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 a savings account to gain interest ranging from 3.5 per cent up to 7 per cent. There is also an increase in interest rates on Fixed Deposits with the peak rate being at 7.5 per cent. Furthermore, senior citizens will receive 0.50 per cent extra. The interest payouts will continue to be quarterly across all account types.
Murali Vaidyanathan, Senior President, and Country Head, 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 accounts. Among these volatile times, we wish to encourage saving and maximize customer benefit. Together with our customers, we stand committed to our philosophy of Beyond Banking. Please come and join this transformative journey with Equitas and together we will grow our society.”
