Equitas Small Finance Bank Increases Interest Rate to 7%

Equitas Small Finance Bank, one of the leading SFBs, has announced the revision of interest rates for Savings and Retail Term Deposits from 21st March 2022. 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.

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.

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.

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."

Shares of Equitas Small Finance Bank Limited was last trading in BSE at Rs. 53.00 as compared to the previous close of Rs. 53.50. The total number of shares traded during the day was 100184 in over 1303 trades.

The stock hit an intraday high of Rs. 54.40 and intraday low of 52.75. The net turnover during the day was Rs. 5338164.00.

Source : Equity Bulls

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EquitasSmallFinanceBank INE063P01018 EQUITASBNK InterestRate Revision Savings RetailTermDeposits