Equitas Small Finance Bank hikes fixed deposit (FD) interest rates

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Equitas Small Finance Bank, a DICGC-insured institution, has increased interest rates on fixed deposits below 2 crore. The bank made the announcement on June 10th, 2022, and as a result of the adjustment, the bank has raised interest rates on multiple tenors, and now regular customers will get a maximum interest rate of 6.85 per cent and senior citizens will get 7.35 per cent, the specifics are as follows.

Equitas Small Finance Bank FD Rates

The bank will continue to give a 4.50 per cent interest rate on deposits from 7 to 45 days, while the interest rate on deposits from 46 to 62 days will stay steady at 4.00 per cent. Previously, the bank offered a 4 per cent interest rate on deposits of 63 to 90 days, but it has now been raised to 4.25 per cent, a 25 basis point increase. The interest rate on fixed deposits due in 91-180 days has been raised from 4.35 per cent to 4.75 per cent, a 40 basis point increase, while the interest rate on term deposits maturing in 181 days to 270 days has been raised from 4.85 per cent to 5.25 per cent, a 40 basis point increase.

Fixed deposits maturing in 271 – 364 days will now earn 5.25 per cent, up from 5 per cent before, a 25 basis point increase, while fixed deposits maturing in 1 year to 18 months will earn 6.50 per cent, up from 6.10 per cent previously, a 40 basis point increase. Equitas Small Finance Bank will now give a 6.35 per cent interest rate on deposits of 18 months 1 day to 2 years and a 6.75 per cent interest rate on deposits of 2 years 1 day to 887 days.

Deposits maturing in 888 days will have a maximum rate of 6.85 per cent, up from 6.75 per cent previously, a 10 basis point increase, and deposits maturing in 889 days to 3 years will have an interest rate of 6.75 per cent, up from 6.50 per cent previously. Equitas Small Finance Bank fixed deposits maturing in 3 years 1 day to 10 years will continue to offer a 6% interest rate, while the bank gives 0.50 per cent additional to senior citizens (not applicable for NRE/NRO) across all tenors.

Equitas SFB FD Rates

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Equitas SFB FD Rates (equitasbank.com)

Equitas Small Finance Bank RD Rates

The bank gives an interest rate of 6.50 per cent to 6 per cent on recurring deposits of less than 2 Cr maturing in 12 months to 120 months. The bank provides a maximum interest rate of 6.75 per cent on RDs of 30 to 36 months, while elderly persons receive an additional benefit of 0.50 per cent across all tenors.

Equitas SFB RD Rates

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Equitas SFB RD Rates (equitasbank.com)

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