Small Finance Bank refers to a specialised bank that focuses on offering financial services to marginalised communities such as small farmers, micro and small enterprises, and low-income households. Equitas Small Finance Bank, established in 2007 by Equitas as a microfinance lender, is dedicated to promoting financial inclusion. Its mission revolves around serving small businesses, micro and small enterprises, and small-scale farmers. Equitas Small Finance’s fixed deposit scheme remains highly sought after, making it one of the most popular financial products offered by the bank. Discover comprehensive information about the FD calculator Equitas Bank, rates, eligibility, and more.
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About Equitas Bank
Equitas Small Finance Bank operates as a pioneering new age bank in India. It offers individuals, families, and business professionals an innovative banking experience. Previously known for its role as a microfinance company that quietly empowered livelihoods and improved lives, the bank has now transitioned to redefine the conventional perception, delivery, and experience of banking. Equitas Small Finance Bank, established by Equitas in 2007, is based in Chennai. It obtained a licence from the Reserve Bank of India on September 5, 2016, becoming a subsidiary of Equitas Holdings Ltd., and then evolved into a scheduled commercial bank on February 4, 2017. Known for its savings and locker facilities, Equitas Small Finance Bank offers an appealing fixed deposit scheme with competitive rates and attractive features.
Equitas Small Finance Bank FD Rate of Interest 2023
Tenure |
Regular Customers (%) |
Senior Citizens (%) |
7 days – 14 days |
3.50% |
4.00% |
15 days – 29 days |
3.50% |
4.00% |
30 days – 45 days |
4.00% |
4.50% |
46 days – 62 days |
4.50% |
5.00% |
63 days – 90 days |
4.50% |
5.00% |
91 days – 120 days |
5.25% |
5.75% |
121 days – 180 days |
5.25% |
5.75% |
181 days – 210 days |
6.25% |
6.75% |
211 days – 270 days |
6.25% |
6.75% |
271 days – 364 days |
6.25% |
6.75% |
1 year – 443 days |
8.20% |
8.70% |
444 days |
8.50% |
9.00% |
445 days – 18 months |
8.20% |
8.70% |
18 months 1 day – 2 years |
7.75% |
8.25% |
2 years 1 day – 887 days |
8.00% |
8.50% |
5 years 1 day – 10 years |
6.00% |
6.50% |
888 Days |
8.50% |
9.00% |
889 days – 3 years |
8.00% |
8.50% |
3 years 1 day – 4 years |
7.50% |
8.00% |
4 years 1 day – 10 years |
7.25% |
7.75% |
The Equitas Bank FD Calculator is a convenient digital tool that helps customers determine the expected maturity amount. With the FD calculator Equitas Bank, you can save time and resources, as it offers fast and accurate results.
To utilise the Equitas FD Calculator, follow these steps:
Step 1: Input the desired amount for your fixed deposit investment.
Step 2: Select the interest rate you wish to apply to the scheme.
Step 3: Choose the duration for which you want to lock in your funds.
Once you’ve entered the above details, you will see the amount you’ll receive upon maturity and the interest you’ll earn.
- Precise Interest Calculations: The online Equitas small finance FD calculator ensures accurate interest calculations with minimal risk of errors.
- Interest Rate Comparison: Easily compare interest amounts for different FD schemes based on varying investment tenures to make an informed decision.
- Convenient Investment Planning: This free online tool facilitates hassle-free investment planning and is accessible anywhere and anytime.
- No Personal Information Required: There’s no need to provide personal details or sign up to utilise this tool.
- User-Friendly Interface: The FD calculator Equitas Bank offers a user-friendly experience, simplifying the calculation process. Just input your investment details to determine maturity and accrued interest.
Advantages of Using the FD Calculator Equitas Bank
Equitas Small Finance Bank offers a variety of fixed deposits, which provide a secure investment option. In this type of investment, a lump sum amount is deposited at a fixed interest rate for a specified period. Notably, these fixed deposits offer higher interest rates than regular savings accounts.
Fixed Deposit Account: The fixed deposit account offered by Equitas Small Finance Bank is an ideal option for investing idle funds. Key features of this scheme include:
- It provides the convenience of both quarterly and monthly interest payouts.
