Fixed Deposit Interest Rate Hiked - Get FD/year return up to 7.82% with this bank's special offer. Details | The Financial Express

Fixed Deposit Interest Rate Hiked – Get FD/year return up to 7.82% with this bank’s special offer. Details

Equitas Small Finance Bank Fixed Deposit Interest Rate: Fixed Deposits are back on the trend with several banks announcing FD rate hikes recently

Fixed Deposit Interest Rate Hiked – Get FD/year return up to 7.82% with this bank’s special offer. Details
Equitas Small Finance Bank has hiked FD interest rate

Equitas Small Finance Bank Fixed Deposit Interest Rate: Fixed Deposits are back on the trend with several banks announcing FD rate hikes recently. Equitas Small Finance Bank Limited is the latest to join the trend with a special offer of up to 7.82 per cent interest for senior citizens and 7.32% interest for other depositors.

The offer will be available for only seven days between 1 September 2022 and 7 September 2022. The special limited period offer marks the celebration of 7 years of Equitas SFB. 

In a statement today, Equitas Small Finance Bank (SFB) announced the revision of interest rates for Fixed Deposits Domestic and NRE/ NRO Interest Rates Accounts through a special interest rate offer, from 1-7th September 2022. 

“In this offer, the customers can now avail up to 7.32% interest p.a. on 888 days Fixed Deposit. Under this offer the interest rates for senior citizens have been increased to 7.82% and 7.47% for its NRE Customers,” the bank said in the statement. 

Also Read: ICICI Bank Fixed Deposit Interest Rate and Latest Offer

The bank further said interest payout options under this special offer are monthly and quarterly. Additionally, the customer can procure higher interest rates for tenure greater than 1 year and to 3 years. 

Equitas Small Finance Bank Revised Fixed Deposit Rates

TenureInterest rates for amounts less than Rs. 2 crores w.e.f 1st to 7th Sept 2022Annualised Yield
1 year to 18 months6.82%7.00%
18 months 1 day  to 2 years6.82%7.00%
2 years 1 day 887 days7.07%7.26%
888 days7.32%7.52%
889 day to 3 years7.07%7.26%
3 years 1 day to 4 years6.07%6.21%
4 years 1 day to 5 years6.07%6.21%
5 years 1 day to 10 years6.07%6.21%
Source: Equitas SFB

Fixed Deposit Rate for NRE (for INR) with effect from 1st Sept 2022 to 7th Sept 2022

TenureInterest rates for amounts less than Rs. 2 crore w.e.f 1st to 7th Sept 2022Annualised Yield
1 year to 18 months6.97%7.15%
18 months 1 day  to 2 years6.92%7.10%
2 years 1 day 887 days7.37%7.58%
888 days7.47%7.68%
889 day to 3 years7.37%7.58%
3 years 1 day to 4 years6.07%6.21%
4 years 1 day to 5 years6.07%6.21%
5 years 1 day to 10 years6.07%6.21%
Source: Equitas SFB

The offer will not be applicable for fresh NRE Funds. 

“The festive season is about to start in India from September onwards and it is an opportune time for the bank to provide depositors the necessary benefits on savings and fixed deposits to customers especially in the hinterlands of India,” Equitas SFB said. 

Also Read: PPF Calculator: Rs 411/day becomes Rs 1 crore in 25!

Commenting on the offer, Murali Vaidyanathan, Senior President and Country Head, Equitas SFB, said, “It is our unique way to thank our customers, while we enter our 7th year, who have constantly supported us throughout this journey. We believe that adding value through right price transmission is the key objective of our institution.”

A

“Additionally, Fixed income securities such as fixed deposits can add tremendous value for all our household, and senior citizens customers. Our customers are our family and we always work towards catering them with best product offering in tandem to their financial requirements,” he added.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.