According to a press release issued by Equitas Small Finance Bank, “Customers can now avail 7% interest p.a. on Savings Account for balances above Rs 5 Lakhs up to Rs 2 Crores, which was earlier above Rs 5 Lakhs up to Rs 50 Lakhs, making it simpler for more customers to earn more interest through saving.” For FDs, the bank has hiked interest rates of various tenures by 10-25 bps.
Domestic/NRE/NRO Fixed Deposit rates:
Domestic/NRE/NRO Recurring Deposit rates:
As per the bank press release, “Through this rate revision, Equitas brings in more inclusivity to its customers by enabling them to reap the benefits of the Power of 7. The incremental rate for senior citizens will make it attractive for them to get the maximum returns from their deposits. Along with the bank’s beyond banking initiatives, this revision widens the opportunity for its customers to save more while contributing back to the society.”
The bank said senior citizens can now earn maximum benefits as the bank offers them a flat rate of .50% extra over existing revised rates on RTDs.
For FD, senior citizens can now earn an interest of 7.25% p.a. for 888 days and the others can get upto 6.75% p.a. When it comes to RD, senior citizens can get 7% p.a. and others can get upto 6.5%* p.a. interest for 24 months.
Last week, Suryoday Small Finance Bank also revised its fixed deposit interest rates for various tenors, effective March 10, 2022. Suryoday Small Finance Bank offers senior citizens FD interest rates ranging between 3.25-7.50 percent per year and 3.25-7 percent per year on maturities ranging from 7 days to 10 years. Suryoday Small Finance Bank Tax Saving FDs offer a 6.75 percent annual interest and a 7.00 percent annual interest rate to senior citizen depositors for 5-year durations.
Suryoday Small Finance Bank revises FD interest rates: Check latest FD rates