Equitas Small Finance Bank elevates interest rates to 7%; stock skids ~1%

21 Mar 2022 , 03:19 PM

Equitas Small Finance Bank, one of the leading SFBs, has announced a revision in interest rates for Savings and Retail Term Deposits from 21st March 2022. Customers can now avail 7% interest p.a. on Savings Account for balances above Rs5 lakh up to Rs2 crore, as compared to earlier above Rs5 lakh up to Rs50 lakh, making it easier for more customers to earn more interest through saving.

Senior citizens can now avail of maximum benefits as the Bank offers them a flat rate of 0.50% extra over existing revised rates on RTDs. For FD, senior citizens can now earn an interest of 7.25%* p.a. for 888 days and the others can get up to 6.75%*p.a. Whilst in the case of RD, senior citizens can get 7%* p.a. and others can get up to 6.5%* p.a. interest for 24 months.

“During these unpredictable times, it is necessary that we protect the savers’ interest with an attractive proposition. This expands the opportunity for customers to save more in form of saving interest across segments and enjoy the best-in-class interest rates.” commented, Murali Vaidyanathan, Senior President, and Country Head, Branch Banking.

Through this rate revision, Equitas strives to bring in more inclusivity to its customers by enabling them to avail themselves of the benefits of the Power of 7. The increased rate for senior citizens will make it attractive for them to get the maximum returns from their deposits. Along with the Bank’s beyond banking initiatives, this revision expands the opportunity for its customers to save more while contributing back to society.