Equitas Small Finance Bank customers will now earn higher interests on savings, Fixed Deposit and Recurring Deposit
14 October 2022: Equitas Small Finance Bank Limited, one of the leading SFBs, has announced the revision of interest rates for savings, Fixed Deposits as well as Recurring Deposits in Domestic and NRE/ NRO Interest Rates Accounts. The hike in interest rate will be effective from 15th October 2022.
The hike will allow customers with savings accounts to gain interest ranging from 3.5% up to 7%. Furthermore, senior citizens will receive 0.50% extra. This will also be applicable to domestic FD and RD accounts. The interest payouts will continue to be quarterly across all account types.
Murali Vaidyanathan, Senior President, and Country Head, of Equitas Small Finance Bank, said, “Today we are announcing that we have increased not just the FD rates, but also the interest rates on RD and savings account. During these volatile times, we wish to encourage saving and maximize customer needs. We made the decision to safeguard the interests of our depositors since, to us, they are just as important as borrowers are. Together, they advocate for the reality of beyond banking. Please come and join this transformative journey with Equitas and together we will grow our society.”
Furthermore, the customer can procure higher interest rates on their FDs for tenure greater than 1 year and to 3 years. This is applicable in both domestic and NRE/ NRO accounts. This is to ensure that inclusive investment opportunities are being offered, especially to customers in the hinterlands of India.