Equitas Small Finance Bank hikes FD rates, to offer over 8% on select tenure
3 min read . Updated: 01 Mar 2023, 12:08 PM IST
Premium- The new hike in FD is applicable to both domestic accounts and NRE/NRO accounts.
Equitas Small Finance Bank Limited on 1 March has announced the revised interest rates for fixed deposits as well as recurring deposits in Domestic and NRE/ NRO Interest Rates Accounts. The hike in interest rates will come in effect from today.
This hike will allow FD customers to earn 8.20 percent interest on investing less than ₹2 crore for a tenure of 888 days. Apart from this, the bank is also increasing interest rates on investments for tenures ranging from 12 months to 24 months.
The new hike in FD is applicable to both domestic accounts and NRE/NRO accounts.
Furthermore, the bank stated that the domestic senior citizens will receive 0.50 percent extra on the FD and RD rates. The interest payouts will continue to be quarterly across all account types.
While speaking on the hike in FD rates, Murali Vaidyanathan, Senior President and Country Head, Equitas Small Finance Bank, said, “We are happy to announce that customers of Equitas Small Finance Bank will earn better interest on Fixed Deposit and Recurring Deposit. This meets the key agenda of the bank to encourage the customers’ habit of saving and maximize their benefits through a hike in interest rates and help people’s money grow."
Further adding, he said, "As a matter of fact, locking money for a determined period through lump-sum or recurring deposits also ensures meeting certain goals in life. Besides, to boost the saving drive amongst senior citizens in India, Equitas offers an additional 0.5 percent on their Fixed Deposit and Recurring Deposit which enhances capital creation and suits their requirement of investment at the same time. We look forward to our customers joining the transformational journey of our Beyond Banking philosophy for achieving better growth of the society together."
Fixed Deposit Rate for Domestic, NRE / NRO (for INR)
| Tenure | Interest rates for amount less than Rs. 2 crore w.e.f 1st March 2023 | Annualised Yield |
| 7 - 14 days | 3.50% | 3.50% |
| 15 - 29 days | 3.50% | 3.50% |
| 30 - 45 days | 4.00% | 4.00% |
| 46 - 62 days | 4.25% | 4.25% |
| 63 - 90 days | 4.25% | 4.25% |
| 91 - 120 days | 5.00% | 5.00% |
| 121 - 180 days | 5.00% | 5.00% |
| 181 - 210 days | 6.00% | 6.09% |
| 211 - 270 days | 6.00% | 6.09% |
| 271 - 364 days | 6.00% | 6.09% |
| 1 year to 18 months | 7.70% | 7.93% |
| 18 months 1 day to 2 years | 7.50% | 7.71% |
| 2 years 1 day 887 days | 7.75% | 7.98% |
| 888 days | 8.20% | 8.46% |
| 889 day to 3 years | 7.25% | 7.98% |
| 3 years 1 day to 4 years | 7.25% | 7.45% |
| 4 years 1 day to 5 years | 7.00% | 7.19% |
| 5 years 1 day to 10 years | 7.00% | 7.19% |
Recurring Deposit for Domestic, NRE / NRO (in INR) Rate for different tenure
| Tenure | Interest rates for amount less than Rs. 2 crore w.e.f 1 st March 2023 |
| 12 Months | 7.70% |
| 15 Months | 7.70% |
| 18 Months | 7.70% |
| 21 Months | 7.50% |
| 24 Months | 7.50% |
| 30 Months | 7.75% |
| 36 Months | 7.75% |
| 48 Months | 7.25% |
| 60 Months | 7.00% |
| 90 Months | 7.00% |
| 120 Months | 7.00% |