According to RBI regulations, Equitas Holdings Limited (EHL), the holding company of the Equitas Group of Companies, is a Non-Deposit Taking - Systemically Important - Core Investment Company (ND SI - CIC).
Equitas Small Finance Bank Limited (ESFBL) and Equitas Technologies Private Limited are subsidiaries of the corporation (ETPL). In addition to investing in subsidiaries, EHL makes loans to subsidiaries and deposits with its banking affiliate, Equitas Small Finance Bank Limited (ESFBL).
Among these deposits, schemes are recurring deposits. A pre-specified amount is deposited at regular intervals in an Equitas Small Finance Bank Limited RD account, and its term ranges from a period of 6 months to a period of 10 years, with the monthly installments of 12, 24, 36, 48, 60, 72, 84, 96, 108, and 120 months.
Here is the table to show the Equitas Small Finance Bank RD rates:
Tenure |
Equitas Bank RD rates for the general customers |
Equitas Bank RD interest rates for senior citizens |
6 months |
6.35% |
6.85% |
9 months |
6.35% |
6.85% |
12 months |
6.35% |
6.85% |
15 months |
6.25% |
6.75% |
18 months |
6.25% |
6.75% |
21 months |
6.35% |
6.85% |
24 months |
6.25% |
6.75% |
27 months |
6.25% |
6.75% |
30 months |
6.50% |
7.00% |
33 months |
6.50% |
7.00% |
36 months |
6.35% |
6.85% |
Equitas Small Finance Bank allows you to accumulate capital over time by making recurring monthly contributions of a defined amount. It gives you a variety of RD alternatives with deposit terms ranging from 12 months to 120 months. The maximum deposit value for an RD is unlimited.
When you open an RD account, you must provide instructions for the disposition of maturity profits. Loans or overdrafts of up to 90% of the deposited amount are available. The rate of interest on RDs is the same as that on term deposits. The rate applicable to all Senior Citizens aged 60 and up will be 0.50% higher than the rate applicable to general consumers.
Investing in Equitas Small Finance Bank is an excellent choice for those with limited income. The advantage of RDs is that you obtain the same interest rate for the duration of the RD, even if future RD rates are lower.
Here are the major features of the Equitas Bank RD scheme:
There are several factors that affect the interest rates of Equitas Small Finance Bank interest rates on recurring deposits:
A premature withdrawal of the RD with Equitas Small Finance Bank is allowed. The bank would charge a nominal amount of the penalty according to the norms of banking. However, there is no partial withdrawal of the amount from the RD account.
The bank would give you the grace of some days when there is a delay in the payment beyond the due date. In this case, the bank will charge you with a small penalty based on its norms when you do not pay the amount after the due date.
Q1. How can I apply for an RD account from Equitas Small Finance Bank?
There are two most chosen ways to apply for the RD account from the Equitas Small Finance Bank, which are offline and online. In the offline method - you will have to visit the bank directly. In the online method, you will have to visit the official portal of the bank and apply for it through the deposit section.
Q2. Could I make a partial withdrawal of my RD account balance?
No. You cannot make a partial withdrawal. But you can make premature withdrawals.
Q3. What is the minimum amount that I can start my recurring deposit with through the Equitas Small Finance Bank?
You can open a recurring deposit account with a minimum of Rs. 1,000.
Q4. Is an RD account related to the market volatility?
No. An RD account is completely risk-free.
Q5. Can I get an overdraft over my RD from Equitas Small Finance Bank?
Yes. You can get up to 90% of the value of the RD balance as an overdraft.