- Fixed Deposit
- Equitas Small Finance Bank
- Equitas Small Finance (ESF) Bank Fixed Deposit
Equitas Small Finance (ESF) Bank Fixed Deposit
7.75%
Interest for 3 years
Equitas Small Finance Bank FD Interest Rates January 2023
| Tenure | Normal Citizen FD Rate | Senior Citizen FD Rate |
|---|---|---|
| 7 days - 29 days | 3.5% | 4% |
| 1 month 1 day - 1 month 16 days | 4% | 4.5% |
| 1 month 17 days - 3 months | 4.25% | 4.75% |
| 3 months 1 day - 5 months 29 days | 5% | 5.5% |
| 6 months - 11 months 30 days | 6% | 6.5% |
| 1 year - 1 year 6 months | 7.5% | 8% |
| 1 year 6 months 1 day - 1 year 11 months 30 days | 7.25% | 7.75% |
| 2 years - 2 years 5 months 5 days | 7.75% | 8.25% |
| 2 years 5 months 6 days - 2 years 5 months 6 days | 8% | 8.5% |
| 2 years 5 months 7 days - 2 years 11 months 30 days | 7.75% | 8.25% |
| 3 years - 3 years 11 months 30 days | 7.25% | 7.75% |
| 4 years - 9 years 11 months 28 days | 7% | 7.5% |
Note: All interest rates shown below are as on 1st Jan 1970
About ESF Bank FD
Equitas Small Finance Bank is a small finance bank founded in 2016. The bank has a balance sheet size of Rs. 19,315 Cr as on 31st March 2020. The bank recorded a profit of Rs 244 Cr in FY20
3.5% - 8%
FD Rate
4% - 8.5%
FD Rate for Seniors
₹ 5000
Minimum Deposit
₹ 2 Crores
Maximum Deposit
-
Lock-in
-
FD Tenure
-
Loan against FD
NA
CRISIL Rating
ESF Bank FD Returns Based on Investment Amount
| Investment Amount | For 3 years with interest of 7.75% | For 5 years with interest of 7% |
|---|---|---|
| ₹ 50,000 | ₹ 63,040 | ₹ 70,881 |
| ₹ 1 lakh | ₹ 126,081 | ₹ 141,763 |
| ₹ 2 lakh | ₹ 252,162 | ₹ 283,525 |
| ₹ 5 lakh | ₹ 630,404 | ₹ 708,813 |
| ₹ 10 lakh | ₹ 1,260,808 | ₹ 1,417,625 |
Compare Equitas Small Finance Bank Fixed Deposit Returns with Top Banks
Use FD calculator to change values and compare your returns from top banks.
| Maturity Amount | ₹ 107,763 | ₹ 108,139 |
| Total Investment Amount | ₹ 100,000 | ₹ 100,000 |
| Total Interest Gained | ₹7,763 | ₹ 8,139 |
Compare Equitas Small Finance Bank Fixed Deposit Rates with Top Banks
| Bank Name | FD Interest Rates |
|---|---|
| 7.85% - 8.8% | |
| 5.75% - 6.25% | |
| 7% - 7.75% | |
| 7% - 7% | |
| 7.2% - 7.95% | |
| 6.25% - 6.75% | |
| 6.5% - 7% | |
| 6.25% - 6.75% | |
| 5.3% - 5.55% | |
| 5.2% - 5.7% |
Calculate ESF Bank FD Returns
₹ 100,000
Total Investment
7,763
Wealth Gained
₹ 107,763
Maturity Amount
The flexible & tax efficient alternative to FDs.
Equitas Small Finance (ESF) Bank provides fixed deposit schemes with higher interest rates than their savings bank account. Moreover, the investors have the flexibility to choose their interest payout frequency. In other words, the depositors can opt for monthly, quarterly or annual interest payments or interest reinvestment. However, the interest gets compounded every quarter. The bank also enables depositors to withdraw their deposits prematurely and offers loans against their FDs. In this article, we have covered Equitas Small Finance Bank FDs and their interest rates in detail.
