Equitas Small Finance Bank increases interest rates on Savings and Retail Term Deposits
Equitas Small Finance Bank
To help its customers earn more interest through savings, Equitas Small Finance Bank, one of the leading SFBs, today announced the revision of interest rates for Savings and Retail Term Deposits (RTDs) from March 21, 2022. With this revision, the customers can now avail 7 per cent per annum on savings account for balances above Rs 5 lakhs up to Rs 2 crore, which was earlier above Rs 5 Lakhs up to Rs 50 Lakhs.
Senior citizens can now earn maximum benefits as the Bank offers them a flat rate of .50 per cent extra over existing revised rates on RTDs. For FD, senior citizens can now earn an interest of 7.25 per cent per annum for 888 days and the others can get upto 6.75 per cent per annum. When it comes to RD, senior citizens can get 7 per cent per annum and others can get upto 6.5 per cent per annum interest for 24 months.
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 society.
Murali Vaidyanathan, Senior President and Country Head, Branch Banking - Liabilities, Products and Wealth, Equitas Small Finance Bank said, "During these volatile times, it is imperative that we protect the savers' interest with an attractive proposition. This expands the opportunity for customers to save more across segments and enjoy the best-in-class interest rates. This revision aims at bringing more inclusivity and convenience in transaction banking by facilitating customers to make the most of the in-use banking products - savings and RTD. It will also ease the process for senior citizens to earn more. All of this will continue our idea of empowering our customers - Banking and Beyond."
Domestic/NRE/NRO Fixed Deposit rates:
| Callable Term Deposit | Existing Rates | New Rate |
| Tenure | Domestic, NRE/NRO | Domestic, NRE/NRO |
| Interest Rates upto | Interest Rates upto | |
| Rs. 2 crore | Rs. 2 crore | |
| 1 year to 18 months | 6 per cent | 6.10 per cent |
| 18 months 1 day to 2 years | 6.25 per cent | 6.50 per cent |
| 2 years 1 day to 887 days | 6.35 per cent | 6.50 per cent |
| 888 days | 6.50 per cent | 6.75 per cent |
| 889 days to 3 years | 6.35 per cent | 6.50 per cent |
Domestic/NRE/NRO Recurring Deposit rates:
| Existing Rules | New Rates | |
| Tenure | Domestic, NRE/NRO | Domestic, NRE/NRO |
| Interest Rates upto | Interest Rates upto | |
| Rs. 2 crore | Rs. 2 crore | |
| 12 months | 6 per cent | 6.10 per cent |
| 15 months | 6 per cent | 6.10 per cent |
| 18 months | 6 per cent | 6.10 per cent |
| 21 months | 6.25 per cent | 6.50 per cent |
| 24 months | 6.25 per cent | 6.50 per cent |
| 30 months | 6.35 per cent | 6.50 per cent |
| 36 months | 6.35 per cent | 6.50 per cent |