Equitas Small Finance Bank hikes interest rates up to 7.5% on Savings

Deepthi | Myequity news | Date : 02-01-2019 19:15:00 IST

Equitas Small Finance Bank has revised the interest rates on it savings account with effect from 1st January 2019. Equitas Small Finance Bank offers 5.5 per cent per annum interest on SB deposits for balance up to 1 lakh above Rs. 1 lakh and up to Rs. 10 lakhs: 6.00% p.a. above Rs. 10 lakhs and up to Rs. 1 crs: 6.50%p.a. above Rs. 1 cr and up to Rs. 5 crs: 7.00% p.a. above Rs. 5 crs and up to Rs. 30 crs: 7.25% p.a. above Rs. 30 crs and up to Rs. 50 crs: 7.50% p.a.

Equitas offers interest on fixed deposit 8.8% p.a for tenure of 2 years 1 day to 3 years. Senior citizens will get benefit of 0.75% additional interest rate that makes to 9.55% p.a.

About Equitas Small Finance Bank Limited (ESFBL):

Equitas Small Finance Bank Limited is a Small Finance Bank (SFB), licensed by Reserve Bank of India under Section 22 of the Banking Regulation Act, 1949 to carry on the business of Small Finance Bank. The Bank commenced the business of SFB on September 5, 2016. It is the first Private Sector Bank from Tamil Nadu to commence operations post Indian Independence. ESFBL, with pan India operations, is focussed on providing financing solutions for individuals and micro and small enterprises (MSEs) that are underserved by formal financing channels while providing a comprehensive banking and digital platform for all.

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