edited by: Mohammad Haris
Last Update: March 01, 2023, 17:55 IST
The hike by Equitas Small Finance Bank will allow FD customers to earn 8.20 per cent interest on investments of less than Rs 2 crore for a tenure of 888 days.
Revised interest rates on fixed deposits for both Suryoday SFB and Equitas SFB are effective from March 1
Suryoday Small Finance Bank (SSFB) and Equitas Small Finance Bank (ESFB) have revised their interest rates on fixed deposits (FD) with effect from March 1, 2023. From 75-125 basis points (bps). The bank has also revised interest rates on savings accounts by up to 200 basis points (bps). The hike by Equitas Small Finance Bank will allow FD customers to earn 8.20 per cent interest on investments of less than Rs 2 crore for a tenure of 888 days.
Suryoday Small Finance Bank FD Rate Revision
Post revision, Suryoday Small Finance Bank is now accepting deposits of less than Rs 2 crore maturing in 7 days to 10 years at 4.00 per cent to 8.51 per cent for general public and 4.50 per cent to 8.76 per cent for senior individuals . The best part is that regular customers can now avail 8.51 per cent interest rate on deposits of 999 days, while senior citizens can avail 8.76 per cent interest rate.
This is the highest interest rate that the bank offers to its customers, plus your deposits in this bank are backed by DICGC, making an investment decision soon will help you meet your 999 days medium term goals. The bank is also offering an interest rate of up to 7.00 per cent to its savings account customers in the slab of Rs 2 crore above Rs 5 lakh.
Equitas Small Finance Bank FD Rate Revision
The FD rate hike by Equitas Small Finance Bank will allow FD customers to earn 8.20 per cent interest on investments of less than Rs 2 crore for a tenure of 888 days. The bank is also increasing the interest rates on investments for tenures ranging from 12 months to 24 months. This is applicable to both domestic accounts and NRE/NO accounts. In addition, domestic senior citizens will get an additional 0.50 per cent on FD and RD rates. Interest payment will continue to be made on quarterly basis in all types of accounts.
Murali Vaidyanathan, Senior President and Country Head, Equitas Small Finance Bank, said, “We are delighted to announce that Equitas Small Finance Bank customers will earn better interest rates on Fixed Deposits and Recurring Deposits. This fulfills the prime agenda of the bank to encourage the savings habit of the customers and maximize their benefits by way of increasing the interest rates and help in growing the money of the people. In fact, locking up money for a specified period through lump sum or recurring deposits also ensures fulfillment of certain goals in life.”
He added that to boost the savings drive among senior citizens in India, Equity offers an additional 0.5 per cent on their fixed deposits and recurring deposits which enhances capital formation and at the same time fulfills their investment requirement. Is. “We look forward to joining our customers in the transformational journey of our Beyond Banking philosophy to enable better development of the society.”
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