Equitas Small Finance Bank has announced the revision of interest rates for Savings and Retail Term Deposits from March 21, 2022.
Customers can now avail 7 percent 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, making it simpler for more customers to earn more interest through saving, according to a company statement.
Senior citizens can now earn maximum benefits as the bank offers them a flat rate of .50 percent extra over existing revised rates on RTDs. For FD, senior citizens can now earn an interest of 7.25 percent per annum for 888 days and the others can get upto 6.75 percent per annum. When it comes to RD, senior citizens can get 7 percent per annum and others can get upto 6.5 percent per annum interest for 24 months.
Murali Vaidyanathan, Senior President and Country Head, Branch Banking - Liabilities, Products and Wealth, Equitas Small Finance Bank said, “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.”
