Equitas Small Finance Bank offers a range of Fixed Deposit (FD) offerings designed to cater to the diverse needs of its customers. With competitive Equitas Small Finance Bank FD rates, flexible tenures, and a commitment to customer satisfaction, Equitas presents a compelling avenue for individuals looking to make their money work for them. Let us explore the benefits and features of Equitas Small Finance Bank FD rates 2023 options, empowering you to embark on a secure and rewarding financial journey.
About Equitas Small Finance Bank
Equitas Small Finance Bank is a modern financial institution that has redefined banking for people of all ages and families across India. Founded initially as a microfinance company, Equitas quietly worked to empower individuals and improve their lives. Today, as a small bank, Equitas is at the forefront of transforming the banking industry, aiming to reshape the way banks are made, delivered and experienced, driven by trust and power.
Equitas Small Finance Bank FD Rates
Equitas small finance bank fixed deposit rates are pretty enticing for its customers. As of August 21. 2023, this small finance bank is rolling out a fantastic deal for its senior citizens with an impressive 9 per cent Equitas small finance bank fd interest rates. This moves Eqitas small finance bank’s commitment to providing competitive and rewarding options for their customers, making it an attractive choice for those seeking reliable and lucrative investment opportunities.
Equitas Small Finance Bank FD Rate of Interest 2023
| Tenure | Interest Rates (% p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 – 14 days | 3.50 | 4.00 |
| 15 – 29 days | 3.50 | 4.00 |
| 30 – 45 days | 4.00 | 4.50 |
| 46 – 62 days | 4.50 | 5.00 |
| 63 – 90 days | 4.50 | 5.00 |
| 91 – 120 days | 5.25 | 5.75 |
| 121 – 180 days | 5.25 | 5.75 |
| 181 – 210 days | 6.25 | 6.75 |
| 211 – 270 days | 6.25 | 6.75 |
| 271 – 364 days | 6.25 | 6.75 |
| 1 year (365 days) | 8.20 | 8.70 |
| 1 year 1 day | 8.00 | 8.50 |
| 1 year 2 days to 443 days | 8.20 | 8.70 |
| 444 days | 8.50 | 9.00 |
| 445 days to 18 months | 8.20 | 8.70 |
| 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 |
| 5 years 1 day to 10 years | 7.25 | 7.75 |
NRE FD Interest Rates for deposits less than Rs. 2 crores w.e.f. 21 August 2023
| Tenure | Interest Rates (% p.a.) |
| 1 year (365 days) | 8.20 |
| 1 year 1 day | 8.00 |
| 1 year 2 days to 443 days | 8.20 |
| 444 days | 8.50 |
| 445 days to 18 months | 8.20 |
| 18 months 1 day to 2 years | 7.75 |
| 2 years 1 day to 887 days | 8.00 |
| 888 days | 8.25 |
| 889 days to 3 years | 8.00 |
| 3 years 1 day to 4 years | 7.50 |
| 4 years 1 day to 5 years | 7.25 |
| 5 years 1 day to 10 years | 7.25 |
NRO FD Interest Rates for deposits less than Rs. 2 crores w.e.f. 21 August 2023
| Tenure | NRO Fixed Deposit Interest Rates |
| 7 – 14 days | 3.50% |
| 15 – 29 days | 3.50% |
| 30 – 45 days | 4.00% |
| 46 – 62 days | 4.50% |
| 63 – 90 days | 4.50% |
| 91 – 120 days | 5.25% |
| 121 – 180 days | 5.25% |
| 181 – 210 days | 6.25% |
| 211 – 270 days | 6.25% |
| 271 – 364 days | 6.25% |
| 1 Year (365 days) | 8.20% |
| 1 Year 1 day | 8.00% |
| 1 Year 2 days to 443 days | 8.20% |
| 444 days | 8.50% |
| 445 days to 18 months | 8.20% |
| 18 months 1 day to 2 years | 7.75% |
| 2 years 1 day to 887 days | 8.00% |
| 888 days | 8.25% |
| 889 days to 3 years | 8.00% |
| 3 Years 1 day to 4 Years | 7.50% |
| 4 Years 1 day to 5 Years | 7.25% |
| 5 Years 1 day to 10 Years | 7.25% |
Prerequisites Before Applying for an FD (Eligibility Criteria and documents required)
Before you consider opening an FD with Equitas Small Finance Bank, it’s essential to ensure you meet the eligibility criteria and have the necessary documents at hand along with having knowledge about Equitas small finance bank fd rates. Here’s what you should check before applying:
Eligibility Criteria
- Indian Resident: You must be an Indian resident to open an Equitas Selfe FD. This means you should be residing in India.
- Age Requirement: You should be at least 18 years of age to be eligible for a Selfe FD account with Equitas Small Finance Bank.
- PAN and Aadhar: You need to have a valid Permanent Account Number (PAN) and Aadhar card. These documents serve as essential identification and tax-related documents.