- You have the flexibility to reinvest the interest earned, enhancing your deposit.
- Senior citizens can take advantage of attractive interest rates, reaching up to 9% per annum for an 888-day deposit.
- While full and partial premature withdrawals are allowed for fixed deposits, those with monthly payouts are exempted from this provision.
- There are no penalties imposed on withdrawals made after six months.
- For monthly payout fixed deposits, interest is compounded quarterly to maximise returns.
- Customers can avail of a nomination facility for added security.
Selfe Fixed Deposit: The Selfe fixed deposit offers a simplified process for booking fixed deposits. All you need is an Aadhaar number and PAN card, eliminating the requirement of having a savings account with Equitas Small Finance Bank. You can conveniently deposit funds directly through UPI from any bank account. Key features of this scheme include:
- The depositor must be a resident Indian aged over 18.
- Valid Aadhaar and PAN cards are necessary.
- Your Aadhaar card should be linked to your mobile number.
- Applicants should be new customers of Equitas Small Finance Bank.
- Maturity proceeds are credited to the linked savings account.
- Non-face-to-face mode with other banks does not require OTP-based KYC verification.
- The minimum deposit amount is Rs.5,000, while the maximum is Rs.90,000.
- Tenure options range from 7 to 365 days.
- Senior citizens receive an additional interest rate of 0.5%, excluding NRE/NRO accounts.
- Partial premature withdrawals are not allowed for monthly payout FDs.
- There is no penalty for premature withdrawal after 180 days for senior citizens’ Selfe FDs.
Eligibility Requirements for Equitas Small Finance Bank Fixed Deposits
Equitas Small Finance Bank welcomes deposits from a diverse range of eligible entities, including:
- Individual residents
- Sole proprietary concerns
- Partnership firms
- Limited companies
- Associations and clubs
- Societies and trusts
- Accounts of non-trading nature for Joint Hindu Families
Please note that the Selfe FD option does not allow multiple depositors, meaning joint accounts are not permissible for Selfe FDs.
Documents Required
Complying with Know Your Customer (KYC) regulations is mandatory when opening a bank account in India. Equitas Small Finance Bank offers the convenience of online account opening for their self-FD product, requiring only a PAN and Aadhaar card. Depositors have two options to complete the KYC process: they can either choose video KYC or visit the nearest branch and submit self-attested copies of the required documents.
- Proof of identity: Proof of identity can be established through various documents such as PAN card, driving licence, passport, Voter ID card, Aadhaar card, and Government/Defense ID card.
- Proof of residence: Proof of residence can be established through various documents, including an Aadhaar card, electricity bill, telephone bill, ration card, bank account statement, a letter from a statutory authority/local body, or an Income Tax Order. These documents serve as tangible evidence of one’s place of residence.
Proof of date of birth: When proving one’s date of birth as a senior citizen to enjoy higher interest rates, it is necessary to provide a relevant document such as a Passport, Voter ID card, driving licence, PAN card, or Service Discharge Certificate.
Conclusion
In conclusion, Equitas Small Finance Bank offers a reliable and convenient Fixed Deposit scheme that allows customers to grow their savings effectively. With attractive interest rates, flexible tenure options, and a commitment to financial inclusion, Equitas Small Finance Bank serves as a crucial player in empowering individuals and businesses to achieve their financial objectives. Whether you’re a regular customer or a senior citizen, Equitas Small Finance Bank provides a wide range of financial solutions tailored to meet your specific requirements.
Equitas Bank FD Calculator : FAQs
Equitas Small Finance Bank provides a competitive FD interest rate of 8.5% per annum for general citizens and an even more attractive rate of 9% per annum for senior citizens.
Equitas Small Finance Bank's 1-year fixed deposit scheme presents an appealing interest rate of 8.2% per annum. This makes it an attractive choice for individuals seeking effective short term savings options.
Equitas Small Finance Bank allows you to start a fixed deposit with a minimum deposit of INR 5,000. On the other hand, there is no maximum limit on the amount you can invest in an Equitas Small Finance Bank FD, giving you the flexibility to choose an investment amount that suits your financial goals.
Equitas Small Finance Bank offers FD tenures spanning from as short as 7 days to as long as 9 years and 11 months, 28 days.