BackEquitas SFB hikes domestic FD, NRE rates in special offer
Customers will get up to 7.32% annual interest on 888-days FD. Senior citizens will get extra 50 bps compared to regular customers
PremiumNEW DELHI: Equitas Small Finance Bank on Thursday announced raising fixed deposit (FD) interest rates on domestic and Non Resident Indian (NRE)/ Non Resident Ordinary (NRO) accounts in a special week-long offer, from 1 September to 7 September, as the bank marks its seventh year of operations.
“It is our unique way to thank our customers, while we enter our 7th year, who have constantly supported us throughout this journey. We believe that adding value through right price transmission is the key objective of our institution. Additionally, Fixed income securities such as fixed deposits can add tremendous value for all our household, and senior citizens customers. Our customers are our family and we always work towards catering them with the best product offering in tandem to their financial requirements," said Murali Vaidyanathan, Senior President and Country Head, Equitas Small Finance Bank.
Rates have been revised upwards by 7 basis points to 37 basis points across eight tenures under this special offering. One basis point (bps) is one-hundredth of one percentage point. Customers will get up to 7.32% annual interest on 888-days FD. Senior citizens will get extra 50 bps compared to regular customers.
The interest payout options under this special offer are monthly and quarterly, the bank said. “...the festive season is about to start in India from September onwards and it is an opportune time for the bank to provide depositors the necessary benefits on savings and fixed deposits to customers especially in the hinterlands of India," the bank added in its official statement.
FD Domestic Interest Rates
For amount less than ₹2 crore w.e.f 1-7 September 2022 Annualised Yield
1 year to 18 months: 6.82% interest; 7% annualised yield
18 months 1 day to 2 years: 6.82% interest; 7.00% annualised yield
2 years 1 day 887 days: 7.07% interest; 7.26% annualised yield
888 days: 7.32% interest; 7.52% annualised yield
889 day to 3 years: 7.07% interest; 7.26% annualised yield
3 years 1 day to 4 years: 6.07% interest; 6.21% annualised yield
4 years 1 day to 5 years: 6.07% interest; 6.21% annualised yield
5 years 1 day to 10 years: 6.07% interest; 6.21% annualised yield
FD Rates for NRE (for deposits in INR)
For amount less than ₹2 crore w.e.f 1-7 September 2022 Annualised Yield
1 year to 18 months: 6.97% interest; 7.15% annualised yield
18 months 1 day to 2 years: 6.92% interest; 7.10% annualised yield
2 years 1 day 887 days: 7.37% interest; 7.58% annualised yield
888 days: 7.47% interest; 7.68% annualised yield
889 day to 3 years: 7.37% interest; 7.58% annualised yield
3 years 1 day to 4 years: 6.07% interest; 6.21% annualised yield
4 years 1 day to 5 years: 6.07% interest; 6.21% annualised yield
5 years 1 day to 10 years: 6.07% interest; 6.21% annualised yield
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