Equitas SFB hikes interest rates for fixed deposits and recurring deposits
3 min read 01 Mar 2023, 05:53 PM ISTOne of the leading SFBs, Equitas Small Finance Bank Ltd, has announced a hike in interest rates for fixed deposits as well as recurring deposits in accounts for domestic and NRE/NRO.
PremiumOne of the leading SFBs, Equitas Small Finance Bank Ltd, has announced a hike in interest rates for fixed deposits as well as recurring deposits in accounts for domestic and NRE/NRO. The rate hike will take effect on March 1st, 2023. With the hike, FD customers will have the opportunity to earn 8.20% interest on investments under INR 2 crore over the period of 888 days. Also, the bank is raising interest rates on deposits with terms between 12 and 24 months. Both domestic accounts and NRE/NRO accounts are covered under this. The FD and RD rates will also be raised by 0.50% for domestic senior citizens.
Equitas Small Finance Bank FD Rates
On fixed deposits maturing in 7 to 29 days, the bank is now offering an interest rate of 3.50% and on those maturing in 30 - 45 days, Equitas Small Finance Bank is now offering an interest rate of 4.00%. Equitas Small Finance Bank is now offering an interest rate of 4.25% on a deposit tenor of 46 - 90 days and an interest rate of 5.00% on a deposit tenor of 91 days to 180 days.
Deposits maturing in 181 days to 364 days will now fetch an interest rate of 6.00% and those maturing in 1 year to 18 months will now fetch an interest rate of 7.70%. On term deposits maturing in 18 months 1 day to 2 years, the bank is now offering an interest rate of 7.50% and on those maturing in 2 years 1 day to 887 days, Equitas Small Finance Bank is now offering an interest rate of 7.75%.
Equitas Small Finance Bank is now offering an interest rate of 8.20% on a deposit tenor of 888 days and an interest rate of 7.75% on a deposit tenor of 889 days to 3 years. Deposits maturing in 3 years 1 day to 4 years will fetch an interest rate of 7.25% and those maturing in 4 years 1 day to 10 years will now fetch an interest rate of 7%.
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. 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% 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."
Meanwhile, among small finance banks, Suryoday, Utkarsh and Jana Small Finance Bank have hiked interest rates on fixed deposits too. As of February 27, 2023, deposits at Utkarsh Small Finance Bank that mature in 700 days will yield a maximum interest rate of 8.25% for the general public and 9.00% for senior citizens. With effect from March 1, 2023, Suryoday Small Finance Bank is now providing a maximum interest rate of 8.51% for the general public and 8.76% for senior citizens on tenors of 999 days. The 500-day tenure that Jana SFB has launched has an interest rate of 8.15 percent for the general public and 8.85 percent for senior citizens and these rates are applicable from March 1 through March 31, 2023.
