Equitas Small Finance Bank FD Interest Rates

Equitas Small Finance Bank FD Interest Rates

FD Interest Rates Equitas Small Finance Bank

Equitas Small Finance Bank

In 2007, Equitas established a small finance bank known as Equitas Small Finance Bank. The bank serves as a microlender and is headquartered in Chennai. Among many others, Equitas Small Finance Fixed Deposit programme is one of the most sought-after services. Generalised Fixed Deposits (FDs) are well known for their financial security and steady capital growth. FDs offer a predictable interest rate for a fixed time, shielding your money from market ups and downs. Equitas FD’s competitive rates, consistent profit, and ways to mobilise modest savings for both regular and senior citizens make it the best of options. In this comprehensive guide, let’s decipher Equitas Bank’s FD rates, its various schemes, term-wise rates, benefits, and comparison with other banks to ensure you make an informed financial decision.

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Equitas FD Rate Table

FD Rate Table Equitas

Before diving into the specifics, let’s take a quick look at Equitas FD interest rates for domestic customers (regular & senior citizens) and the tenure. The following table values account for amounts less than Rs. 2 Crore only as of June 2023.

Tenure Regular Citizens (% p.a.) Senior Citizens (% p.a.)
7 – 14 days 3.50 4.00
15 – 29 days 3.50 4.00
30 – 45 days 4.00 4.50
46 – 62 days 4.50 5.00
63 – 90 days 4.50 5.00
91 – 120 days 5.25 5.75
121 – 180 days 5.25 5.75
181 – 210 days 6.25 6.75
211 – 270 days 6.25 6.75
271 – 364 days 6.25 6.75
1 year to 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 8.5
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 – 5 years 7.25 7.75
5 years 1 day – 10 years 7.25 7.75

Please note that the interest rates are subject to change and may vary based on market conditions.

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Types Of Equitas Small Finance FD Schemes

FD Schemes Types Of Equitas Small Finance

Equitas Small Finance (ESF) Bank primarily offers two types of FD Schemes: Equitas Regular Fixed Deposit and Equitos Selfe Fixed Deposit. Here is a glimpse of each scheme:

ESF Regular Fixed Deposit

The Equitas Regular Fixed Deposit is a wise investment choice that offers good returns. Using this deposit system, one can manage their investment and grow their money effortlessly. Here’s what you can expect from an ESF regular fixed deposit:

Features Details
Minimum Deposit INR 5,000
Maximum Deposit No Upper Limit
Interest Rate 6.80% (public) & +0.50% (for senior citizens)
Tenure 7 days – 10 years
Nomination Facility Available
Auto-Renewal Facility Available

Additionally, the ESF regular fixed deposit provides the following benefits:

  • Premature, Partial & Full Withdrawals: Allowed but with a penalty. In addition, there is no fee for withdrawals made after six months and no penalties for early withdrawals for senior citizen depositors.
  • Deposit Insurance: Under the RBI’s Deposit Insurance Scheme, deposits at Equitas Bank are protected. As a result, all deposits up to Rs.5,00,000 are insured by DICGC.
  • Access to Loans: Equitas Small Finance Bank provides loans secured by FDs. As a result, this prevents its depositors from having to break the FD to meet their liquidity needs.
  • Optional payout schedules include quarterly and monthly.

In short, this programme provides assured returns, flexibility. and capital generation.

ESF Selfe Fixed Deposit

Selfe fixed deposit accounts are simple to maintain. With the use of PAN and Aadhaar, the account can be opened immediately. The details for ESF selfe fixed deposit are:

 Features  Details
 Minimum Deposit  INR 5,000
 Maximum Deposit  INR 90,000
 Interest Rate  6.50% (public) & +0.50% (for senior citizens)
 Tenure  7 days – 1 year
 Nomination Facility  Available

ESF Selfe FD allows for premature, partial & full withdrawals but with a penalty. After 180 days, withdrawals are free, and senior citizens do not have to pay early withdrawal fees. One can open a Selfe FD account without having an Equitas savings account too.

Additionally, through the UPI bank account, customers can directly fund their fixed deposits.

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Term-wise Equitas Bank Fixed Deposit Rates

Equitas Bank Fixed Deposit Rates Term-wise

Equitas Bank offers three different types of term-based fixed deposit rates. According to the repayment tenure, these are categorised as,

  • Short-term Deposits
  • Medium-term Deposits
  • Long-term Deposits

1. Short-term Deposits

Equitas Bank offers FDs with tenure ranging from 7 days to 12 months at 3.50% – 5.15% per annum. Since they have a tenure of less than a year, these deposits are referred to as short-term deposits.

2. Medium-term Deposits

The terms for  medium-term fixed deposits range from more than one year to fewer than five years. Around 5.15% to 6.25% p.a. is the interest rate the bank offers on these deposits.

