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Equitas SFB Revises FD Rates, Now Giving Highest 9% To Senior Citizens; Check Rates Here
Equitas Small Finance Bank (SFB), a private sector SFB, revises its interest rates on Fixed Deposits (FDs) of less than Rs 2 Crore. According to Equitas SFB's official website, the revised FD rates are effective from April 11, 2023.
With the revised FD rates, the bank is offering interest rates ranging between 3.50% to 8.50% to the general public and 4% to 9% to senior citizens with maturities ranging from 7 days to 10 years. The bank is providing a maximum 8.50% interest rate to the general public on a special deposit period of 888 days. While for senior citizens, the interest rate for the same 800 days deposit period is 9%.
Senior citizens will get an additional interest rate of 0.50% on the Fixed Deposits, however, these rates are not applicable on NRE/NRO deposits. Interest on NRE deposits will be payable only on completion of a minimum tenure of 1 year, according to Equitas SFB's official website.
According to the bank, "No Premature Withdrawal penalty for all FDs booked for Senior Citizens on or after 2nd December 2019 (Not applicable for grouping). There is no Penalty on premature withdrawal above 6 months."
Interest Rates On Fixed Deposit Less Than Rs. 2 crore effective from April 11, 2023
| Maturity Period | Interest rates (p.a.) | Annualised Yield |
|---|---|---|
| 7 - 14 days | 3.50% | 3.50% |
| 15 - 29 days | 3.50% | 3.50% |
| 30 - 45 days | 4.00% | 4.00% |
| 46 - 62 days | 4.50% | 4.50% |
| 63 - 90 days | 4.50% | 4.50% |
| 91 - 120 days | 5.25% | 5.25% |
| 121 - 180 days | 5.25% | 5.25% |
| 181 - 210 days | 6.25% | 6.35% |
| 211 - 270 days | 6.25% | 6.35% |
| 271 - 364 days | 6.25% | 6.35% |
| 1 year to 18 months | 8.20% | 8.46% |
| 18 months 1 day to 2 years | 7.75% | 7.98% |
| 2 years 1 day to 887 days | 8.00% | 8.24% |
| 888 days | 8.50% | 8.77% |
| 889 days to 3 years | 8.00% | 8.24% |
| 3 years 1 day to 4 years | 7.50% | 7.71% |
| 4 years 1 day to 5 years | 7.25% | 7.45% |
| 5 years 1 day to 10 years | 7.25% | 7.45% |
Source - equitasbank.com
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