Equitas Small Finance Bank Fixed Deposit Interest Rates (as on 2024)

Equitas Small Finance Bank FD Interest Rates (below Rs.2 Crore) w.e.f. 21.08.2023

TenorsInterest Rate p.a.(%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
7 days to 14 days3.504.00
15 days to 29 days3.504.00
30 days to 45 days4.004.50
46 days to 62 days4.505.00
63 days to 90 days4.505.00
91 days to 120 days5.255.75
121 days to 180 days5.255.75
181 days to 210 days6.256.75
211 days to 270 days6.256.75
271 days to 364 days6.256.75
1 year8.008.50
1 year 1 day8.008.50
1 year 2 days to 443 Days8.208.70
444 Days8.509.20
445 Days to 18 months8.208.70
18 months 1 day to 2 years7.758.25
2 years 1 day to 887 days8.008.50
888 days8.258.75
889 days to 3 years8.008.50
3 years 1 day to 4 years7.508.00
4 years 1 day to 5 years7.257.75
5 years 1 day to 10 years7.257.75

Equitas Small Finance Bank Recurring Deposit Interest Rates w.e.f. 21.08.2023

TenorsInterest Rate p.a.(%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
12 months8.208.70
15 months 8.208.70
18 months8.208.70
21 months7.758.25
24 months7.758.25
30 months8.008.50
36 months8.008.50
48 months7.508.00
60 months7.257.75
90 months7.257.75
120 months7.257.75

Equitas Small Finance Bank NRO FD Interest Rates (below Rs.2 Crore) w.e.f. 21.08.2023

TenorsInterest Rate p.a.(%)
7 days to 14 days3.50
15 days to 29 days3.50
30 days to 45 days4.00
46 days to 62 days4.50
63 days to 90 days4.50
91 days to 120 days5.25
121 days to 180 days5.25
181 days to 210 days6.25
211 days to 270 days6.25
271 days to 364 days6.25
1 year8.00
1 year 1 day8.00
1 year 2 days to 443 Days8.20
444 Days8.50
445 Days to 18 months8.20
18 months 1 day to 2 years7.75
2 years 1 day to 887 days8.00
888 days8.25
889 days to 3 years8.00
3 years 1 day to 4 years7.50
4 years 1 day to 5 years7.25
5 years 1 day to 10 years7.25

Equitas Small Finance Bank NRE FD Interest Rates (below Rs.2 Crore) w.e.f. 21.08.2023

TenorsInterest Rate p.a.(%)
1 year8.00
1 year 1 day8.00
1 year 2 days to 443 Days8.20
444 Days8.50
445 Days to 18 months8.20
18 months 1 day to 2 years7.75
2 years 1 day to 887 days8.00
888 days8.25
889 days to 3 years8.00
3 years 1 day to 4 years7.50
4 years 1 day to 5 years7.25
5 years 1 day to 10 years7.25

Snapshot: Equitas Small Finance Bank

PointsDetails
EligibilityAny Resident Individual, Minor with guardian, Firm, Company or Club
Minimum FDRs. 1,000
Maximum FDNo maximum limit FD
FD Tenure7 days to 120 months
Periodicity of Interest PaymentReinvestment, Quarterly Payout and Monthly
Interest to Senior Citizens0.60% extra for FD amount below Rs.2 Crores (not applicable for NRE/NRO)
NominationNomination facility available

Equitas Small Finance Bank Fixed Deposit

Equitas Small Finance Bank has a range of Fixed Deposits (FD) products at competitive interest rates with various tenures and lots of other benefits. Equitas Small Finance Bank offers Fixed Deposit schemes for a short term period and long term period.

It is very easy to open an Equitas Small Finance Bank FD either online through its website or by visiting its nearby branch.

Important Points regarding Equitas Small Finance Bank Fixed Deposit

  • In order to avail Senior Citizen Interest Rates, submission of age proof is mandatory.
  • Submission of Income Tax PAN is mandatory, failing which TDS will be deducted at a higher rate.
  • PAN is mandatory to book Fixed Deposits, if the total Fixed Deposit holding per customer, per branch exceeds Rs 50,000.
  • Partial premature withdrawal not allowed for FDs booked with monthly payout.
  • No penalty on premature withdrawal above 6 months.
  • For monthly payout fixed deposits, the interest rate will be discounted on a quarterly compounding basis.
  • No Premature Withdrawal penalty for all FDs booked for Senior Citizens on or after 2nd December 2019 (Not applicable for grouping).

Features & Benefits: Equitas Small Finance Bank Fixed Deposit

  • Competitive interest rates are offered with flexible FD tenures to suit your investment plan.
  • FD account can be opened online or by visiting your nearest Bandhan Bank branch.
  • FD Tenures: 7 days to 10 years
  • Different interest payout options such as monthly and cumulative
  • Easy and fast liquidity options are available.
  • Nomination facility is available.
  • Part withdrawal facility and auto-renewal facilities
  • No Penalty on premature withdrawal above 6 months
  • Non-maintenance charges waiver in savings against FD of one year and above
  • Senior citizens can enjoy higher interest rate as compared to regular citizens.

