Senior Citizens Fixed Deposit Interest Rates in Equitas Small Finance Bank

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.

• 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.

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

• 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.

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