Equitas Small Finance Bank Hikes FD Rates, Now Get Up To 8.70% On Senior Citizens FD

Equitas Small Finance Bank, a leading small finance bank, has announced an increase in its interest rates for fixed deposits (FD) and recurring deposits (RD) in domestic and NRE/NRO interest rates accounts. The new rates are effective from March 1, 2023.

Domestic Fixed Deposit Rates (less than Rs. 2 crore)

With the increase, customers of fixed deposits would be able to earn 8.20% interest on investments under Rs 2 crore for 888 days. Whereas, for the same period, senior citizens will able to earn 8.70%.

The Interest rates are available from FD tenure starting 7 days to 10 Years. For 181 days to 364 days of FD tenure, the general customers will get 6% interest rates. For 1 year to 18 months, the bank offers 7.70% to the general public and for 18 months 1 day to 2 years, the bank offers 7.50%.

The bank offers 7.75% to the general public for a maturity period of 2 years 1 day to 887 days and 889 days to 3 years, respectively. For the maturity period of 3 years 1 day to 4 years, the bank offers 7.25%, and for 4 years 1 day to 10 years, the bank offers 7%.

According to the Bank's official website, 0.50% extra for Senior Citizen rates (not applicable for NRE/NRO). For all account types, interest will still be paid out every three months.

Recurring deposit rate for domestic, NRE/NRO (On less than Rs. 2 crore)

For recurring deposits, the interest rate is 7.70% for amounts under Rs 2 crore and terms of 12 months, 15 months, and 18 months. The interest rate for terms of 21 months and 24 months is 7.50 percent. The interest rate is 7.75 percent if the duration is 30 or 36 months. The interest rate is 7.25 percent for 48 months, 7 percent for 60, 90, and 120 months.

Source - www.equitasbank.com