Equitas Small Finance Bank Increases Interest Rate to 7 percent

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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 of 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.

Senior citizens 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 up to 6.75%p.a. When it comes to RD, senior citizens can get 7% p.a. and others can get up to 6.5%* p.a. interest for 24 months.

With this rate revision, The bank brings 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.

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Speaking on the development, Murali Vaidyanathan, Senior President, and Country Head, Branch Banking – Liabilities, Products and Wealth, Equitas Small Finance Bank said, “During these volatile times, we must 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,” Murali added.

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Krishna Mali
Krishna Mali
Founder & Editor of TechGraph

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