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Senior Citizens Fixed Deposit Interest Rates in Equitas Small Finance Bank

Updated 19 Dec 2023

Equitas Small Finance Bank, though relatively newer in the banking landscape, has earned the trust and appreciation of its customers. With a vision to serve every section of society, the bank emphasises the financial stability of senior citizens. The bank's FD scheme for senior citizens is crafted keeping their financial needs in mind, often offering higher interest rates than what is available to the general public. Dive in to understand how Equitas Small Finance Bank provides an edge to senior citizens with their Fixed Deposits.

Features of Equitas Small Finance Bank Senior Citizen FD

  • Enhanced Interest Rates: Typically, senior citizens benefit from a bonus interest rate over and above the regular FD rates offered to other customers. The exact rate is contingent on the bank's prevailing policies.
  • Qualification: Only individuals who are 60 or older are eligible to open a senior citizen FD account.
  • Duration: The available FD tenures range widely, spanning from as short as 7 days to as long as 10 years.
  • Early Withdrawal: Although breaking the FD before its maturity can incur penalties, senior citizens often enjoy more lenient terms for such premature withdrawals.
  • Borrowing Options: Like other account holders, senior citizens can avail loans against their FD holdings if needed.
  • Beneficiary Assignment: The bank permits a beneficiary to inherit the FD funds after the demise of the account holder.
  • Tax Deduction at Source (TDS) Implications: Interest earnings from FDs are liable to taxation as per Indian regulations. However, by furnishing Form 15H, eligible senior citizens can sidestep TDS deductions.
  • Automatic Renewal: Equitas, along with other financial institutions, might offer an automatic renewal feature, ensuring the FD's continuation after its maturity unless stated otherwise.
  • Deposit Limits: There are often established minimum deposit requirements for opening a senior citizen FD. However, the deposit amount may not always be a set upper limit.
  • Unique Offerings: Sometimes, or based on specific bank campaigns, senior citizens might be presented with exclusive offers or features tailored just for them.

Equitas Bank FD Interest Rate for Senior Citizens

TenureSenior Citizen FD Rate
7 days - 29 days4%
30 days - 1 month 14 days4.50%
1 month 15 days - 2 months 29 days5%
2 months 30 days - 5 months 27 days5.75%
5 months 28 days - 11 months 29 days6.75%
11 months 30 days - 1 year 2 months 16 days8.70%
1 year 2 months 17 days - 1 year 2 months 17 days9%
1 year 2 months 18 days - 1 year 5 months 28 days8.70%
1 year 5 months 29 days - 1 year 11 months 30 days8.30%
2 years - 2 years 5 months 3 days8.50%
2 years 5 months 4 days - 2 years 5 months 4 days9%
2 years 5 months 5 days - 2 years 11 months 30 days8.50%
3 years - 3 years 11 months 30 days8%
4 years - 9 years 11 months 28 days7.80%

Note: All interest rates shown above are as on 4th Aug 2023

Eligibility for Equitas Small Finance Bank Senior Citizen FDs

  • Equitas Small Finance Bank extends its 'Senior Citizen FD' scheme to individuals who are 60 years old and above. This specific offering aims to cater to the unique financial requirements of the elderly, ensuring they earn competitive returns on their savings.
  • Please note: The bank might offer an additional interest advantage under their senior citizen FD scheme, but the applicability of such benefits to Non-Resident Indians (NRIs) needs to be confirmed with the bank.

Documents Required to Open an Equitas Small Finance Bank Fixed Deposit for Senior Citizens

The following documents are essential for investing in Equitas Small Finance Bank's Fixed deposits-

 

Identity Proof

  • Aadhaar card
  • Voter ID
  • Ration card
  • Passport
  • PAN card
  • Driving Licence

 

Address Proof

  • Bank Statement
  • Cancelled Cheque
  • Utility Bills

FAQs

Is there a special scheme for senior citizens?

Yes, Equitas Small Finance Bank has the 'Senior Citizen FD' scheme that offers added advantages over the conventional FD.

Can I break my Senior Citizen FD prematurely?

Yes, premature withdrawal is possible, but it might attract certain penalties. It's advisable to consult the bank for detailed information.

Is TDS applicable on the interest earned from Senior Citizen FD?

Yes, TDS will be deducted if the cumulative interest earned exceeds the threshold set by the Income Tax department for a financial year.

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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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