Eligibility for Equitas Small Finance Bank Fixed Deposit

Any of the following persons can invest in fixed deposits (FD):

  • Individual
  • Minor
  • HUF
  • Proprietary Firm
  • Partnership Firm
  • Limited Liability Partnership (LLP)
  • Company
  • Association of Persons (AOP)
  • Body of Individuals (BOI)
  • Local Authority
  • Trust
  • Non-Resident Indian (NRI)
  • Registered Society

Documents Required for Equitas Small Finance Bank Fixed Deposit

Following Documents are required for opening a Fixed Deposit Account

CategoryDocuments Required
Individual, HUF, Proprietor
  • PAN and KYC documents
  • Passport size photograph
  • Deed of declaration of HUF
Partnership Firm
  • PAN and KYC documents
  • Partnership Deed
  • Letter from partners to open and operate the account
  • Passport size photographs of all partners
Trust
  • PAN and KYC documents
  • Copy of the Trust Deed
  • Copy of the Registration Certificate
  • Copy of the Resolution of the Trustees
  • Equitasthorizing the members concerned to open and operate the account
  • Photographs of the members operating the account
Associations, Clubs
  • PAN and KYC documents
  • By-Laws of the Association
  • Board Resolution to open and operate the account
  • Passport size photographs
Company
  • PAN and KYC documents
  • Certificate of Incorporation
  • Memorandum and Articles of Association
  • Board Resolution to open and operate the account
  • ID proofs of Equitasthorised signatories
  • Passport size photographs of directors

Types of Equitas Small Finance Bank Fixed Deposits

  1. Equitas Small Finance Bank Fixed Deposits This is a regular FD scheme which helps you invest your idle savings to earn higher returns. Minimum deposit amount is Rs 1,000. Its tenure ranges from 7 days to 10 years. It offers great rates, flexibility and security for your fixed deposits, with 0.50% higher interest for our Senior citizens, with quarterly payout option. You can also earn compound interest by reinvesting your principal amount along with the interest earned during the period through cumulative option. Nomination facility is available. No Penalty on premature withdrawal above 6 months. Non-maintenance charges waiver in savings against FD of one year and above.

  2. Equitas Small Finance Bank Recurring Deposit: It allows you to start saving a small amount regularly to help your money grow slowly but steadily. Minimum deposit amount is Rs 1,000. Its tenure ranges from 12 months to 120 months. You can build your wealth securely through regular investments at attractive Interest rates. It gives you opportunity to achieve your short or long term finance goals comfortably. Interest is only paid on maturity. Nomination facility is available. No Penalty on premature withdrawal above 6 months.
  3. Equitas Small Finance Bank Selfe Fixed Deposit: This scheme allows you to open a FD without a saving account. The minimum initial amount is Rs. 1,000. Higher interest rate is offered to senior citizens. You can invest as low as Rs 5,000 upto a maximum of Rs. 90,000 with Selfe FD and choose tenure between 7 days and 365 days. On maturity, the Principal+ Interest will be credited to your designated bank account. No Premature withdrawal penalty if Selfe FD has completed a tenure of more than 180 days. There is no premature withdrawal penalty for Senior Citizen Selfe FD.

Benefits of Senior Citizens Equitas Small Finance Bank Fixed Deposit

Senior Citizens are offered more interest rate by Equitas Small Finance Bank for FD amount below Rs.1 Crore as detailed below:

  • 0.50% more than general FD for FD amount below Rs.1 Crore

Tax Information: Equitas Small Finance Bank Fixed Deposit

TDS (Tax Deducted at Source) will be applicable when the total interest payable or reinvested in Recurring Deposits and/or Fixed Deposits per customer, across all branches, exceeds Rs.10000 in a financial year. A TDS Certificate will be mailed to you after end of every quarter during the Financial Year, providing the details of TDS deducted during the quarter.

STATUSTAX RATEEDUCATION CESSTOTAL
Resident Individuals & HUF10%----10%
Corporate Entity10%----10%
NRO30%3%30.90%
Firms10%----10%
Co-operative Societies & Local Equitasthority10%----10%

A fresh Form 15G/H needs to be submitted at the beginning of each Financial Year. Form 15G/H will need to be submitted for all subsequent deposit(s) booked, on every 31st of March. TDS is recovered on the total of interest compounded and interest accrued on the Fixed Deposit(s).

How and when to apply for exemption on TDS?

  • If your total taxable income during the financial year is not likely to exceed the maximum amount which is not chargeable to income tax, then you can submit self declaration in Form 15G or 15H (for senior citizens only) to the bank to ensure non deduction of tax at source.
  • The declaration has to be given in prescribed format only wherein the valid 10 digit PAN is also required.
  • It may be noted that if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to income tax, then the Form 15G submitted will be treated as invalid.
  • In case of Senior Citizens, if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to tax and deduction(s) under chapter VIA, if any, for which declarant is eligible, then the Form 15H submitted will be treated as invalid.

