Equitas Small Finance Bank Fixed Deposit

The allure of Fixed Deposits (FDs) remains undiminished in India, especially among those who value security and a sure return. Equitas Small Finance Bank, which transitioned from a microfinance entity to a full-fledged scheduled bank, is capturing the imagination of many with its attractive FD offerings. Let’s delve into the details of these offerings.

1. Fixed Deposit Account
2. Selfe Fixed Deposit

• It is flexible in choosing interest payout frequency, i.e. monthly or quarterly; it can be renewed at the end of the maturity along with the principal to continue as a fixed deposit.
• The bank allows premature withdrawal of deposits subject to penalty. In some cases, there is no penalty after withdrawal is made after the completion of specified tenure.
• Deposit Insurance and Credit Guarantee Corporation (DICGC) will grant insurance coverage for fixed deposits. The maximum amount of insurance coverage is ₹5 lakhs.
• In the case of Selfe FD, the depositor need not have a savings bank account in Equitas Bank.
• Equitas Small Finance Bank offers additional interest to senior citizens, which is 0.5% higher than normal rates for a specified tenure.

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.
• Based on tenor, the interest rate ranges between 3.5% to 8.5% for the general public and 3.5% to 8.77% for senior citizens. 

Selfe Fixed Deposit

• In this scheme, the depositor only needs an Aadhaar Number and PAN card and can book FD in 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. 
• Based on tenor, the interest rate ranges between 3.5% to 8.5% for the general public and 3.5% to 8.77% for senior citizens. 

• All resident individuals.
• Sole proprietary concerns,
• Partnership firms,
• Limited companies,
• Associations,
• Clubs,
• Societies, etc.
• Trusts,
• Joint Hindu Families (accounts of non-trading nature only),

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:

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

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 visiting 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.

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.

Offline Mode

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.

Equitas Small Finance Bank allows the premature withdrawal of fixed deposits. Partial premature payout is not allowed for the FDs with monthly interest payout.

A penalty at the rate of 1% is fixed on premature withdrawals. This penalty will not be levied if the FD has completed over 180 days of tenure. Further, This penalty does not apply to a senior citizen who is 60 years of age and above.

Partial premature withdrawal and sweep-in facilities are not allowed for fixed deposits booked under preferential rates.