Biznextindia : Equitas Small Finance Bank Limited 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 savings account to gain interest ranging from 3.5% up to 7%.
There is also an increase in interest rates on Fixed Deposits with the peak rate being at 7.5%. Furthermore, senior citizens will receive 0.50% extra. The interest payouts will continue to be quarterly across all account types.
“Today we are announcing that we have increased not just the FD rates, but also the interest rates on RD and savings account. 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” Murali Vaidyanathan, Senior President and Country Head, Equitas Small Finance Bank, said.