Equitas SFB increases interest rates on deposits

14 Dec 2022 , 01:08 PM

Equitas Small Finance Bank Limited has announced revised interest rates on savings, fixed deposits, and recurring deposits in domestic and NRE/ NRO interest rate accounts. The interest rate increase will take effect from December 14, 2022.

Customers with a closing balance of Rs 5 crore to Rs 30 crore will be eligible for 7% interest under the new scheme. Fixed deposit and recurring deposit interest rates have also risen, with the peak rates now at 8% and 7.75%, respectively.

This is true not only for domestic accounts but also for NRE/NRO accounts. Furthermore, domestic senior citizens will receive an additional 0.50% discount on the FD and RD rates. All account types will continue to receive quarterly interest payments, said the company in its media release on Wednesday.

Equitas Small Finance Bank is one of India’s largest small finance banks. As a new-age bank, it provides a suite of products and services tailored to the needs of customers, which include individuals with limited access to formal financing channels, as well as affluent and mass-affluent individuals, SMEs, and corporates.

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