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Equitas Small Finance Bank Fixed Deposit

Updated 06 Dec 2023

The allure of Fixed Deposits (FDs) remains undiminished in India, especially among those who value security and a sure return. Equitas Small Finance Bank, which transitioned from a microfinance entity to a full-fledged scheduled bank, is capturing the imagination of many with its attractive FD offerings. Let’s delve into the details of these offerings.

Types of FDs in Equitas Small Finance Bank

  1. Fixed Deposit Account
  2. Selfe Fixed Deposit

Benefits of Investing in Equitas Small Finance Bank Fixed Deposits

  • It is flexible in choosing interest payout frequency, i.e. monthly or quarterly; it can be renewed at the end of the maturity along with the principal to continue as a fixed deposit.
  • The bank allows premature withdrawal of deposits subject to penalty. In some cases, there is no penalty after withdrawal is made after the completion of specified tenure.
  • Deposit Insurance and Credit Guarantee Corporation (DICGC) will grant insurance coverage for fixed deposits. The maximum amount of insurance coverage is ₹5 lakhs.
  • In the case of Selfe FD, the depositor need not have a savings bank account in Equitas Bank.
  • Equitas Small Finance Bank offers additional interest to senior citizens, which is 0.5% higher than normal rates for a specified tenure.

Features of Equitas Small Finance Bank FDs

Fixed Deposit Account

  • It is a great way to invest funds lying idle. They offer quarterly and monthly interest payouts. 
  • The scheme also allows the reinvestment of interest components to the deposit amount. 
  • It offers attractive interest rates of up to 9% p.a. for senior citizens for 888 days. 
  • The scheme allows full and partial premature withdrawals on FDs except those booked for monthly payout.
  • Based on tenor, the interest rate ranges between 3.5% to 8.5% for the general public and 3.5% to 8.77% for senior citizens. 

Selfe Fixed Deposit

  • In this scheme, the depositor only needs an Aadhaar Number and PAN card and can book FD in 3 minutes. 
  • The depositor need not have a savings bank account in Equitas Small Finance Bank and can deposit in FD directly through UPI from any bank account. 
  • Based on tenor, the interest rate ranges between 3.5% to 8.5% for the general public and 3.5% to 8.77% for senior citizens. 

Eligibility Criteria

  • All resident individuals.
  • Sole proprietary concerns,
  • Partnership firms,
  • Limited companies,
  • Associations,
  • Clubs,
  • Societies, etc.
  • Trusts,
  • Joint Hindu Families (accounts of non-trading nature only),

are eligible to make deposits with Equitas Small Finance Bank.

**Note: More than one depositor cannot create Selfe FD. i.e. you cannot open a joint account in the case of selfe FD.

Documents Required

Know Your Customer (KYC) norms are mandatory for opening a bank account in India. Equitas Small Finance Bank offers selfe FD, which can be opened online using a PAN and Aadhaar card. The depositor needs to complete KYC using video KYC or by visiting the nearest branch by submitting self-attested copies of the following proofs:

Proof of identity: 

  • PAN card 
  • Driving licence
  • Passport
  • Voter ID card
  • Aadhaar card
  • Government/Defence ID card.

Proof of residence: 

  • Aadhaar card 
  • Electricity bill 
  • Telephone bill 
  • Ration card
  • Bank account statement
  • A letter from a statutory authority/local body, 
  • Income Tax Order.

Proof of date of birth:

Since higher interest rates are offered to senior citizens, a document stating the date of birth, like a Passport, Voter ID card, driving licence, PAN card, or Service Discharge Certificate. In the case of pensioners, you need to submit PPO.

How to Open an FD in Equitas Small Finance Bank

Internet Banking

Step 1: Visit the Equitas Small Finance Bank website, and navigate to the “Personal Login” tab. Provide username and password to log in.
Step 2: Go to the “Fixed Deposit Tab
Step 3: Enter all the details.
Step 4: Verify details and click confirm. A confirmation message will be displayed on the screen.

You can also open a Selfe FD account by visiting Equitas Small Finance Bank’s website and Personal Tab > Save > Selfe FD > Open Selfe FD Account. You can open this account in just 3 minutes by using your Aadhaar and PAN card.

Mobile App

Step 1: Download the Equitas Small Finance Bank Mobile App and log in using your credentials.
Step 2: Select the 'Open FD' option from the app's main menu.
Step 3: Choose the type of deposit account you want to open based on your preferences and requirements.
Step 4: Provide all the necessary details, including your personal information, nominee details, and payment and maturity instructions.
Step 5: After you've verified all the details, click on the 'Confirm' button to complete the transaction.
Step 6: Once the transaction is completed, you should receive a confirmation message on the screen indicating that your FD account has been opened.

Offline Mode

Step 1: Visit the nearest branch office of Equitas Small Finance Bank.
Step 2: Complete the details by filing the Fixed Deposit Application Form.
Step 3: Submit all the documentary proofs.
Step 4: Deposit the money.
Step 5: Collect the Fixed Deposit Receipt.

Equitas Small Finance Bank FD Premature Withdrawal

Equitas Small Finance Bank allows the premature withdrawal of fixed deposits. Partial premature payout is not allowed for the FDs with monthly interest payout.

A penalty at the rate of 1% is fixed on premature withdrawals. This penalty will not be levied if the FD has completed over 180 days of tenure. Further, This penalty does not apply to a senior citizen who is 60 years of age and above.

Partial premature withdrawal and sweep-in facilities are not allowed for fixed deposits booked under preferential rates.

FAQs

What will happen if the depositor furnishes an incorrect PAN?

TDS (Tax Deducted at Source) of 20% is applicable in such cases.

Are there charges at the time of opening/maturity of the fixed deposit?

There are no charges at the time of opening/maturity of the fixed deposit. However, there is a penalty in case of premature withdrawal, and the bank may deduct TDS at the rate of 10% if the amount of interest exceeds ₹40,000 (₹50,000 in the case of senior citizens).

Is the ₹5 lakhs DICGC insurance cover applicable on Equitas Small Finance Bank FD?

Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover applies to Equitas Small Finance Bank FD.

Can depositors partially withdraw selfe FD?

No, currently, partial withdrawal from Selfe FD is not allowed.

Can Maturity Instructions be changed using the Internet or Mobile Banking?

No, you cannot change the maturity instructions.

Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.

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