Equitas Small Finance Bank hikes interest rates from March 1! Check details

Equitas Small Finance Bank Limited has announced the revised interest rates for fixed deposits (FD) as well as recurring deposits (RD) in domestic and NRE/NRO interest rates accounts. The hike in interest rates will be effective from March 1, 2023.

The hike will allow FD customers to earn 8.20 per cent interest on investing less than Rs 2 crore for a tenure of 888 days. The bank is also increasing interest rates on investments for tenures ranging from 12 months to 24 months. This is applicable to both domestic accounts as well as 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.

"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," Murali Vaidyanathan, senior president and country head, Equitas Small Finance Bank, 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 per cent on their fixed deposit and recurring deposit which enhances capital creation and suits their requirement of investment at the same time," Vaidyanathan added.

Fixed deposit rate for domestic, NRE/NRO with effect from March 1:

The bank is offering interest rates of 8.20 per cent on investing less than Rs 2 crore for a tenure of 888 days. Between 889 days to 3 years, the interest rate offered is 7.75 per cent, 3 years 1 day to 4 years at 7.25 per cent, 4 years 1 day to 5 years at 7 per cent and 5 years 1 day to 10 years at 7 per cent.

Recurring deposit rate for domestic, NRE/NRO for different tenure:

In the case of recurring deposit, interest rates for amount less than Rs 2 crore and a tenure of 12 months, 15 months and 18 months is 7.70 per cent. For 21 months and 24 months, the interest rate is 7.50 per cent. If the tenure is 30 months, 36 months, the interest rate is 7.75 per cent. For 48 months, it is 7.25 per cent and for 60, 90, and 120 months, the interest rate is 7 per cent.

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