Equitas Small Finance Bank revises its' Recurring and Fixed Deposit Rates

9 Feb 2022 , 11:05 AM

Equitas Small Finance Bank Limited has revised interest rates on fixed deposits and recurring deposits effective February 7, 2022. Acquisition of retail term deposits from individuals, senior citizens, and NRIs have been the Bank’s primary focus.

Interest rates for both fixed and recurring deposits have been increased, with a focus on senior citizens (Refer to tables below). For FD, senior citizens can now earn up to 7% p.a. for 888 days and the others can get up to 6.5% p.a. for 888 days. When it comes to RD, senior citizens can get up to 7% p.a. and others can get up to 6.35% p.a. interest.

With this increase, the Bank also gives way for its customers to grow wealth through the power of compounding. The Bank’s microfinance lending and retail term deposit have facilitated substantial growth enabling them to provide enhanced facilities and reward systems for their customers.

At around 11.08 AM, Equitas SFB was trading at Rs55.80 per share down Rs0.10 or 0.18% on the BSE.

“We believe the revision of interest rates by the Bank helps to enhance better compounding and thereby empowers its customers to earn better returns. The Bank continues to hold longer tenure rates on retail term deposits to propel the acquisition of individuals/senior citizens/NRIs through maximizing its retail mobilization strategy,” company said in a filing on Tuesday.

Murali Vaidyanathan, Senior President and Country Head — Branch Banking – Liabilities, Products &; Wealth, Equitas Small Finance Bank Limited has stated, “Our focus on retail acquisitions has resulted in the contribution of this segment to rise up to 55-60%. The focus on renewal of retail FDs through branches and customer care centers enables us to enhance the value of retail term deposits.”

Following the most recent adjustment on interest rates, citizens will now get higher returns on deposits maturing in 271 days to 364 days, 1 year to 18 months, 18 months 1 day to 2 years, 2 years 1 day 887 days, 888 days, 889 days to 3 years, 3 years 1 day to 4 years, and 4 years 1 day to 5 years, company said.