Equitas Small Finance Bank has revised the interest rates on its fixed deposits (FDs). Interest rates on FDs can go up to as high as 9 per cent for senior citizens in this small finance bank. The new FD interest rates have been effective from August 21, 2023, as per the bank website. The revised interest rates will be applicable on fixed deposits of below Rs 2 crore. Let’s find out how much Equitas Small Finance Bank offers on FDs for the general public and senior citizens.
Equitas Small Finance Bank offers an interest of 8.5% on FDs to the general public
For FDs maturing between 7 and 29 days, the bank offers an interest of 3.5 per cent. On FDs maturing between 30 and 45 days, the bank offers an interest rate of 4 per cent. You will get an interest rate of 4.5 per cent on FDs maturing between 46 and 90 days. Equitas Small Finance Bank offers an interest rate of 5.25 per cent on FDs maturing between 91 and 180 days. On fixed deposits maturing between 181 and 364 days, the bank offers an interest rate of 6.25 per cent. Fixed deposits maturing in a year will fetch an interest rate of 8.2 per cent.
On FDs maturing in one year and a day, Equitas Small Finance Bank offers an interest rate of 8 per cent. For FDs maturing between 367 and 443 days, the bank offers an interest rate of 8.2 per cent. You will get an interest rate of 8.5 per cent on FDs maturing in 444 days. For fixed deposits maturing between 445 days and 18 months, the bank offers an interest rate of 8.2 per cent. Fixed deposits maturing between 18 months and a day to two years, the bank offers an interest rate of 7.75 per cent.
Equitas Small Finance Bank offers an interest rate of 8 per cent for fixed deposits maturing between two years and a day and 887 days.
Equitas Small Finance Bank FD interest rates (amount less than Rs 2 crore; effective from August 21, 2023)
| Tenure | Interest rates for general citizens | Interest rates for senior citizens |
| 7 – 14 days | 3.5% | 4% |
| 15 – 29 days | 3.5% | 4% |
| 30 – 45 days | 4% | 4.5% |
| 46 – 62 days | 4.5% | 5% |
| 63 – 90 days | 4.5% | 5% |
| 91 – 120 days | 5.25% | 5.75% |
| 121 – 180 days | 5.25% | 5.75% |
| 181 – 210 days | 6.25% | 6.85% |
| 211 – 270 days | 6.25% | 6.85% |
| 271 – 364 days | 6.25% | 6.85% |
| 1 year (365 days) | 8.2% | 8.7% |
| 1 year 1 day | 8% | 8.5% |
| 1 year 2 days to 443 days | 8.2% | 8.7% |
| 444 Days | 8.5% | 9% |
| 445 Days to 18 Months | 8.2% | 8.7% |
| 18 Months 1 day to 2 years | 7.75% | 8.25% |
| 2 years 1 day to 887 days | 8% | 8.5% |
| 888 days | 8.25% | 8.75% |
| 889 days to 3 years | 8% | 8.5% |
| 3 years 1 day to 4 years | 7.50% | 8% |
| 4 years 1 day to 5 years | 7.25% | 7.75% |
| 5 years 1 day to 10 years | 7.25% | 7.75% |
Source: Equitas Small Finance Bank website
Fixed deposits maturing between 888 days will get an interest rate of 8.25 per cent with Equitas Small Finance Bank. On FDs maturing between 889 days and three years, the bank offers an interest of 8 per cent.
For FDs maturing between three years and a day and four years, the small finance bank offers an interest rate of 7.5 per cent. Equitas Small Finance Bank offers an interest rate of 7.25 per cent for FDs maturing between 4 years and one day and 10 years.
Senior citizens will get an additional interest of 0.50 per cent over the rate applicable to general customers. On FDs maturing in 444 days, senior citizens will get an interest rate of 9 per cent.
Do remember that deposits in deposits in small finance banks are also insured by the Deposit Insurance Credit Guarantee Corporation (DICGC) to the tune of Rs 5 lakh. Most of the experts advise FD investors to keep their exposure limited in FDs of SFBs so that it is well within the DICGC cover of Rs 5 lakh including principal and interest.
