Equitas Small Finance Bank Fixed Deposit Interest Rates 2022

Equitas Small Finance Bank has been recognised as a scheduled bank by the RBI, which makes its depositors eligible for deposit insurance provided by the Depositor Insurance and Credit Guarantee Corporation (DICGC). The deposit insurance cover from DICGC, an RBI subsidiary, insures cumulative deposits up to Rs 5 lakh made by each depositor, including his fixed deposits, savings, current, and recurring deposits, in each scheduled bank in case of the failure or merger/amalgamation of a scheduled bank.

The interest rates are updated as of 13 June 2022

Equitas Small Finance Bank FD Interest Rates 2022

Equitas FD Interest Rates on Domestic/NRE/NRO deposits of less than Rs 2 crore w.e.f. 10 June 2022

Notes: 1. The minimum tenure of NRE is 1 year

2. Additional senior citizen interest rates is not applicable for NRE & NRO fixed deposits

Types of Equitas Small Finance Bank FD Schemes

Regular Fixed Deposit (With Reinvestment of Interest Component)

• This scheme allows reinvestment of the interest component to the deposit amount
• Additional 0.50% interest rates are offered to senior citizen FD depositors
• Quarterly and monthly payout options are also available
• In case of monthly interest pay-out option, the interest rate will be discounted on a quarterly compounding basis
• Nomination facility is available
• Sweep-in facility is not available for deposits booked under preferential rates

Selfe Fixed Deposit

• Depositors can earn higher interest up to 6.10% p.a. for 1 year
• FD account can be opened without a savings account
• Deposit amount: Minimum- Rs 5,000; Maximum- Rs 90,000
• Tenure: 7 days to 365 days
• Additional 0.50% interest rates are offered to senior citizen FD depositors
• In case of monthly interest pay-out option, the interest rate will be discounted on a quarterly compounding basis

Premature Withdrawal of Fixed Deposits – Penalty Charges

• Interest will be paid after deducting the penal rate of 1% from the applicable rate. The applicable rate would be the base rate for the original/contracted tenure or the base rate applicable for the period of deposit for which the FD remained with the bank, whichever is lower.
• No penalty is levied on premature withdrawal of
  • Regular fixed deposits above 6 months
  • Selfe FD having completed 180 days or more
  • Senior citizens Selfe FD
  • Other senior citizen FDs opened on or after 2nd December 2019 (not applicable for grouping)
• Premature withdrawal is not allowed in the following cases:
  • FDs booked on or before 28 February, 2019 for deposits of Rs 1 crore and above
  • FD booked on or before 1 March, 2019 for deposits of Rs 2 crore and above
• Partial premature withdrawal facility is not available for deposits booked under preferential rates

Premature and partial withdrawals are not allowed for deposits booked with a monthly payout

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FD Calculator

Before applying for a fixed deposit in Equitas Small Finance Bank, it is highly recommended to use the FD calculator available at Paisabazaar.com to check the maturity amount one may get at the prevailing Equitas Bank fixed deposit interest rates.

Since Equitas Bank FD rates can change anytime, it is wise to first evaluate and then go ahead with the investment.

FAQs

Q. Is it safe to open a fixed deposit account with Equitas Small Finance Bank?

A. Equitas Small Finance Bank is a licensed scheduled bank, i.e. legally registered with the Reserve Bank of India. All deposits made with the bank are covered by Rs. 5 lakh insurance by DICGC.

However, to check whether investing in any bank is safe or not, customers are advised to check the credit rating of the bank. Equitas Bank is given a stable rating by CRISIL.

Q. What is the highest fixed deposit rate of interest offered by Equitas Small Finance Bank?

A. As per the prevailing Equitas FD rates, investors can have a maximum of 6.85% rate of interest on deposits below Rs. 2 crores for a period of 888 days (7.35% for senior citizens).

Q. What is the minimum balance required to be kept for Equitas Bank bulk fixed deposit scheme?

A. Customers need to keep a minimum of Rs. 2 crores to have an active Equitas Bank bulk fixed deposit scheme.

Q. Does a change in Equitas FD interest rates affect the rate of return for existing customers?

A. No. Any change in the Equitas Bank fixed deposit rates applies only to fresh deposits and renewal of old deposits.