Equitas Small Finance Bank Limited, one of the leading small finance banks, has announced the revised interest rates for savings, fixed deposits (FDs) as well as recurring deposits for Domestic and NRE/ NRO Interest Rates Accounts. According to an official statement, the hike in interest rates will be effective from December 14, 2022.
The bank said that the hike will allow savings account customers to gain 7 per cent interest who have a closing balance above Rs. 5 crore, up to Rs. 30 crore. There is also an increase in interest rates on FDs and Recurring Deposits with the peak rate being at 8 per cent and 7.75 per cent, respectively. The hike is not only applicable for domestic accounts, but also for NRE/ NRO accounts. Furthermore, domestic senior citizens will receive 0.50 per cent extra on the FD and RD rates. The interest payouts will continue to be quarterly across all account types.
Murali Vaidyanathan, Senior President and Country Head, Equitas Small Finance Bank, said the bank is happy to announce that Equitas customers – existing and new — will earn higher interest rates on Fixed Deposit, Recurring Deposit as well as savings account.
He added that the key agenda is to see people’s money grow when they bank with Equitas Small Finance Bank, and to encourage customers to increase the habit of saving and maximise their benefits through hike in interest rates.
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“In fact, to continue the saving drive amongst senior citizens in India, we offer additional 0.5% on their Fixed Deposit and Recurring Deposit which not just suits their requirement of investment but also boosts capital creation,” Murali said.
