Equitas Small Finance Bank FD Rates

Equitas Small Finance Bank, a subsidiary of Equitas Holdings Limited, was established in 2016. Headquartered in Chennai, Tamil Nadu, it is the first private sector bank in Tamil Nadu to commence operations post-Indian Independence. It aims to make banking easily accessible. The bank specializes in financing individuals and MSEs, underserved by formal financial institutions. Equitas Small Finance Bank’s unique model allows it to provide financial services to its target population at an affordable rate with a comprehensive banking and digital platform.

Equitas Small Finance Bank offers a great way to earn interest on your savings. With their Fixed Deposit account, you can earn up to 7.75% per annum. The best part about investing in a fixed deposit is that you know exactly how much interest you’ll earn on your investment, so there’s no guesswork involved. Additionally, FD locks in your money for a set period, and you can rest assured that it will be there when you need it.

Types of Equitas Small Finance Bank FD Rates

Different types of Equitas Small Finance Bank Fixed Deposits are available to suit the needs of a diverse customer base. Here’s what you need to know.

Regular Fixed Deposit

Regular FD is the most basic type of Fixed Deposit account offered by the bank. With a tenure ranging from 7 days to 10 years, you can earn an interest of up to 7.25% per annum. The bank allows monthly and quarterly payouts along with a reinvestment option. Furthermore, the bank doesn’t charge any penalty on premature withdrawals above six months.

Selfe Fixed Deposit

Equitas Small Finance Bank offers a Selfe Fixed Deposit account with a minimum deposit of INR 5,000 and a maximum deposit of INR 90,000. The main benefit of a Selfe Fixed Deposit is that it offers a higher interest rate than a regular savings account. You get the flexibility to choose your deposit period, from 7 days to 365 days.

Features and Benefits of Equitas Small Finance Bank FD Rates

It’s no secret that saving money is essential. But people usually don’t know where to put that money once you’ve saved it. One option is a fixed deposit (FD) with a bank. Here we will take a look at why you might want to consider an FD with Equitas Small Finance Bank and what the benefits are:

• Attractive interest rates: Equitas Small Finance Bank offers some of the best interest rates on fixed deposits in the market, going up to 7.75% p.a.
• Flexible tenure: Customers can choose from a tenure of 7 days to 10 years, based on their needs and goals.
• Safe and secure: Fixed deposits are one of the safest investment options, as the principal investment is guaranteed.
• Various withdrawal options: Customers can withdraw their funds at maturity or opt for a partial withdrawal. The bank allows monthly and quarterly withdrawals too.
• No premature withdrawal penalty: There are no penalties for premature withdrawal after six months, so customers can access their funds when needed. But, the bank doesn’t allow premature withdrawals for senior citizens.

Eligibility Criteria For Equitas Small Finance Bank FD Rates

The eligibility criteria for opening a fixed deposit account with Equitas Small Finance Bank are as follows:

• The account holder must be a resident of India.
• The account holder must be above the age of 18 years.
• The account holder should have valid ID proof like an Aadhaar card, PAN card, or passport.
• The account holder should have a savings account or a current account with the Bank.
• The account holder must link the Aadhaar Card to his phone number.

How is Interest Rate Calculated on Equitas Small Finance Bank FD Rates?

When you open a fixed deposit account with Equitas Small Finance Bank, the interest rate is calculated based on the amount of money you deposit, the term, and the current market rates. If you opt for a monthly payout policy, the interest rate will be discounted on a quarterly compounding basis.

To calculate the interest rate on your deposit, the bank will take the following factors into account:

• The amount of money you deposit: The more amount you deposit, the higher the interest rate will be.
• The term of the deposit: The longer the investment term, the higher the interest rate will be.
• The current market rates: The interest rate on your deposit will be based on the current market rates at the time of your deposit.

The bank uses the following formula to calculate the interest on fixed deposits:

Interest = p*r*t / 100

Here;

• P denotes the Principal deposit amount
• R represents the rate of interest
• T is the tenure of the fixed deposit

Taxation Policy on Equitas Small Finance Bank FD Rates

Under the Income Tax Act, 1961, any interest income earned above the threshold limit set by the government (i.e. INR 10,000) is subjected to TDS as per the current rates prevailing in the market. To claim TDS deduction, the account holder must submit form 15G/ 15H.

How to Open an Equitas Small Finance Bank FD Rates?

If you’re looking for a safe and reliable place to invest your money, you can’t go wrong with an Equitas Small Finance Bank FD account. Here’s everything you need to know about opening one. 

You can open a fixed deposit account by visiting the official website or by making an in-person visit to the nearest Equitas Small Finance Bank branch.

By Visiting the Nearest Equitas Small Finance Bank Branch

Step 1: Visit your nearest branch of Equitas Small Finance Bank

Step 2: Fill in and submit the FD application form along with your KYC documents.

Step 3: Deposit the minimum amount in your FD 

Step 4: Once the account is opened, you will be issued an FD receipt containing all the details regarding your deposit.

By Visiting the Official Website

Step 1: Visit the official website of Equitas Small Finance Bank.

Step 2: Under the ‘Save’ tab, click on ‘Fixed Deposit’

Step 3: Choose the type of FD you want to invest in and click on the ‘Open FD’ button

Step 4: Fill in your details and attach your KYC documents.

Step 5: Make the minimum deposit.

Step 6: Once the account is opened, you will be issued an FD receipt containing all the details regarding your deposit.

Comparison of Equitas Small Finance Bank FD Rates Returns

Compare FD interest rates offered by Equitas Small Finance Bank and other banks. The comparison table will help you in understanding how Equitas Small Finance Bank is better as compared to other available products:

Bank Name	1 Year	3 Year	5 Year
Equitas Small Finance Bank	6.75%	7.00%	7.00%
AU Small Finance Bank	5.35%	6.90%	6.90%
Axis Bank	5.45%	5.70%	5.75%
Federal Bank	5.45%	5.75%	5.75%
ICICI Bank	5.50%	5.60%	6.10%
HDFC Bank	5.50%	6.10%	6.10%
Yes Bank	6.25%	6.75%	6.75%
Kotak Mahindra Bank	5.75%	6.00%	6.00%