Equitas Small Finance Bank, established by Equitas in 2007 initially as a microfinance lender, earned its name from its focus on serving small financial needs. Headquartered in Chennai, it obtained its license from the Reserve Bank of India on September 5, 2016, operating as a subsidiary under Equitas Holdings Ltd.

The transition to a scheduled commercial bank occurred on February 4, 2017. Equitas Small Finance Bank is renowned for its provision of savings and locker facilities, with its fixed deposit scheme being particularly popular among customers.

The increasing popularity of Equitas Bank FD rates and its attractive features underscore the scheme's appeal. Recognized for its ability to gather small savings and deliver consistent returns, it stands as a reliable option for investors seeking stability and growth.

Key Features and Advantages of Equitas Bank Fixed Deposits

Characteristics and Advantages of Equitas Fixed Deposit:

• Secure Investment Opportunity

• Appealing Interest Rates

• Option for Premature Withdrawal without Penalty after 6 Months

• Equitas FD accepts deposits ranging from a minimum of Rs. 5000 with no maximum limit

• Flexible Interest Frequency

• Tenure spans from 7 days to 10 years for Equitas Bank FD

• Facility for Loan against FD

• Auto-renewal and Nomination Options are provided

Equitas small finanace Bank Fixed deposit-2024

Types of Equitas Bank of India FD Schemes

• Regular Fixed Deposit (Interest Reinvestment Scheme)

This scheme allows the reinvestment of interest back into the principal deposit amount.Senior citizen FD depositors enjoy an additional 0.50% interest rate.Options for quarterly and monthly interest payouts are also available.For the monthly interest payout option, the interest rate undergoes a discounting process based on quarterly compounding.A nomination facility is provided for account holders.Preferential rates do not include the sweep-in facility for deposited funds.

• Selfe Fixed Deposit

With the Selfe Fixed Deposit scheme, depositors can earn interest rates of up to 8.20% p.a. for a tenure of one year.The FD account can be opened independently without the need for a linked savings account.Deposit amounts range from a minimum of Rs 5,000 to a maximum of Rs 90,000.Senior citizen FD depositors receive an additional 0.50% interest rate.For the monthly interest payout option, the interest rate follows a discounting process based on quarterly compounding.

How to Open a Fixed Deposit Account with Equitas Bank

Opening an Equitas Small Finance Bank FD account can be done through both online and offline channels:

• Online Procedure:

Navigate to the official website of Equitas Small Finance Bank.

From the top menu, choose 'Personal', then 'Banking', followed by 'Deposits', and finally 'Fixed Deposit'.

Opt for 'Open FD'.

Complete the displayed form and click 'Submit'.

A bank representative will contact the customer via email/phone to proceed with the FD booking.

• Offline Method:

To open an Equitas Small Finance Bank FD account offline, visit the nearest branch.

Fill out the Equitas Small Finance Bank FD application form and provide all required documents along with the deposit.

Upon successful verification, the FD account will be opened.

Qualifications for Opening a Fixed Deposit Account at Equitas Bank

Qualification for Opening an Equitas FD Account

Individuals or entities meeting the criteria below are eligible to establish a fixed deposit with Equitas Small Finance Bank:

• Resident individuals

• Partnership firms

• Hindu undivided families (HUFs)

• Sole proprietors

• Trust accounts

• Limited companies

Necessary Documents to Open a Fixed Deposit Account at Equitas Bank

The documents required to initiate an Equitas Small Finance Bank FD include:

• A completed fixed deposit application form

• PAN Card

• Proof of identification (such as Passport, PAN Card, Driver’s License, Aadhar Card)

• Passport-sized photographs

• Proof of address (like Aadhar Card, Electricity Bill, Telephone Bill, or other utility bills)

• Proof of age (like Birth Certificate, Discharge Certificate, Matriculation Certificate, or PAN Card)

Early Withdrawal of Equitas Bank Fixed Deposit

Equitas Small Finance Bank permits early withdrawal from FDs. Upon withdrawal, the interest rate is adjusted to the effective rate as of the fixed deposit booking date.

The penalty is applicable solely to FDs with a tenure exceeding 7 days. For tenures less than 7 days, the bank does not accrue interest.