Equitas Small Finance Bank provides its risk-averse customers with an easy investment option of fixed deposits. These schemes come with attractive interest rates thus helping investors build a robust corpus that can be used to meet financial requirements as and when they arise.
For detailed information about the bank’s fixed deposit schemes and updated Equitas Bank FD rates, read on.
Table of Contents
(Interest rates for domestic/ NRE/NRO deposit scheme)
| Tenure | Equitas FD Rates (p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 – 14 days | 3.60% | 4.10% |
| 15 – 29 days | 3.60% | 4.10% |
| 30 – 45 days | 3.75% | 4.25% |
| 46 – 62 days | 4.25% | 4.75% |
| 63 – 90 days | 5.25% | 5.75% |
| 91 – 120 days | 5.60% | 6.10% |
| 121 – 180 days | 5.60% | 6.10% |
| 181 – 210 days | 5.75% | 6.25% |
| 211 – 270 days | 5.75% | 6.25% |
| 271 – 364 days | 6.20% | 6.70% |
| 1 year to 18 months | 6.75% | 7.25% |
| 18 months 1 day to 2 years | 6.75% | 7.25% |
| 2 years 1 day to 887 days | 7.00% | 7.50% |
| 888 days | 7.00% | 7.50% |
| 889 days to 3 years | 7.00% | 7.50% |
| 3 years 1 day to 4 years | 6.75% | 7.25% |
| 4 years 1 day to 5 years | 6.75% | 7.25% |
| 5 years 1 day to 10 years | 6.75% | 7.25% |
Note: Rates applicable to domestic deposits below Rs. 2 crore effective from 5th November 2020. 0.50% extra FD rates applicable to senior citizens.
Equitas Small Finance Bank has kept it simple with only two fixed deposit schemes (Equitas FD and Selfie FD) in which flexibility of choosing tenure as well as the frequency to receive accrued interest is vested upon the investors.
This scheme is for those who have a bank account with Equitas. Refer to the table below for details:
| Particulars | Details |
| Tenure | 7 days – 10 years |
| Interest Treatment | Cumulative and Non-Cumulative (quarterly or monthly) Interest calculated for 365 days a year (also for a leap year) |
| Rates for Senior Citizens | 0.60% extra |
| Premature Withdrawal | Available*; a penalty of 1% on applicable FD rate |
| Features |
|
* for deposits of or above Rs. 1 crore booked on or before February 28th, 2019 and for deposits below Rs. 2 crore on or before March 1st 2019
Selfie FD scheme is launched for those who do not have a bank account with Equitas Bank. This FD can be opened in a few minutes with the mere submission of PAN and Aadhar. Details about the scheme are stated below:
| Particulars | Details |
| Tenure | 7– 365 days |
| Deposit Amount | Rs. 5,000 – Rs. 90,000 |
| Interest Treatment | Quarterly or cumulative option to receive interest earned |
| Rates for Senior Citizens | 0.60% extra |
| Premature Withdrawal | Available*; a penalty of 1% on applicable FD rate if withdrawn before 180 days |
| Features |
|
If you’re looking for a safe investment option without any market risks, you should invest in Equitas regular Fixed Deposit and earn higher returns than what most of the major banks offer. It is advised to stay invested for at least one year to get significant returns. Also, go for cumulative option if you’re not looking for regular income from your FD.
If you’re looking for instant investment where your FD can be opened in mere minutes, go for Selfie FD. It is beneficial especially in the times of COVID-19 where social distancing is the best thing to do. Selfie FD will be opened online. Again, it is advised to invest for 1 year at least as then you get the maximum benefit.
The bank allows its customers to close the FD prematurely to cater to financial needs that arise, planned or unplanned. The following points are worth considering here:
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.
To apply for an Equitas Bank fixed deposit scheme, investors must keep the following list of documents ready to be produced as and when the bank demands:
Note: This is not an exhaustive list. The bank may alter the same at their discretion.
It is very easy to apply for Equitas Bank FD online. Steps for the same are as stated below:
Step 1: Visit the official website of Equitas Small Finance Bank.
Step 2: From the top menu, follow the sequence: Personal > Banking > Deposits > Fixed Deposit.
Step 3: Click on ‘Open FD’ button at the bottom of the page that will open.
Step 4: Fill the form that shall thus appear and hit the ‘Submit’ button.
A representative from the bank shall contact the customer via phone or email to help to book the FD successfully.
Customers can also walk-in to the nearby office of the bank along with the required documents to apply.
Q. Is it safe to open a fixed deposit account with Equitas Small Finance Bank?
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?
As per the prevailing Equitas FD rates, investors can have a maximum of 7.00% rate of interest on deposits below Rs. 2 crores for a period of 2 years 1 day to 887 days (7.50% for senior citizens).
Q. What is the minimum balance required to be kept for Equitas Bank bulk fixed deposit scheme?
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?
No. Any change in the Equitas Bank fixed deposit rates applies only to fresh deposits and renewal of old deposits.