3. Long-term Deposits

Equitas long-term deposits are FDs that offer a 6.50% interest rate with a duration that ranges from 5 to 10 years.

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Features and Benefits of Equitas Bank FD’s

The advantages and features of Equitas FD schemes are as follows:

  • Competitive interest rates:  Equitas Bank offers attractive interest rates that guarantees consistent growth of money over time.
  • Flexible tenure: The repayment tenure of ESF ranges from 7 days to 10 years. You can choose the FD period that suits your financial goals.
  • Senior citizen benefits: ESF Bank provides special FD rates and additional interest for senior citizens, ensuring they enjoy high returns.
  • Interest payout options: Based on your preference, you can either opt for monthly, quarterly, or cumulative interest payouts.
  • Secure: Safer than other financial institutions.
  • Online availability: Provides online banking convenience.
  • Loan benefits: Enables you to avail loan against FD.
  • Penalty free: There are no penalties for premature withdrawals that are made after 6 months.

In today’s market, Equitas Bank FDs are one of the safest, most secure, and profitable investments available.

Equitas Small Finance Bank Vs Other Banks’ FD Rates

To make an informed financial decision, it’s crucial to compare Equitas Bank’s FD rates with those of other banks. Listed below is a comparison of FD rates of top small finance banks and other banks.

Bank Name  Tenure Regular Citizens (% p.a.) Senior Citizens (% p.a.)
Equitas Small Finance Bank 7 days – 10 years 8.00 8.50
Capital Small Finance Bank 7 days – 10 years 7.10 7.75
Ujjivan Small Finance Bank 7 days – 10 years 7.75 8.50
ESAF Small Finance Bank 7 days – 10 years 8.25 9.00
Jana Small Finance Bank 7 days – 10 years 7.50 8.25
Fincare Small Finance Bank 7 days – 10 years 8.00 8.70
Utkarsh Small Finance Bank 7 days – 10 years 8.00 8.60
Suryoday Small Finance Bank 7 days – 10 years 8.25 8.75
HDFC Bank 7 days – 10 years 5.50 6.50
ICICI Bank 7 days – 10 years 5.50 6.50
Axis Bank 7 days – 10 years 5.75 6.75
SBI 7 days – 10 years 5.40 6.40
Yes Bank 7 days – 10 years 6.25 7.25
IndusInd Bank 7 days – 10 years 6.25 7.25
Kotak Mahindra Bank 7 days – 10 years 6.00 6.75

Note: The interest rates and the tenure of the banks are subject to change.

Since bank interest rates might change at any time, it is best to verify the most recent rates before investing. The bank offers fixed deposits in the domestic, NRI, and NRO markets.

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Premature Withdrawal Of Equitas Fixed Deposits

Equitas Bank offers possibilities for early FD withdrawal. However, a penal rate of 1% shall be deducted from the appropriate rate before paying interest.

Penalties are not applicable, if

  • Regular fixed deposits are prematurely withdrawn after 6 months
  • Selfe FD with a minimum of 180 days’ service or more
  • Selfe FDs for senior citizens

It’s crucial to remember that early withdrawals may result in penalties and have an influence on the interest accrued. Before investing, it is essential to understand these concepts to make wise choices.

To Conclude

FD rates offered by Equitas Small Finance Bank provide a tempting possibility to increase your funds securely. They support your financial goals with various schemes at affordable rates and flexible terms. With the Equitas small finance bank FD options you can confidently move towards a secure and prosperous financial future.

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FAQ’s on Equitas Small Finance Fixed Deposit

Q. What is the interest rate of FD in Equitas?
Based on the deposit’s tenure, Equitas FD interest rates vary. In general, it’s 8% p.a. for the general public and 8.5% p.a. for senior citizens.

Q. Is Equitas Bank safe for FD?
A.Yes, Equitas Bank is safe for FDs. It is a well-regulated bank, widely recognised, and has a track record of consistently generating profits.
Q. Is Equitas Bank a good bank?
Yes, Equitas Bank is considered good by many customers due to its products, services & safety guidelines.
Q. What is Equitas 444 days?
It is an FD scheme with 444 days tenure and an 8.50% p.a. interest rate for the general public, 9.00% p.a. for senior citizens.
Q. Is Equitas Bank profitable?
In recent years, Equitas Bank has consistently reported profits. The bank declared a profit of Rs. 1,153 crore for the fiscal year 2022–23.
Q. Is Equitas Holdings a good buy?
Yes, it is a listed company with good financial performance. The price of the company’s shares is currently higher than its book value.
Q. What is the result of Equitas Small Finance Bank in 2023?
In the fiscal year 2022–2023, Equitas Small Finance Bank declared a profit of Rs. 1,153 crore.
Q. Who founded Equitas?
Dr. P. N. Vasudeva founded the Equitas Bank in 2007. He is also the chairman and managing director of the bank.