Features of Equitas Small Finance Bank Fixed Deposit
Equitas Small Finance Bank provides FDs that have better and higher returns than a savings bank account. Following are the key features of Equitas Bank fixed deposits:
Tenure
The Equitas Bank FD tenure ranges between 7 days to 10 years. Depositors cannot change Equitas Small Finance Banks tenure of fixed deposit investment once they have chosen the scheme. However, they can opt for premature withdrawal and can close the existing Equitas Small Finance Bank FD and start a new FD with the desired tenure.
Minimum and Maximum Deposit Amount
The minimum amount of deposit for Equitas Bank FDs is INR 5,000. Also, there is no limit on the maximum investment amount, except for the Selfe Scheme. In this case, the maximum limit is INR 90,000.
Preferential Interest Rates
Equitas Small Finance Bank offers preferential interest rates for its senior citizen depositors. Moreover, the Equitas Small Finance Bank FD rate of interest for senior citizens ranges between 4.10% to 7.30%.
Additional Payments
It is not possible to deposit any additional amount in an existing Equitas Small Finance Bank term deposit. However, one can always invest the additional amount in a new Equitas Small Finance Bank fixed deposit.
Tax and TDS
Investment in Equitas Small Finance Bank FDs does not qualify for tax saving under Section 80C of the Income Tax Act, 1961. However, the interest that one earns on their Equitas Bank fixed deposit investments is taxable. Also, the tax rate is as per the depositor’s income tax slab rates. Furthermore, Equitas Small Finance Bank deducts a TDS of 10%. This is when the interest income exceeds INR 40,0000 (INR 50,000 for senior citizens). Moreover, The TDS rate will be 20% if the PAN Card details aren’t submitted to Equitas Small Finance Bank.
Furthermore, one can determine whether the interest income from the Equitas Bank term deposit is above or below the TDS threshold limit. They can use the Equitas Small Finance Bank fixed deposit calculator available online. Also, one can determine and compute their tax liability using the Income Tax Calculator. Scripbox’s Income Tax Calculator is available online. It also helps in estimating tax liability from Equitas Small Finance FD investment for free.
Safety
Under the Deposit Insurance Scheme of RBI, DICGC insures all Equitas Bank deposits up to INR 5,00,000.
Premature withdrawal
Equitas Bank also allows premature withdrawal of fixed deposits. However, these withdrawals attract a penalty. Furthermore, for senior citizen depositors, there is no penalty for premature withdrawals.
Nomination Facility
Depositors can nominate beneficiaries for their Equitas Small Finance Bank FDs.
Auto-Renewal
Equitas Small Finance Bank offers an auto-renewal facility for deposits.
Convenience
Opening and managing Equitas Small Finance Bank FD investments is easy and convenient through their online portal.
Loan against FD and Overdraft
Equitas Small Finance Bank allows its investors to take a loan against their FDs. This will also help them meet their liquidity requirements without having to break their FD. However, the loan is provided only against their bank’s fixed deposits.
Investors can take loans such as education loans, business loans, etc., against Equitas Small Finance Bank FD. Also, they can compute and estimate loan EMI using the loan EMI calculator. The loan EMI calculator works as a personal loan EMI calculator. It also works as a home loan EMI calculator and car loan EMI calculator. Furthermore, one can use the EMI calculator in multiple scenarios by changing the input variables. They can change the personal loan interest rate or even the home loan interest rate. Also, they can change the car loan interest rate.
Pan Card
A PAN card is mandatory to open an Equitas Small Finance Bank Selfe FD. Though PAN Card isn’t mandatory for the other term deposit scheme, there are few implications of not disclosing PAN details. The applicable TDS rate is 20% instead of 10%, as per the regulations of section 206AA. Also, the Equitas Small Finance Bank will not issue any TDS certificate. Furthermore, all exemption certificates, such as Form 15G and Form 15H, will be invalid.
Requirement of savings account
Depositors need not have an Equitas Small Finance bank savings account in the case of the Selfe fixed deposit account.
ESF Fixed Deposit Schemes
1. ESAF Regular Fixed Deposit
The Equitas Bank Term Deposit is a good investment option that offers significant returns. It also helps the money grow without much effort. Moreover, one can take control of their investment through this deposit scheme. Also, the scheme offers greater flexibility and assured returns. Hence helps in capital creation.
