Equitas Small Finance Bank is a new-aged bank. Previously it was known as Equitas Microfinance Limited. It received its licence from the Reserve Bank of India (RBI) on June 30, 2016. It is a scheduled bank whose headquarters are located in Chennai. The bank has introduced Selfe Fixed Deposit (FD), where you can open FD online in just 3 minutes without a savings bank account.
|Tenure||For General Citizens (p.a.)||For Senior Citizens (p.a)|
|7 - 14 days||3.5%||4%|
|15 - 29 days||3.5%||4%|
|30 - 45 days||4%||4.5%|
|46 - 62 days||4.5%||5%|
|63 - 90 days||4.5%||5%|
|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%|
|Note: All interest rates are updated as of 1st Aug 2023|
Fixed Deposits are a secured investment instrument in which a lump sum amount is deposited for a fixed tenure at a predetermined interest rate. The interest rate offered under fixed deposits is higher than in saving bank accounts. Let’s look at various fixed deposits Equitas Small Finance Bank provides.
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.
Further, there is no penalty for a premature withdrawal above six months. For monthly payout fixed deposits, the interest rate will be discounted on a quarterly compounding basis. A nomination facility is available.
Selfe Fixed Deposit
In this scheme, the depositor only needs an Aadhaar Number and PAN card and can book FD in just 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. Following are some of the features of selfe FD:
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.
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:
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
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 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
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.
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.
According to the Income Tax Act of India of 1961, taxpayers can seek deductions under Section 80C if they invest in FDs.
In a given financial year, a taxpayer can avail tax deduction to a maximum of ₹1.5 lakhs from their gross taxable income, provided the following conditions are fulfilled:
When filing the Income Tax Returns (ITR), the taxpayer can provide supporting documents to avail tax benefits on FDs.
Tax Deducted at Source (TDS)
TDS (Tax Deducted at Source) of 20% is applicable in such cases.
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).
Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover applies to Equitas Small Finance Bank FD.
No, that is not permissible.
No, you cannot change the maturity instructions.
No, currently, partial withdrawal from Selfe FD is not allowed.
Disclaimer: The calculator and the results of the same are based on information inputted by you and extracted from third party sources. The information on this page is for illustrative purposes only and does not amount to any investment advice or recommendation. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. The information displayed on this page does not constitute an invitation to invest in any product nor is it a promise of performance. Interest rates are not updated in real time and you are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions.