| Started On | 2016 |
| Head Quarters | Chennai |
| CRISIL Rating | A+ |
| CEO | Vasudevan P N |
| Listed on exchange as | Equitas Small Finance Bank Ltd |
| ICRA Rating | NA |
| Tenure | Regular customers | Senior citizens |
|---|
For an Equitas Bank FD with tenure ranging from 7 days to 12 months, the interest rate offered is from 3.50% – 5.15% p.a. These deposits are known as short-term deposits as their tenure is less than 1 year.
Medium-term fixed deposits have their tenures ranging from more than 1 year to less than 5 years. The interest offered by the bank on these deposits is around 5.15% to 6.25% p.a.
These deposits have their tenure ranging from 5 years to 10 years and offer an interest rate of 6.50%.
| Name | Tenure | Interest rate |
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An Equitas Small Finance Bank FD account can be opened through online and offline modes-
1) Online Method
2) Offline Method
For opening an Equitas Small Finance Bank FD account via offline mode, one has to visit the nearest Equitas Small Finance Bank branch. Fill out the Equitas Small Finance Bank FD application form and present all the necessary documents with the deposit amount. On successful verification of the application, an FD will be opened.
Individuals or entities satisfying the following criteria can opt for a fixed deposit in Equitas Small Finance Bank –
The following documents have to be furnished for opening an Equitas Small Finance Bank FD –
The implications on Equitas Small Finance Bank Fixed Deposit include - Your TDS will be deducted at a 20% rate as against 10% under section 206AA. Also, no TDS credit or TDS certificate will be provided by the Income Tax Department. Also, note that Form 15G/H and other exemption certificates will remain invalid and penal TDS will be applicable.
Equitas Small Finance Bank offers loans up to 90-95% of the FD amount. The interest rate of such loans is usually low and is 2-3% higher than the FD interest rate.
Equitas Small Finance Bank allows premature withdrawal from FD. On withdrawal, an interest rate is lowered by the effective rate on the booking date of the fixed deposit. The penalty will apply only to those FD with a tenure of more than 7 days. If the tenure is less than 7 days, the bank doesn't pay interest.
Is it safe to invest in Equitas Bank FD?
Equitas Bank is a scheduled commercial bank and is registered with RBI. Furthermore, the lender has got a stable rating by CRISIL as well and is also listed on the stock exchange. If you are a risk-averse investor and seeking a safe investment option, Equitas Bank FD can be considered as one of the options as the deposits are covered by Rs 5 lakh insurance by RBI. (deposits are insured by Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of RBI)
Is premature withdrawal allowed?
Yes, premature withdrawal is available on Equitas FD. Generally, if the amount is withdrawn before maturity, banks pay out a lower interest amount than that displayed at the time of booking the FD. This is done to discourage frequent withdrawals and encourage continued savings. In the case of Equitas, if the FD is withdrawn within 6 months, the bank will pay a 1% lower interest than the applicable interest rate at the time of booking the FD. Post 6 months however you will get the entire interest amount.
What is the minimum deposit amount for Equitas FD?
The minimum investment amount starting an FD with Equitas is Rs. 5000.
Is a loan against FD available in Equitas FD?
Yes, Equitas Small Finance Bank provides its customers with a loan against the FD facility.
What are the schemes provided by Equitas Bank for FDs?
Equitas Small Finance Bank provides two distinct types of FD schemes to the public - Regular Equitas FD and Equitas Selfie FD.