Equitas Small Finance Bank increases interest rate on savings, Fixed Deposit and Recurring Deposit

Equitas Small Finance Bank Limited, one of the leading SFBs, 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.

Murali Vaidyanathan, Senior President and Country Head, Equitas Small Finance Bank, said, "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."

Revised Interest rate on Savings Account Balance w.e.f. 15th Oct 2022

< ₹ 1 Lac - 3.50%
Above ₹ 1L and up to ₹5L - 5.50%
Above ₹ 5L and up to ₹ 5 crs - 7.00%
Above ₹ 5Cr and up to ₹10Cr - 5.50%
Above ₹10Cr - 5.00%

Shares of Equitas Small Finance Bank Limited was last trading in BSE at Rs. 48.00 as compared to the previous close of Rs. 48.20. The total number of shares traded during the day was 48856 in over 636 trades.

The stock hit an intraday high of Rs. 49.95 and intraday low of 47.85. The net turnover during the day was Rs. 2366011.00.

Source : Equity Bulls

Keywords

EquitasSmallFinanceBank INE063P01018 InterestRate Increase Savings FixedDeposit RecurringDeposit