One of the largest SFBs, Equitas Small Finance Bank Limited, has announced a new duration for Fixed Deposits in Domestic and NRE/ NRO Interest Rates Accounts. The new interest rates will go into effect on June 5, 2023.
For deposits smaller than INR 2 crore, the bank has launched a new 444-day tenure slab with an interest rate of 8.5%. In addition, the bank continues to offer interest rates on RD investments with terms ranging from 12 to 120 months. This new slab will be available to both domestic and NRE/NRO account holders. Furthermore, domestic senior residents will receive an additional 0.50% discount on the FD and RD rates. All account types will continue to receive quarterly interest payments.
Murali Vaidyanathan, Senior President and Country Head, Equitas Small Finance Bank, said, “Equitas Small Finance Bank is happy to announce the new 444 days tenure for the savers’ community. This is an important deposit allocation for customers’ needs as it fits in goal-based planning for short-term and long-term vision with the best-in-class rate of return. We want to continue to promote a savings culture among our customers and provide them with maximum benefits, ultimately helping their money to grow. Now you can also book best-in-class rates FD through our online digital channels as it scores over the regular FD process in terms of convenience and ease of operation. A quick and convenient way to save money and maximise profits on maturity.”
Interest Rates Revised for Fixed Deposits and Recurring Deposits
As of 5th June 2023, significant changes have been made to the interest rates offered on Fixed Deposits (FD) and Recurring Deposits (RD) for Domestic, NRE/NRO accounts in Indian Rupees (INR). Customers with amounts below Rs. 2 crore can now benefit from these revised rates.
Fixed Deposit Rate for Domestic, NRE / NRO (for INR) with effect from: 5th June 2023
| Tenure | Interest rates for amount less than Rs. 2 crore w.e.f 5th June 2023 | 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 | 4.50% | 4.50% |
| 63 – 90 days | 4.50% | 4.50% |
| 91 – 120 days | 5.25% | 5.25% |
| 121 – 180 days | 5.25% | 5.25% |
| 181 – 210 days | 6.25% | 6.35% |
| 211 – 270 days | 6.25% | 6.35% |
| 271 – 364 days | 6.25% | 6.35% |
| 1 year to 443 Days | 8.20% | 8.46% |
| 444 days | 8.50% | 8.77% |
| 445 days to 18 months | 8.20% | 8.46% |
| 18 months 1 day to 2 years | 7.75% | 7.98% |
| 2 years 1 day 887 days | 8.00% | 8.24% |
| 888 days | 8.50% | 8.77% |
| 889 day to 3 years | 8.00% | 8.24% |
| 3 years 1 day to 4 years | 7.50% | 7.71% |
| 4 years 1 day to 5 years | 7.25% | 7.45% |
| 5 years 1 day to 10 years | 7.25% | 7.45% |
Recurring Deposit for Domestic, NRE / NRO (in INR) Rate for different tenure with effect from:
5th June 2023
| Tenure | Interest rates for amount less than Rs. 2 crore w.e.f 5th June 2023 |
| 12 Months | 8.20% |
| 15 Months | 8.20% |
| 18 Months | 8.20% |
| 21 Months | 7.75% |
| 24 Months | 7.75% |
| 30 Months | 8.00% |
| 36 Months | 8.00% |
| 48 Months | 7.50% |
| 60 Months | 7.25% |
| 90 Months | 7.25% |
| 120 Months | 7.25% |
These revised rates provide individuals with a range of options to suit their financial goals. Whether it’s a short-term investment or a long-term savings plan, customers can now make informed decisions based on the new interest rates offered by the bank.
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