Product Details
Bank Name
Equitas Small Finance Bank
Eligibility
You must be an Indian resident aged 18 years or above.
You should have a valid PAN card.
Your mobile number must be linked to your Aadhaar card.
Interest Rate
Up to 8.10% per annum.
Tenure
12 months to 120 months.
Fixed Deposit Type
Recurring
Recurring Deposits
Tax Benefits
No
Credit Ratings
CRISIL A1+
Interest Payment Frequency
At maturity. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.
Cummulative/Non-Cummulative
Not specified by the bank.
Features
Minimum duration of 12 months.
Minimum deposit requirement of Rs. 1000.
0.50% per annum additional rate for senior citizens.
Minimum Investment Amount
INR 1000
Features & Benefits
Pros
Attractive Interest Rates
Flexible Tenure
Maximum tenure of up to 120 months.
Cons
Early Withdrawal Penalty
Payment of interest at the time of maturity only.
Pros & Cons
Account Opening Procedure
How to Open?
Visit the Equitas Bank Selfe FD webpage: Access the official webpage directly at http://www.equitasbank.com/fixed-deposit.
Review the details: This webpage provides a clear overview of the Selfe FD scheme, including minimum deposit amount (Rs. 5,000), maximum deposit amount (Rs. 90,000), tenure options (7 days to 365 days), and current interest rates.
Click on "Open Selfe FD Account": This button initiates the online application process.
Fill out the application form: Enter your personal details like name, date of birth, mobile number, and email address (optional).
Aadhaar e-KYC: The bank uses Aadhaar based e-KYC for verification. You'll receive a One Time Password (OTP) on your Aadhaar linked mobile number. Enter the OTP to proceed.
Choose your deposit details: Specify your preferred deposit amount (within the minimum and maximum limits) and choose your desired tenure (7 days to 365 days).
Fund your FD: You can conveniently fund your Selfe FD directly using the United Payments Interface (UPI) method. This allows you to transfer money from your bank account (any bank) through a UPI app.
Confirmation: Upon successful application and fund transfer, you'll receive a confirmation message and an electronic Fixed Deposit Receipt (FDR).
Application Procedure
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