Image by shameersrk from Pixabay
Equitas Small Finance Bank Limited, one of the leading SFBs, has announced the revised interest rates for savings, Fixed Deposits as well as Recurring Deposits in Domestic and NRE/ NRO Interest Rates Accounts. The hike in interest rates will be effective from 14th December, 2022.
The hike will allow savings account customers to gain 7% interest who have a closing balance above Rs. 5 crs upto Rs. 30 crs. There is also an increase in interest rates on Fixed Deposits and Recurring Deposits with the peak rate being at 8% and 7.75% respectively. This is applicable not just for domestic accounts, but also NRE/ NRO accounts. Furthermore, domestic senior citizens will receive 0.50% extra on the FD and RD rates. The interest payouts will continue to be quarterly across all account types.
Murali Vaidyanathan, Senior President and Country Head, Equitas Small Finance Bank, said, “We are happy to announce that Equitas customers – existing and new, will earn higher interest rates on Fixed Deposit, Recurring Deposit as well as savings account. Our key agenda is to see people’s money grow when they bank with us, thus we continue to stand strong with our customers by encouraging them to increase the habit of saving and maximize their benefits through hike in interest rates.
“In fact, to continue the saving drive amongst senior citizens in India, we offer additional 0.5% on their Fixed Deposit and Recurring Deposit which not just suits their requirement of investment but also boosts capital creation. We stand committed to our philosophy of Beyond Banking and welcome our customers to join this transformative journey with Equitas for achieving better growth of the society together.”
| Savings Interest Rate | |
| Daily Closing Balance | Revised rate of interest w.e.f. 14th Dec 202 |
| Rate Slab | |
| Upto Rs. 1 lakh | 3.50% |
| Above Rs. 1 lakh and upto Rs. 5 lakhs | 5.25% |
| Above Rs. 5 lakhs and upto Rs. 5 crs | 7.00% |
| Above Rs. 5 crs and upto Rs. 10 crs | 7.00% |
| Above Rs. 10 crs and upto Rs. 30 crs | 7.00% |
| Above Rs. 30 crs | 7.00% |
Fixed Deposit Rate for Domestic, NRE / NRO (for INR) with effect from: 14th December 2022
| Tenure | Interest rates for amount less than Rs. 2 crore w.e.f. 14th Dec 2022 | Annualised Yield |
| 7 – 14 days | 3.50% | 3.50% |
| 15 – 29 days | 3.50% | 3.50% |
| 30 – 45 days | 4.00% | 4.00% |
| 46 – 62 days | 4.25% | 4.25% |
| 63 – 90 days | 4.25% | 4.25% |
| 91 – 120 days | 5.00% | 5.00% |
| 121 – 180 days | 5.00% | 5.00% |
| 181 – 210 days | 6.00% | 6.09% |
| 211 – 270 days | 6.00% | 6.09% |
| 271 – 364 days | 6.00% | 6.09% |
| 1 year to 18 months | 7.50% | 7.71% |
| 18 months 1 day to 2 years | 7.25% | 7.45% |
| 2 years 1 day 887 days | 7.75% | 7.98% |
| 888 days | 8.00% | 8.24% |
| 889 day to 3 years | 7.75% | 7.98% |
| 3 years 1 day to 4 years | 7.25% | 7.45% |
| 4 years 1 day to 5 years | 7.00% | 7.19% |
| 5 years 1 day to 10 years | 7.00% | 7.19% |
Recurring Deposit for Domestic, NRE / NRO (in INR) Rate for different tenure with effect from:
14th December 2022
| Tenure | Interest rates for amount less than Rs. 2 crore w.e.f 14th December 2022 |
| 12 Months | 7.50% |
| 15 Months | 7.50% |
| 18 Months | 7.50% |
| 21 Months | 7.25% |
| 24 Months | 7.25% |
| 30 Months | 7.75% |
| 36 Months | 7.75% |
| 48 Months | 7.25% |
| 60 Months | 7.00% |
| 90 Months | 7.00% |
| 120 Months | 7.00% |
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