SFB revises savings account interest rates, offers up to 7% on this balance slab
2 min read 09 Nov 2022, 06:23 PM ISTThe interest rates on savings accounts are revised by Equitas Small Finance Bank (SFB).
PremiumThe interest rates on savings accounts are revised by Equitas Small Finance Bank (SFB). According to the bank's official website, the new rates take effect on November 9, 2022. The bank currently provides up to 7% on deposits made to savings accounts. The bank provides other perks in addition to higher interest rates, such as an average monthly balance (AMB) of ₹10,000, no maintenance fees, cheque with 25 leaves per quarter, nomination service, and much more.
Equitas Small Finance Bank Savings Account Interest Rates
On savings account daily closing balance of up to ₹1 lakh, the bank offers an interest rate of 3.50% and on the daily closing balance of above ₹1 lakh and upto ₹5 lakhs, the bank will now offer an interest rate of 5.50%. Equitas SFB is now offering an interest rate of 7.00% on savings account daily closing balances of above ₹5 lakhs and upto ₹5 crores and an interest rate of 5.50% on daily closing balances of above ₹5 crores and upto ₹10 crores. On savings account daily closing balance of above ₹10 crores and upto ₹30 crores, the bank now offers an interest rate of 5.00% and 7.00% on daily closing balance of above ₹30 Cr.
The account's daily closing balance will be used to calculate the interest, which will be paid out in direct deposits to savings accounts on a quarterly basis. The bank allows an average monthly balance (AMB) of ₹10,000/- in metro, urban branches, ₹5000/- in semi-urban branches and ₹2500/- in Rural branches. On cash / cheque / DSB / DD (excluding online and ATM Transactions) the bank allows 8 transactions free per month and charges beyond free limits will be ₹15 per transaction over and above the individual transaction limit charges, according to Equitas Small Finance Bank. Currently, Equitas Small Finance Bank (SFB) offers a range of savings accounts such as Eva Savings Account, Eva Elite Savings Account, Wings Savings Account, Regular Savings Account, Selfe Savings Account, ELITE savings account, My Savings Account, and Basic And Small Savings Account to its customers.
In Q2FY23, the current account savings account (CASA) has grown to ₹10,456 Cr from ₹8,200 Cr in the same quarter last year. Retail term deposits were ₹7,665 crore in Q2FY23, a growth of 13% YoY from ₹6,767 crore in the same quarter last year, while total deposits increased by 20% to ₹21,726 crore in Q2FY23 from ₹18,094 crore in Q2FY22. According to Equitas Small Finance Bank, its total advances increased by 20% to ₹22,802 crore in Q2FY23 from ₹18,978 crore in Q2FY22. Equitas SFB disbursements for Q2FY23 grew by 22% to ₹3,845 crore from ₹3,145 crore in the same quarter last year.
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