Exploring 2024 Equitas Bank FD Rates: Best Options for You
Apr 16, 2024
6 MinsEquitas Small Finance Bank, initially founded by Equitas in 2007 as a microfinance lender, is dedicated to fulfilling small financial needs. Headquartered in Chennai, the bank received its RBI license on September 5, 2016, and operates as a subsidiary of Equitas Holdings Ltd. Its transition to a scheduled commercial bank was finalized on February 4, 2017. Renowned for offering savings and locker facilities, Equitas Small Finance Bank's fixed deposit (FD) schemes are particularly favored by clients.
The burgeoning popularity of Equitas Bank FD rates and their attractive features underscore the scheme's wide appeal. Known for attracting small savings and providing consistent returns, it’s a dependable option for investors seeking financial 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 starting from a minimum of Rs. 5000
- Flexible Interest Frequency
- Tenure ranges from 7 days to 10 years
- Loans available against FD
- Auto-renewal and Nomination Options provided
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 interest reinvestment into the principal. Senior citizens enjoy an additional 0.50% interest. Monthly and quarterly interest payout options are available; the monthly payout undergoes a discounting process based on quarterly compounding. A nomination facility is offered, though preferential rates do not include sweep-in facilities.
Selfe Fixed Deposit
In this scheme, depositors can earn up to an 8.20% interest rate per annum for a year tenure. It requires no linked savings account, with deposit amounts ranging from Rs 5,000 to Rs 90,000. Senior citizens receive an extra 0.50% interest rate. Similar discounting applies for monthly interest payouts.
How to Open a Fixed Deposit Account with Equitas Bank
Equitas Small Finance Bank FD accounts can be opened online or offline:
Online Procedure:
Visit the official Equitas Small Finance Bank website. Select 'Personal', 'Banking', 'Deposits', then 'Fixed Deposit'. Click 'Open FD', fill in the form and submit. A representative will contact you to complete the booking process.
Offline Method:
Visit the nearest bank branch, complete the application form, submit necessary documents and the deposit. Post verification, the FD account will be activated.
Qualifications for Opening a Fixed Deposit Account at Equitas Bank
Eligibility for establishing an FD account includes:
- Resident individuals
- Partnership firms
- Hindu Undivided Families (HUFs)
- Sole proprietors
- Trust accounts
- Limited companies
Necessary Documents for Opening a Fixed Deposit Account
The following documents are required:
- Completed application form
- PAN card
- Proof of identity (Passport, PAN Card, Driver’s License, Aadhar Card)
- Passport-sized photographs
- Proof of address (Aadhar, Electricity Bill, etc.)
- Proof of age (Birth Certificate, etc.)
Early Withdrawal of Equitas Bank Fixed Deposit
Equitas Small Finance Bank allows early FD withdrawal. Interest is adjusted to the effective rate from the booking date. Penalties apply for FDs over 7 days, and no interest accrues for tenures under 7 days.
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