PremiumListen to this article |
On fixed deposits below ₹2 crore, Equitas Small Finance Bank (SFB) has increased interest rates. The modification has been announced by the bank today, June 27, 2022, and as a result, interest rates on deposits with terms of more than one year to three years have been raised.
The bank will continue to give a 3.50 per cent interest rate on fixed deposits held for 7 to 45 days, while Equitas Small Finance Bank will continue to offer a 4.00 per cent interest rate on term deposits held for 46 to 62 days. Fixed deposits with maturities between 63 and 90 days and between 91 and 180 days will continue to earn interest at a rate of 4.25 per cent and 4.75 per cent, respectively. On deposits due in 181 to 364 days, Equitas Small Finance Bank has kept its interest rate unchanged at 5.25 per cent.
The bank increased interest rates on deposits maturing in 1 year to 18 months by 10 bps, from 6.50 per cent to 6.60 per cent, while interest rates on deposits maturing in 18 months, 1 day to 2 years were increased by 10 bps, from 6.35 per cent to 6.45 per cent. The interest rate on fixed deposits maturing in 2 years, 1 day to 887 days has increased from 6.75 per cent to 6.90 per cent, a 15 basis point increase, while the interest rate on term deposits maturing in 888 days has increased from 6.85 per cent to 7 per cent, a 15 basis point hike. On deposits maturing in 889 days to 3 years, Equitas Small Finance Bank will now offer an interest rate of 6.90 per cent, up from 6.75 per cent previously, a 15 basis point increase. However, the bank has maintained its interest rate on fixed deposits with a maturity period of 3 years 1 day to 10 years at 6 per cent.
Senior citizens will now receive an interest rate of 4 per cent to 6.50 per cent on deposits maturing in 7 days to 10 years, but on deposits maturing in 888 days, senior citizens will now receive the highest interest rate of 7.50 per cent. The bank will offer 0.50 per cent additional rates for senior citizens, which are not applicable for NRE/NRO deposits.