Equitas Small Finance Bank FD Rates 2024

Headquartered in Chennai, Equitas Small Finance Bank is a prominent financial institution known for offering a wide range of innovative banking products, including fixed deposits (FDs). The bank's popularity stems from its attractive interest rates and extended facilities offered through the FD schemes. 

This article provides a comprehensive guide on Equitas Small Finance Bank FD rates while providing insights into other essential details. 

Equitas Small Finance Bank FD Rates 2024 

Here is a table outlining the Equitas Small Finance Bank FD rates that are offered to domestic and NRO FD accounts below Rs.2 crore in 2024:

Here is a table outlining the Equitas Small Finance Bank FD rates that are offered to NRE FD accounts below Rs.2 crore in 2024:

Equitas Small Finance Bank FD Rates for Senior Citizens

Look at the following table to determine the prevailing Equitas Small Finance Bank FD rates for senior citizens in 2024: 

Types of Equitas Small Finance Bank Fixed Deposit Schemes

Equitas Small Finance Bank offers a variety of fixed deposit schemes with attractive interest rates and flexible tenure, each tailored to meet the diverse financial needs of its customers. Let us discuss these FD schemes in detail. 

1. Regular FD Scheme 

This is the standard type of fixed deposit scheme you can avail of at the Equitas Small Finance Bank. Besides high-yielding interest rates, it comes with additional benefits for account holders, such as nomination and premature/partial withdrawal facilities. It is a reliable and secure investment option for those individuals looking to invest their hard-earned savings. 

2. Selfie FD Scheme 

Selfie FD is a unique FD scheme offered by Equitas Small Finance Bank, enabling individuals to open an account in just 3 minutes using only their Aadhaar and PAN card. Under this scheme, you can invest any amount starting from Rs.5,000 to Rs.90,000 and choose a tenure ranging from 7 to 365 days. 

3. NRE (Non-Resident External) FD Scheme 

Applicable to non-resident Indians, this FD scheme allows account holders to earn interest on their overseas income in Indian currency. The interest earned from the NRE FD scheme of the bank is compounded quarterly and paid out every quarter. Moreover, it comes with tax exemption on the interest yield of the account holders. 

4. NRO (Non-Resident Ordinary) FD Scheme 

The NRO scheme of Equitas Small Finance Bank is designed to cater to Non-Resident Indians (NRIs) as an alternative to NRE FD. The NRO fixed deposit scheme offers quarterly discounted interest rates, subject to a TDS of 31.2%. However, a key facility this scheme provides is that account holders can fully repatriate their FD investment, including both the principal and interest amount.

Lowest and Highest FD Interest Rate in Equitas Bank

Here is a table highlighting the lowest and highest Equitas FD rates that apply to regular and senior citizens:

Equitas Small Finance Bank FD Premature Withdrawal 

In case of premature withdrawals of FD investment, the bank charges a penalty while paying out interest. The amount of interest is paid out after deducting a 1% penalty from the prevailing Equitas Small Finance Bank FD rates. 

However, the bank does not impose any penalty on premature withdrawals for certain FD account holders. For individuals holding a Domestic FD for more than 6 months, no penalty is levied. Similarly, senior citizens who invest in Selfie FD also get this penalty exemption in case they withdraw their deposit before maturity. 

Other than this, the bank does not offer a partial premature withdrawal facility if deposits were booked under preferential rates or with a monthly interest payout option.

Tax on Equitas Small Finance Bank FD Interest Income

Interest income earned from Equitas FD schemes is subject to TDS (Tax Deducted at Source) as per the rules of Income Tax Act, 1961. However, this applies only if the aggregate interest amount to be paid exceeds Rs. 40,000 in a financial year for regular citizens. This threshold limit extends to Rs. 50,000 for senior citizens. Equitas Bank also offers FD account holders the opportunity to avoid this tax liability upon submitting Form 15G/15H.

The FD schemes of Equitas Small Finance Bank are highly popular among risk-averse investors, providing them with reliable and steady income. The attractive interest rates are one of the reasons why customers opt for these schemes as a preferred option for investing their idle funds.  

You too can consider opening an FD account at the bank and benefit from its high-yielding interest. However, make sure to verify the current Equitas Small Finance Bank FD rates before prioritising a scheme to make an informed investment decision. 
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