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How to Open Equitas Small Finance Bank Fixed Deposit Account

Updated 05 Sep 2023

Investing money wisely is crucial for a secure future in today's fast-paced world. One secure and reliable investment is opening a Fixed Deposit (FD) account in a bank. Equitas Small Finance Bank, a renowned financial institution, offers an attractive FD scheme with impressive features. This blog will guide you through opening an FD account in Equitas Small Finance Bank, detailing the eligibility criteria and necessary documents, and addressing common questions.

How to open an FD account in Equitas Small Finance Bank

For a depositor who is an existing account holder of the bank (having Savings or Current account) Fixed Deposit can be opened using the following procedure:

 

By Login into Internet Banking

  • Visit the Equitas Small Finance Bank website, and navigate to the “Personal Login” tab. Provide username and password to log in.
  • Go to the “Fixed Deposit Tab”
  • Enter all the details.
  • Verify details and click confirm. A confirmation message will be displayed on the screen.
  • You can also open a Selfe FD account by going to 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.

By using a Mobile App

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

Offline Mode

  • Visit the nearest branch office of Equitas Small Finance Bank.
  • Complete the details by filing the Fixed Deposit Application Form.
  • Submit all the documentary proofs.
  • Deposit the money.
  • Collect the Fixed Deposit Receipt.

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).


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:

  • Passport
  • Voter ID card
  • Driving licence
  • PAN card, or 
  • Service Discharge Certificate. 
  • In the case of pensioners, you need to submit PPO.

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 a Son’s selfe FD open by bringing in funds from his Father’s Account?

No, that is not permissible.

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

No, you cannot change the maturity instructions.

Can depositors partially withdraw selfe FD?

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

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