- Linked Mobile Number: Ensure that your mobile number is linked to your Aadhaar card. This linkage is often used for verification purposes.
- No Existing Equitas Bank Account: You should not already have an account with Equitas Small Finance Bank. This condition ensures that the Selfe FD account is for new customers.
- OTP-Based KYC: You should not have opened, nor should you plan to open, any other account using OTP-based Know Your Customer (KYC) in a non-face-to-face mode with any other bank.
Meeting these prerequisites is crucial to a smooth and hassle-free process when applying for an Equitas Small Finance Bank Selfe FD. It’s always advisable to double-check your eligibility and ensure you have the required documents before initiating your FD application to avoid any delays or complications.
Documents Required for Equitas Small Finance Bank Fixed Deposit Account
Individual, HUF, Proprietor:
- Passport size photograph
- PAN and KYC documents
- Deed of declaration of HUF (for HUF accounts)
Partnership Firm:
- Passport size photographs of all partners
- PAN and KYC documents
- Partnership Deed
- Letter from partners to open and operate the account
Trust:
- PAN and KYC documents
- Copy of the Trust Deed
- Copy of the Registration Certificate
- Photographs of the members operating the account
- Copy of the Resolution of the Trustees authorising members to open and operate the account
Associations, Clubs:
- Passport size photographs
- PAN and KYC documents
- By-Laws of the Association
- Board Resolution to open and operate the account
Company:
- Passport size photographs of directors
- PAN and KYC documents
- Certificate of Incorporation
- Memorandum and Articles of Association
- Board Resolution to open and operate the account
- ID proofs of authorized signatories
Applying for an FD at Equitas Small Finance Bank
- Visit Branch: Choose a nearby branch.
- Complete Form: Fill in personal details, including PAN, address, and nominee information.
- Select Tenure: Choose your preferred FD tenure (7 days to 10 years).
- Deposit Funds: Attach a cheque or use net banking from another account.
- Submit KYC Documents: Include PAN, proof of address, and identity documents.
- Bank Verification: Bank representative reviews your documents.
- Acknowledgement Slip: Receive a confirmation slip indicating your FD account is in progress.
Benefits of Applying for FD at Equitas Small Finance Bank
When it comes to securing your savings and making your money work for you. Equitas Small Finance Bank offers a host of compelling features and benefits through its FD offerings:
- Competitive interest rates: Equitas Small Finance Bank FD interest rates are competitive and allow you to earn attractive returns on your investments.
- Flexible FD tenures: You can choose from a wide range of FD tenures, spanning as short as 7 days and as long as 10 years. This versatility lets you align your investments with your financial goal and time horizon.
- Convenient account opening: Whether you prefer the convenience of online banking or going to the branch, you can easily open an FD account to start growing your savings.
- Interest payout options: Equitas offers different interest payout options, including monthly and cumulative, allowing you to select the one that suits your financial preferences and requirements.
- Liquidity options: When you need access to your funds in case of an emergency, Equitas provides easy and fast liquidity options, ensuring that your money remains accessible when you need it.
- Nomination facility: You can nominate a beneficiary, ensuring that your hard-earned savings are passed on to your loved ones seamlessly in the unfortunate event of your absence.
- Part withdrawal and auto-renewal: Equitas understands that financial needs can change, so they offer part withdrawal facilities and auto-renewal options to accommodate your evolving requirements.
- No penalty on premature withdrawal (above 6 months): If you need to withdraw your FD prematurely after 6 months. Equitas Small Finance Bank does not impose any penalty offering you added flexibility.
- Non-maintenance charges waiver: Maintaining a savings account can sometimes come with charges, but Equitas provides a waiver for these charges when you link your savings account with an FD of one year or more.
- Senior citizen benefits: Senior citizens are in for a treat with higher interest rates than regular citizens. This means they can maximise their earnings from FD investments, ensuring financial security in their golden years.
Conclusion
In summary, Equitas Small Finance Bank FD rates options offer competitive rates, flexibility in tenures, and convenient account opening. They prioritise customer convenience with features like liquidity options, nomination facilities, and part withdrawals, while seniors benefit from higher interest rates. With no penalties on premature withdrawals after six months and savings account charge waivers, Equitas ensures customers enjoy a secure and rewarding financial journey.
Equitas Small Finance Bank FD Rates FAQs :-
Equitas offers FD tenures ranging from 7 days to 10 years, providing flexibility for various investment needs.
You can open an Equitas FD account either online or by visiting your nearest Equitas Small Finance Bank branch.
Equitas provides different interest payout options, including monthly and cumulative. You can choose the one that aligns with your financial goals.
Equitas Small Finance Bank does not impose penalties on premature withdrawals after the initial 6-month lock-in period.
Yes, senior citizens enjoy higher interest rates compared to regular citizens, making their FD investments more lucrative and secure.
