|Tenure||Interest rates for amount less than Rs. 2 crore w.e.f 18th Oct 2019|
|7 – 14 days||5.00%|
|15 – 29 days||5.50%|
|30 – 45 days||6.00%|
|46 – 62 days||6.25%|
|63 – 90 days||6.25%|
|91 – 120 days||6.50%|
|121 – 180 days||6.50%|
|181 – 210 days||6.75%|
|211 – 270 days||6.75%|
|271 – 364 days||7.50%|
|1 year to 18 months||7.50%|
|18 months 1 day to 2 years||7.70%|
|2 years 1 day to 887 days||7.80%|
|889 day to 3 years||7.80%|
|3 years 1 day to 4 years||7.00%|
|4 years 1 day to 5 years||7.00%|
|5 years 1 day to 10 years||7.00%|
Equitas Bank is a small finance bank. Equitas launched its Small Finance Bank in the year 2016 after merging with Equitas Micro Finance, Equitas Finance and Equitas Housing Finance.
As a small finance bank, it offers attractive interest rates on its fixed deposits. Fixed deposit is an easy and simple way that helps individuals to save their money in an instrument that gives a fixed rate of return. Equitas Bank FD can help you to grow your money without much effort. With these FDs, you can take control of your money along with greater flexibility plus enjoy assured returns.
Customers have the option to choose a time horizon between 7 days to 10 years according to their requirements.
Put your idle funds to use
You can put your unused funds to use. By parking your money in fixed deposits, you can earn higher interest than a savings account. You can quickly sweep in idle funds lying in your savings account to an FD with the sweep facility.
Attractive interest rate
It provides an attractive interest rate on fixed deposits. As it is a small finance bank, it offers an attractive interest rate ranging from 5% to 8.30%. It gives the highest interest rate on deposits maturing between 2 years one day to 3 years. Also, senior citizens can earn an interest rate of up to 8.9% per annum.
Most of us believe that fixed deposits are fixed or locked in for the entire duration. However, fixed deposits from Equitas Bank allow withdrawing from your fixed deposits. You can either withdraw the whole amount or withdraw a partial amount. There is no penalty on withdrawals after six months.
Savings accounts have a minimum average balance that you need to keep in your savings account on a monthly or quarterly basis. The penalty is levied if you don’t keep the average minimum balance. However, with Equitas Bank fixed deposits, you don’t have to worry about keeping a minimum average balance. The non-maintenance charges in your savings account are waived off if you have a fixed deposit of one year and above.
Option to choose payout or cumulative option
Equitas Bank fixed deposits gives you the facility to opt for payout: monthly and quarterly or cumulative option. If you don’t have any need for an additional source of income, then you can opt for the cumulative option.
To summarise, if you want to higher interest rate, easy withdrawal option and don’t want to stress over maintaining a minimum average balance, then you can look at Equitas Bank fixed deposits.Tags: fixed deposit, equitas fixed deposit
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