Equitas Small Finance Bank RD Interest Rates

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.

Equitas RD Interest Rates 2024

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 Recurring Deposit Scheme

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.

Characteristics of the Equitas Bank RD

Here are the major features of the Equitas Bank RD scheme:

  • RDs from this bank will let you get a high rate of interest on the fixed money that has been deposited each month.
  • TDS deductions would be subject to the existing income tax rules based on the opening of the RD account.
  • The lowest deposit for this scheme is Rs. 1,000.
  • You can get this service from any Equitas Small Finance Bank close by.
  • You will also get a nomination facility from this option.
  • The deposits of this tenure will range from 12 months to 120 months.
  • The TDS deductions would be subject to the existing income tax rules according to the time of opening the RD account.

Factors that Affect the Interest Rates of Equitas Small Finance Bank RD

There are several factors that affect the interest rates of Equitas Small Finance Bank interest rates on recurring deposits:

  • Economy: In the case of a booming economy, the people will take the larger credit for meeting their personal needs and work requirements. When there is a credit demand, the banks will offer a higher interest rate to garner more with RDs.
  • Policies of the Reserve Bank of India: The CRR and repo rate, as directed by the Reserve Bank of India, will affect the interest rate of all of the banking instruments, inclusive of RDs.
  • Inflation: Inflation will have a positive effect on interest rates. Therefore the RD interest rates will be higher during rising inflation.
  • Recession: When recessions occur, the RBI will release the funds in the market and inject liquidity. As a result of this - the banks will reduce the interest rates, and credit rates will increase.

Premature Withdrawal of the Recurring Deposit

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.

Penalty for Delayed Payments of Installments

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. 

FAQs

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.

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