- Tenure: 7 days to 10 years
- Minimum Deposit Amount: INR 5,000
- Maximum Deposit Amount: No Limit
- Interest rate: 6.80% for regular citizens. Also, an additional 0.50% for senior citizen depositors.
- Interest payout: Depositors can opt for either interest reinvestment, or quarterly payouts or monthly payouts.
- Partial and Full premature withdrawals: Allowed, however, with a penalty. Furthermore, no penalty on withdrawals after six months. Also, for senior citizen depositors no penalty for premature withdrawals.
- Deposit Insurance: Deposits in Equitas bank are covered under the Deposit Insurance Scheme of RBI. Therefore DICGC insures all the deposits up to INR 5,00,000.
- Loan Facility: Equitas Small Finance Bank offers loans against FD. This also helps its depositors meet their liquidity requirements without having to break the FD.
- Nomination Facility: Available
- Auto-Renewal Facility: Available
2. ESF Selfe Fixed Deposit
Selfe fixed deposit is easy to manage an account. Moreover, it can be opened in just three minutes. Also, depositors can directly fund their fixed deposit through the UPI bank account. One can open the Selfe FD account without necessarily having a savings bank account.
- Tenure: 7 days to 1 year
- Minimum Deposit Amount: INR 5,000
- Maximum Deposit Amount: INR 90,000
- Interest rate: 6.50% and additional 0.50% for senior citizen depositors.
- Partial and Full premature withdrawals: Allowed, however, with a penalty. Furthermore, no penalty on withdrawals after 180 days. Also, for senior citizen depositors no penalty for premature withdrawals.
ESF Fixed Deposit Requirement
Eligibility Required
To open a fixed deposit account with Equitas Bank, one has to be eligible. Following are the individuals/ entities who are eligible to invest in Equitas Small Finance Bank FDs:
- All resident individuals
- Sole proprietors
- Partnership firms
- Limited companies
- Hindu undivided families (HUFs)
- Trust accounts
Documents required
To open a fixed deposit account with Equitas Small Finance Bank, one needs the following documents.
- A fixed deposit application form
- Passport size photographs of the depositor
- PAN Card
- ID proof (PAN Card, Aadhar Card, Passport, Driver’s License)
- Address proof (Aadhar Card, Telephone bill, Electricity Bill, any other utility bills)
- Age proof (Birth certificate, matriculation certificate, Discharge certificate or PAN Card)
Frequently Asked Questions
What is the highest fd rate for ESF fixed deposit?
Equitas Small Finance term deposit rates range between 3.60% and 6.80% for regular citizens. Also, the interest rates for senior citizens is between 4.10%-7.30% for a tenure ranging from 7 days to 10 years. Equitas Small Finance Bank FD rates are higher than their savings account. Moreover, the bank offers preferential term deposit rates to its senior citizen depositors. Hence they get an additional rate of interest of 0.5% on their FDs. The interest is compounded quarterly but paid monthly, quarterly, annually or is reinvested into the deposit as per the choice of the investor.
The highest term deposit rate for this bank is 6.80% for a regular investor for the tenure of 888 days. Also, for the same tenure, the senior citizen FD rate is 7.30%. Moreover, returns from Equitas Bank fixed deposits can be calculated using a FD calculator.
Is Equitas bank safe for FD?
Fixed Deposits are investments that guarantee returns in the form of interest. Hence investors can consider investing in FD with Equitas Small Finance Bank.
Does the Equitas Small Finance Bank offer Recurring Deposits?
Yes, the Equitas Bank offers recurring deposit schemes. The scheme enables the depositors to build capital through regular investment. Equitas RDs have a tenure ranging between 12 months and 120 months.
Which small finance bank is best for FD?
Different small finance banks offer different interest rates for FDs of varying tenures. Hence investors need to check which bank offers the best interest against the desired tenure and choose the one which has the highest interest rate. However, interest alone cannot determine which FD is best for investment. Other factors like loan against FDs, premature withdrawals, etc also have to be considered.
Which bank is best for FD 2020?
Interest rates alone cannot determine whether the FD is good for investment or not. Other factors like nomination facility, premature withdrawals, loan against FDs also have to be considered. Hence investors need to check which bank is offering features that matches their goals and choose the one that best fits their requirement.