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
3.50% - 8.0%
Tenure
7 days to 365 days.
Fixed Deposit Type
Regular
Selfe Fixed Deposit
Tax Benefits
No
Credit Ratings
CRISIL A1+
Interest Payment Frequency
Monthly/quarterly interest payout option is available
Cummulative/Non-Cummulative
Cumulative
Features
Idle funds can be used Best in class Interest Rates Attractive FD interest rates up to 8.50%* p.a. for Senior Citizens for 888 days Partial and Full Pre Mature withdrawal allowed No Premature Withdrawal penalty for all FDs booked for Senior Citizens on or after 2nd December 2019 (Not applicable for grouping) No Penalty on premature withdrawal above 6 months Nomination facility available Interest frequency available – Reinvestment, Quarterly Payout, and Monthly Payout
Minimum Investment Amount
INR 5000
Fees and Charges
Pros
Convenience
Attractive Interest Rates
Flexible Tenure
Investment Option for Young Adults
Cons
Limited Deposit Amount: The maximum deposit amount for a Selfe FD is Rs. 90,000.
Early Withdrawal Penalty
Pros & Cons
Account Opening and 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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