CHENNAI: Equitas Small Finance Bank Limited has hiked interest rates for fixed deposits (FDs) and recurring deposits (RDs) in domestic and non-residential external (NRE)/ non-resident ordinary (NRO) accounts. The hike in interest rates will be effective from March 1, 2023.
A statement said the hike would allow FD customers to earn 8.2% interest on investing less than Rs 2 crore for a tenure of 888 days.
The bank is also increasing interest rates on investments for tenures ranging from 12 to 24 months. This is applicable for both domestic and NRE/NRO accounts. Further, domestic senior citizens will receive 0.5% extra on the FD and RD rates. The interest payouts would continue to be quarterly across all account types, it added.
A statement said the hike would allow FD customers to earn 8.2% interest on investing less than Rs 2 crore for a tenure of 888 days.
The bank is also increasing interest rates on investments for tenures ranging from 12 to 24 months. This is applicable for both domestic and NRE/NRO accounts. Further, domestic senior citizens will receive 0.5% extra on the FD and RD rates. The interest payouts would continue to be quarterly across all account types, it added.