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Equitas Small Finance Bank revises interest rates on FD, RD and savings accounts

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Equitas Small Finance Bank has announced interest rate revision on savings accounts, fixed deposits (FDs) and recurring deposits (RDs). According to the bank’s official press release, the new rates will take effect on October 15, 2022. Customers with savings accounts will be able to earn interest ranging from 3.5% to 7% thanks to the adjustment. The highest rate for interest on fixed deposits has increased as well, reaching 7.5%. Senior folks will also get an additional 0.5%.

Equitas Small Finance Bank Savings Account Rates

On a savings account balance of up to 1 Lac, the bank will offer an interest rate of 3.50% and on a savings account balance of above 1 lac and up to 5 lac, the bank will now offer an interest rate of 5.50%. Equitas Small Finance Bank will now offer an interest rate of 7.00% on savings account balances of above 5 lac and up to 5 crs whereas the bank will now offer an interest rate of 5.50% on savings account balances of Above 5Cr and up to 10Cr. On savings account balances of above 10Cr, customers will now get an interest rate of 5.00%.

Equitas Small Finance Bank FD Rates

The bank will provide a 3.50% interest rate on deposits maturing in the next 7 days to 45 days and a 4.00% interest rate on deposits maturing in the next 46 days to 62 days. An interest rate of 4.25% will be offered on deposits maturing in 63 to 90 days, while an interest rate of 4.75% will be imposed on deposits maturing in 91 to 180 days. Deposits maturing in 181 to 270 days will now earn 5.75% interest, and deposits maturing in 271 to 364 days will reap 6.00% interest, according to Equitas Small Finance Bank. 

On fixed deposits maturing in 1 year to 18 months, the bank will now offer an interest rate of 7.10% and on deposits maturing in 18 months 1 day to 2 years the bank will now offer an interest rate of 6.95%. The interest rate for deposits maturing in 2 years, 1 day, 887 days is now 7.40%, while the interest rate for deposits maturing in 888 days is now 7.50%. On deposits maturing in 889 days to 3 years, the bank will give an interest rate of 7.40%, and on deposits maturing in 3 years to 10 years, 6.75%.

Equitas Small Finance Bank RD Rates

On RDs maturing in 12 months to 18 months, the bank will now offer an interest rate of 7.10% and on RDs maturing in 21 months to 24 months, Equitas Small Finance Bank will offer an interest rate of 6.95%. RDs maturing in 30 months to 36 months will now offer an interest rate of 7.40% and RDs maturing in 48 months to 120 months will now fetch an interest rate of 6.75%.

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