Equitas Bank Interest Rates

Introduction

Fixed Deposits (FDs) have long been a favored investment option for individuals seeking secure and guaranteed returns. Equitas Small Finance Bank FD, known for its customer-centric approach and innovative banking solutions, offers competitive Fixed Deposit interest rates to cater to various investor needs. This guide provides an in-depth look at Equitas Small Finance Bank Fixed Deposit interest rates, including current rates, benefits, special schemes, and more.

Equitas Finance Bank Fixed Deposit Rates Today

As of today, Equitas Bank offers attractive interest rates on its Fixed Deposit schemes. These rates vary based on the tenure of the deposit, the amount invested, and the type of FD account. 

Here is a breakdown of the current FD interest rates offered by Equitas Bank:3

Benefits of Equitas Bank Fixed Deposits

1. Guaranteed Returns: FDs offer a fixed interest rate, ensuring guaranteed returns on your investment.
2. Safety: As a regulated institution, Equitas Bank provides high security for your deposits.
3. Flexible Tenures: Choose from a range of tenures, from 7 days to 10 years, based on your financial goals.
4. Premature Withdrawal: Equitas Bank allows premature withdrawal of FD amounts, subject to certain terms and conditions.
5. Loan Against FD: Avail of a loan against your FD up to 90% of the deposit amount, providing liquidity in times of need.
6. Auto-Renewal Facility: FDs can be set to auto-renew on maturity, ensuring your investment continues to grow without any intervention.

You may also want to know Central Bank of India FD Interest Rates

Equitas Bank Senior Citizen FD Interest Rates

Equitas Bank Interest Rates specially offers good IR for senior citizens (aged 60 years and above) on fixed deposits. Senior citizens receive an additional 0.50% interest rate over and above the regular Bank FD rates. This offer makes FDs an attractive investment option for retirees who are looking for stable and enhanced returns. The Equitas small finance bank simply becomes a go-to choice for senior citizens.

Here are the current interest rates for senior citizens:

Equitas Small Finance Bank Tax Saver FD Interest Rate

The Equitas Small Finance Bank Tax Saver FD scheme allows individuals to save on taxes under Section 80C of the Income Tax Act. The scheme comes with a lock-in period of 5 years, during which the deposit cannot be withdrawn. Here are the interest rates for the Equitas Bank Tax Saver FD:

• 5 years: 7.00% per annum (Regular)
• 5 years: 7.50% per annum (Senior Citizen)

How to Open an Equitas Small Finance Bank FD?

Opening a Fixed Deposit with Equitas Small Finance Bank is a straightforward process. You can open an FD account online through Equitas Bank’s internet banking portal or visit the nearest Equitas Bank branch. Here are the steps to open an FD account online:

1. Eligibility Check

Individuals: Any individual (resident or non-resident) can open an FD with Equitas Small Finance Bank.

Minors: A guardian can open an FD on behalf of a minor.

Businesses and Trusts: Companies, firms, associations, and trusts can also open fixed deposits.

2. Choose Your Mode of Application

Online: If you are an existing customer, you can open an FD online through internet banking or the mobile banking app.

Offline: Visit the nearest Equitas Small Finance Bank branch to open an FD in person.

3. Gather Necessary Documents

Identification Proof: Aadhaar, PAN card, passport, or voter ID.

Address Proof: Utility bills, passport, or any other valid proof of address.

Passport-sized Photograph: A recent photograph may be required.

Existing Account Details: If you’re opening the FD online, ensure you have your savings account details handy.

4. Selecting the FD Scheme

Regular FD: Choose your preferred tenure, ranging from 7 days to 10 years.

Tax-Saving FD: If you’re looking to save tax, opt for the 5-year tax-saving FD scheme.

5. Determine the Deposit Amount

Minimum Deposit: The minimum deposit amount may vary based on the FD scheme. Typically, it starts from ₹1,000.

6. Complete the Application Process

Online:

1. Log in to your internet banking or mobile banking app.

2. Navigate to the FD section and choose ‘Open FD.’

3. Enter Details: Select the type of FD, tenure, and deposit amount.

4. Fund the FD: Transfer the funds from your savings account to the FD.

5. Review & Confirm: Review the details and confirm the deposit.

Offline:

1. Visit the Branch: Go to the nearest Equitas Small Finance Bank branch.

2. Fill out the Application Form: Provide the necessary details, including the type of FD, tenure, and deposit amount.

3. Submit Documents: Provide identification, address proof, and other required documents.

4. Deposit the Amount: Pay the FD amount via cash, cheque, or transfer from your savings account.

5. Receive Acknowledgment: Upon successful deposit, you’ll receive an FD receipt or certificate.

7. Nomination Facility

Nominate a Beneficiary: You can nominate someone to receive the FD proceeds in case of any unforeseen circumstances.

8. Receive FD Certificate

Digital Certificate: If opened online, you’ll receive a digital FD certificate via email or through internet banking.

Physical Certificate: If opened offline, you’ll receive a physical FD receipt or certificate at the branch.

9. Auto-Renewal and Maturity Instructions

Set Preferences: During the application, you can opt for auto-renewal or maturity instructions such as crediting the maturity amount to your savings account.

10. Confirmation

After successfully opening the FD, you will receive a confirmation message or email from the bank with all the details.

You may also want to know HDFC Bank Interest Rates

Factors to Consider Before Investing in an FD

Before investing in a Fixed Deposit, consider the following factors to ensure it aligns with your financial goals:

1. Interest Rates: Compare interest rates offered by different banks to maximize returns.
2. Tenure: Choose a tenure that aligns with your financial needs and goals.
3. Premature Withdrawal: Check the bank’s policy on premature withdrawal and associated penalties.
4. Loan Facility: Ensure the bank offers a loan against FD if you need liquidity.
5. Tax Implications: Understand the tax implications on the interest earned from the FD.

Conclusion

Equitas Bank’s Fixed Deposits are a reliable and secure investment option offering attractive interest rates and various benefits designed to meet the needs of different customer segments. Whether you are a regular investor, a senior citizen, or looking to save on taxes, Equitas Bank has an FD scheme that suits your requirements.

So, what are your investment plans then? Would you consider Equitas Small Finance Bank FD? If yes, then follow the above-mentioned step-by-step process for a smooth account opening experience.