdrawal after Six Months
• Minimum Deposit Requirement of ₹5000
• Flexible Interest Payout Options
• Terms ranging from 7 days to 10 years
• Loan Facility against FD
• Auto-renewal and Nomination Features Available

Equitas Small Finance Bank Fixed Deposit Rates for 2024

Tenure	Interest Rates (PA)	Interest Rate for Seniors (PA)
7 to 14 days	3.50%	4.00%
15 to 29 days	3.50%	4.00%
30 to 45 days	4.00%	4.50%
46 to 62 days	4.50%	5.00%
63 to 90 days	4.50%	5.00%
91 to 120 days	5.25%	5.75%
18 months 1 day to 2 years	7.75%	8.25%
2 years 1 day to 887 days	8.00%	8.50%
888 days	8.25%	8.75%
889 days to 3 years	8.00%	8.50%
3 years 1 day to 4 years	7.50%	8.00%
4 years 1 day to 5 years	7.25%	7.75%

Types of Equitas Bank FD Schemes

• Regular Fixed Deposit (Interest Reinvestment Scheme)

  This scheme allows for interest reinvestment into the principal, providing senior citizens with an additional 0.50% interest. Payouts can be monthly or quarterly; monthly payouts receive a discount based on quarterly compounding. A nomination facility is included, though sweep-in facilities are not available.

• Selfe Fixed Deposit

  This offers up to an 8.20% annual interest rate for a one-year tenure, with no linked savings account required. Deposit amounts range from ₹5,000 to ₹90,000. Seniors receive an additional 0.50% interest, and monthly payouts have similar discounts.

How to Open a Fixed Deposit Account with Equitas Bank

You can start an Equitas Small Finance Bank FD account online or offline:

Online Procedure:

Visit the official Equitas Small Finance Bank website. Navigate to 'Personal', 'Banking', 'Deposits', then 'Fixed Deposit'. Click 'Open FD', fill out and submit the form. A bank representative will contact you to complete the process.

Offline Method:

Visit the nearest bank branch, fill out an application, and provide the necessary documents with the deposit. Upon verification, your FD account will be activated.

Eligibility for Opening a Fixed Deposit Account at Equitas Bank

Eligible applicants for an FD account include:

• Resident individuals
• Partnership firms
• Hindu Undivided Families (HUFs)
• Sole proprietors
• Trust accounts
• Limited companies

Required Documents for Opening a Fixed Deposit Account

Documents required are:

• Completed Application Form
• PAN card
• Identity Proof (Passport, PAN, Driver’s License, Aadhar)
• Passport-sized Photographs
• Address Proof (Aadhar, Electricity Bill, etc.)
• Age Proof (Birth Certificate, etc.)

Early Withdrawal of Equitas Bank Fixed Deposit

Early withdrawal from FDs at Equitas Small Finance Bank is allowed, with interest adjusted to the effective booking date rate. Penalties apply for deposits over 7 days, and no interest is paid for terms under 7 days.

*[RBI]: Reserve Bank of India, *[NSE]: National Stock Exchange, *[BSE]: Bombay Stock Exchange, *[NRI]: Non-Resident Indian, *[LLP]: Limited Liability Partnership, *[FD]: Fixed Deposit, *[ATM]: Automated Teller Machine, *[MICR]: Magnetic Ink Character Recognition Code, *[SEBI]: Securities and Exchange Board of India, *[KYC]: Know Your Customer*