Time To Save: This Bank Is Offering Up To 9% On FDs

Equitas Small Finance Bank on Monday introduced a savings plan that could give users returns of up to 9%.

What Happened? the small finance bank launched a revised tenure and interest rates for fixed deposits in domestic and non-residential external (NRE)/ non-residential ordinary (NRO) accounts starting from June 5.

The lender’s new tenure of 444 days offers an interest rate of 8.5% for deposits below ₹2 crore.

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Both domestic and NRE/NRO account holders can benefit from this new slab, while domestic senior citizens will receive an additional 0.50% interest on fixed and recurring deposit rates, taking their effective interest rate to 9%.

Equitas Bank Interest Rates: Here are the small finance bank’s fixed deposit rates for sums under ₹2 crore:

7 – 14 days3.50%
15 – 29 days3.50%
30 – 45 days4.00%
46 – 62 days4.50%
63 – 90 days4.50%
91 – 120 days 5.25%
121 – 180 days5.25%
181 – 210 days6.25%
211 – 270 days6.25%
271 – 364 days6.25%
1 year to 443 Days8.20%
444 days8.50%
445 days to 18 months8.20%
18 months 1 day to 2 years7.75%
2 years 1 day to 887 days8.00%
888 days8.50%
889 day to 3 years8.00%
3 years 1 day to 4 years7.50%
4 years 1 day to 5 years7.25%
5 years 1 day to 10 years7.25%

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Posted In: Personal FinanceEquitas Small Finance Bank