Interest rates

Equitas SFB sharply raises interest rates on retail savings and term deposits

Equitas Small Finance Bank has revised retail savings and term deposit interest rates effective March 21, a policy that allows seniors to take full advantage of the benefits.

Customers can now earn 7% interest per annum on the savings account for the above balances 5 lakh up to 2 crore, which was earlier above 5 lakh up to 50 lakh, allowing more customers to earn more interest through savings, the lender said.

Equitas SFB said seniors can now earn maximum benefits as the Bank offers them an additional 0.5% flat rate on top of the existing revised rates on RTDs.

For fixed deposits, seniors can now earn interest of 7.25% per year for 888 days and others can earn up to 6.75% per year.

As for the RD, seniors can get 7% per annum and others can get up to 6.5% interest for 24 months.

With this rate revision, Equitas is bringing more inclusiveness to its customers by allowing them to enjoy the benefits of the Power of 7. The progressive rate for seniors will encourage them to get the maximum return from their deposits, said the bank.

“Along with the Bank’s initiatives beyond the bank, this review expands the opportunity for its customers to save more while contributing to society,” he said.

“In these volatile times, it is imperative that we protect the interests of savers with an attractive proposition. This expands the opportunity for customers to save more across all segments and take advantage of best-in-class interest rates. This revision aims to bring more inclusiveness and convenience in banking transactions by enabling customers to make the most of the banking products in use – savings and RTD. It will also make the process easier for older people to earn more. All of this will continue our vision of Empowering our Customers – Banking and Beyond,” said Murali Vaidyanathan, Senior President and Country Director, Branch Banking – Liabilities, Products and Wealth, Equitas SFB.

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