Exploring Equitas Small Finance Bank FD Rates: A Comprehensive Guide
In the area of fixed-income investments, Fixed Deposits (FDs) stand out as a popular choice due to their reliability and assured returns. Equitas Small Finance Bank, a prominent player in the Indian banking sector, offers a range of FD options with competitive rates tailored to meet various investor needs. In this informative blog, we will delve into Equitas Small Finance Bank FD rates, explore the types of FDs available, highlight their features, conclude with insights, and address frequently asked questions.
Introduction to Equitas Small Finance Bank
Equitas Small Finance Bank, established in 2016, aims to provide inclusive banking services to underserved and unbanked segments of society. With a focus on financial inclusion and customer-centric offerings, Equitas Small Finance Bank has gained prominence for its diverse range of banking products, including savings accounts, loans, and fixed deposits.
Equitas Small Finance Bank FD Rates
Equitas Small Finance Bank offers competitive FD rates that attract investors seeking stable returns on their investments. As of the latest update, here are the FD rates offered by Equitas Small Finance Bank:
Equitas Small Finance Bank Fixed Deposit Interest Rates (p.a.) Highlights 2024
-Highest Slab Rate: 8.50% (for 444 days)
-1 Year: 8.20%
-2 Years: 7.75%
-3 Years: 8.00%
-4 Years: 7.50%
-5 Years: 7.25%
*Note: The interest rates are updated as of 29 April 2024.*
Equitas Small Bank FD Rates on Domestic/NRO Deposits of Less Than Rs 2 Crore (Effective from 21 August 2023)
| Tenure | Regular Citizens | Senior Citizens |
|————————|——————|——————|
| 7 – 14 days | 3.50 | 4.00 |
| 15 – 29 days | 3.50 | 4.00 |
| 30 – 45 days | 4.00 | 4.50 |
| 46 – 62 days | 4.50 | 5.00 |
| 63 – 90 days | 4.50 | 5.00 |
| 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 |
| 1 year (365 days) | 8.20 | 8.70 |
| 1 year 1 day | 8.00 | 8.50 |
| 1 year 2 days
to 443 days | 8.20 | 8.70 |
| 444 days | 8.50 | 9.00 |
| 445 days
to 18 months | 8.20 | 8.70 |
| 18 months 1 day
to 2 years | 7.75 | 8.25 |
| 2 years 1 day
to 887 days | 8.00 | 8.50 |
| 888 days | 8.25 | 8.75 |
| 889 days
to 3 years | 8.00 | 8.50 |
| 3 years 1 day
to 4 years | 7.50 | 8.00 |
| 4 years 1 day
to 5 years | 7.25 | 7.75 |
| 5 years 1 day
to 10 years | 7.25 | 7.75 |
*Note: The minimum tenure of NRE is 1 year.*
Equitas Small Finance Bank FD Rates for Deposits Less Than Rs. 2 Crores For NRE (Effective from 21 August 2023)
| Tenure | Interest Rates (% p.a.)|
|——————————–| |————————————|
| 1 year (365 days) | 8.20 |
| 1 year 1 day | 8.00 |
| 1 year 2 days to 443 day | 8.20 |
| 444 days | 8.50 |
| 445 days to 18 months | 8.20 |
| 18 months 1 day to 2 yr | 7.75 |
| 2 years 1 day to 887 day | 8.00 |
| 888 days | 8.25 |
| 889 days to 3 years | 8.00 |
| 3 years 1 day to 4 yr | 7.50 |
| 4 years 1 day to 5 yr | 7.25 |
| 5 years 1 day to 10 yr | 7.25 |
*Note: FD rates are subject to change and are updated as of the latest available information.*
Types of Equitas Small Finance Bank FDs:
Equitas Small Finance Bank offers various types of FDs to cater to the diverse needs of investors:
1. Regular Fixed Deposits: Standard FD scheme with flexible tenure options.
2. Tax-Saver Fixed Deposits: FDs with a lock-in period of 5 years offering tax benefits under Section 80C of the Income Tax Act.
3. Cumulative Fixed Deposits: Interest is compounded quarterly and paid at maturity.
4. Non-Cumulative Fixed Deposits: Interest is paid out at regular intervals (monthly, quarterly, half-yearly, or annually).
5. Senior Citizen Fixed Deposits: Exclusive FD schemes offering higher interest rates for senior citizens.
Features of Equitas Small Finance Bank FDs
1. Flexible Tenure: Investors can choose from a range of tenure options based on their financial goals.
2. Competitive Interest Rates: Equitas Small Finance Bank offers attractive interest rates compared to traditional savings accounts.
3. Premature Withdrawal: Facility available with applicable penalty charges.
4. Nomination Facility: Investors can nominate a beneficiary for their FD account.
5. Loan Against FD: Option to avail loans against the fixed deposit amount.
Conclusion:
Equitas Small Finance Bank FDs present a viable avenue for investors looking to safeguard their savings while earning competitive returns. With flexible tenure options, attractive interest rates, and a range of features, Equitas Small Finance Bank FDs cater to the diverse investment needs of customers.
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FAQs For Equitas Small Finance Bank FD Rates:
Q1: What is the minimum deposit amount for opening an Equitas Small Finance Bank FD?
A1: The minimum deposit amount varies depending on the type of FD scheme. Generally, it starts from Rs. 1,000.
Q2: Can I prematurely withdraw my Equitas Small Finance Bank FD?
A2: Yes, premature withdrawal is allowed, but it may attract a penalty as per the bank’s policy.
Q3: Are there any special benefits for senior citizens investing in Equitas Small Finance Bank FDs?
A3: Yes, senior citizens enjoy higher interest rates compared to the general public.
Q4: Is it possible to take a loan against my Equitas Small Finance Bank FD?
A4: Yes, you can avail of a loan against your FD up to a certain percentage of the deposit amount.
Q5: How frequently is the interest on Equitas Small Finance Bank FDs compounded?
A5: Interest on Equitas Small Finance Bank FDs is usually compounded quarterly, but it can vary based on the type of FD chosen.