You may refer to following table for more details:

CategoryName of FormExemption limit (Male)Exemption limit (Female)
Individuals(upto age of 60)Form 15GRs.2,50,000Rs.2,50,000
HUFs, Associations, TrustsForm 15GRs.2,50,000Rs.2,50,000
Individual (age 60 years and above but less than 80 years)Form 15HRs.3,00,000Rs.3,00,000
Individual (age 80 years and above)Form 15HRs.5,00,000Rs.5,00,000
OthersExemption certificate issued by Income Tax OfficerAs per Exemption CertificateAs per Exemption Certificate

Equitas Small Finance Bank Fixed Deposit FAQ

  1. What interest payment options are available under Term Deposit with Equitas Small Finance Bank?

    Interest payment on Quarterly and Cumulative is available under Equitas Small Finance Bank Term Deposit.

  2. What is the minimum and maximum amount of FD in Equitas Small Finance Bank?

    The minimum amount is Rs.1,000 and there is no cap on maximum FD amount.

  3. What is the minimum and maximum tenor for which Term Deposit can be kept with Equitas Small Finance Bank?

    The minimum and maximum tenor for general/Senior citizen is 7 days and 10 years respectively.

  4. Does Equitas Small Finance Bank offer any special interest rate for Senior Citizen on its Term Deposits?

    Yes, an additional interest rate for Senior Citizen is 0.50% for deposits less than Rs. 1 crore.

  5. When is TDS deducted?

    TDS is done at the time of credit of interest to account, if the total interest payable to the customer during the financial year is likely to exceed the limit of Rs.10,000.

  6. At what rate is TDS deducted?

    TDS is deducted at rates as required by section 194A (Resident) and section 195 (NRO) of IT Act 1961 for the following category of account holders:

    • Resident Indians (Individuals, Trusts, Associations, HUFs, Firms Indian Companies): 10% plus applicable surcharge and education cess
    • Non-Resident Indians: 30% plus applicable surcharge and education cess

  7. Can I apply for exemption on TDS?

    Yes, you can apply for exemption on TDS, in case your total taxable income during the financial year is not likely to exceed the maximum amount which is not chargeable to income tax. For this, you need to submit self declaration in Form 15G or 15H (for senior citizens only) to the Bank to ensure non deduction of tax at source, in the beginning of respective financial year.

Tax Implications and TDS in FD

  • An amount invested in fixed deposits in a scheduled bank is eligible for tax deduction under section 80C. Only the interest earned on the deposit is taxable.
  • Tax will be deducted at source (TDS), if the interest income on a fixed deposit per annum exceeds Rs.10,000
  • A person can exempt from TDS, if he/ she submits Form 15G/ Form 15H in the beginning of each financial year

Factors affecting Fixed Deposit Interest Rates

  1. Change in Policies Rates by RBI: If there is a change in Cash Reserve Ratio (CRR) and/ or Repo Rate, it affects the fixed deposit interest rate.

  2. Inflation: As FD interest rate has to be kept higher than inflation by the banks, hence if inflation increases then FD interest rates also go higher. When inflation decreases, banks offer lower interest rates so that people can borrow and spend more.

  3. Demand and Supply of Credit: With the increase in demand of the credit/ loan, interest rates of fixed deposit also go higher. When the supply is more than the demand of credit, banks offer lower interest rates on fixed deposit.

  4. Growth Uncertainty: If there is any uncertainty of future economic growth, the banks need to offer higher interest rates on FD as a compensation for higher defEquitaslt risks.

  5. State of Economy: If a country's economic state is very good then the banks of that country offer higher interest rate on fixed deposits in order to attract more investments to extend more credits/ loans.

  6. Recession: Whenever there is a situation of recession in an economy, it always results into a decrease in the fixed deposit interest rate, as in case of situation of recession, the RBI needs to increase the liquidity in the market by releasing the funds i.e. by lowering CRR and hence, banks reduce the FD interest rates.

  7. Global Liquidity: Higher global liquidity results into higher domestic liquidity. In such cases banks will offer lower interest rates on FD.

Equitas Small Finance Bank FD News May 2024

  • August 21, 2023: Equitas Small Finance Bank revises its FD rates across tenures w.e.f. 21.08.2023

  • June 5, 2023: Equitas Small Finance Bank revises its FD rates w.e.f. 05.06.2023

  • April 29, 2021: Equitas Small Finance Bank's Net profit jumps 2.6x to Rs 113 crore in the fourth quarter ended March 2021 against Rs 43 crore in the year-ago period

  • April 7, 2021: Equitas Small Finance Bank's total deposits jumped 52% year-on-year to Rs 16,391 crore as on 31 March 2021 compared with Rs 10,788 crore as on 31 March 2020

  • June 2, 2020: Equitas Small Finance Bank revises its FD rates w.e.f. 02.06.2020

  • January 5, 2020: Equitas Small Finance Bank has waived non-maintenance charges on all savings account

  • December 16, 2019: Equitas Small Finance Bank files draft red herring prospectus with SEBI for Rs. 1,000 crore IPO
Disclaimer: The FD Interest Rates keep on changing. You are advised to check the interest rates with banks before making your savings.      Source: Bank Websites