Equitas Small Finance Bank Fixed Deposit

Launched in 2007, Equitas Small Finance Bank offers microfinance services. The bank offers domestic, NRI, and NRO fixed deposits. The small finance bank offers interest rates for fixed deposits in the range of 5% p.a. to 8.55% p.a. for different durations.

The highest interest rate offered by the bank for domestic fixed deposits is 8.55% p.a. for general public for a tenure of 2 years 1 day to 3 years. Meanwhile, senior citizens can get 9.30% p.a. for the same duration. The NRI fixed deposit rates fall in the range of 8.20% p.a. to 8.55% p.a. for different tenures.

Types of Equitas Small Finance Bank Fixed Deposits

• Domestic Fixed Deposit
• NRI Fixed Deposit
• NRO Fixed Deposit

Equitas Small Finance Bank FD Rates

Interest rates for domestic fixed deposit are as follows:

The interest rate for fixed deposits for senior citizen is 0.75% more than the regular FD rates. It should be noted that the interest rate for senior citizens is available only for domestic fixed deposits and not for NRE/NRO deposits.

Know more: Small Finance Bank FD Interest Rates in India 2020

Interest rates for NRE fixed deposit are as follows:

• The fixed deposit tenure for NRE fixed deposit accounts is from 1 to 5 years.
• TDS will be deducted as applicable.
• NRE Fixed Deposits enable you to earn tax free and high deposit rates in Indian rupee for the funds earned abroad.
• The above interest rates are applicable for fixed deposits less than Rs.2 crore.
• A pre-closure penalty for NRE fixed deposits will not be charged.

Interest rates for NRO fixed deposit are as follows

• You will be charged with a pre-closure penalty of 1% on the NRO Fixed Deposits in case of a pre-closure before the completion of 6 months from the date of booking the FD.
• A TDS of 31.2% will be applicable on the NRO interest accrued. It will include the surcharge of 4%.

Note: It should be noted that the interest rates are subject to change from time-to-time.

How to apply for Equitas Small Finance Bank FD

You can book a fixed deposit with Equitas Small Finance Bank via internet and mobile banking. You can even visit the nearest branch of the bank to open an FD.

Eligibility Criteria

Existing and new customers can open an FD in the bank.

Documents Required

In order to open a fixed deposit, you will need to complete the KYC norms with the bank. You can submit your PAN or Aadhaar as proof of identification.

A fixed deposit is a popular form of investment in the country as it offers guaranteed returns. It is advised to compare interest rates from different banks before selecting a fixed deposit.