The Fact Maker

Equitas Small Finance Bank customers will now earn higher interests on savings, Fixed Deposit and Recurring Deposit

  • The hike in interest rates will be effective from 15th October, 2022
  • Higher interest rates for tenure greater than 1 year  and to 3 years

Equitas Small Finance Bank Limited, one of the leading SFBs, has announced the revision of interest rates for savings, Fixed Deposits as well as Recurring Deposits in Domestic and NRE/ NRO Interest Rates Accounts. The hike in interest rate will be effective from 15th October, 2022.

The hike will allow customers with savings account to gain interest ranging from 3.5% up to 7%.   There is also an increase in interest rates on Fixed Deposits with the peak rate being at 7.5%.  Furthermore, senior citizens will receive 0.50% extra. The interest payouts will continue to be quarterly across all account types.

Murali Vaidyanathan, Senior President and Country Head, Equitas Small Finance Bank, said, “Today we are announcing that we have increased not just the FD rates, but also the interest rates on RD and savings account. Among these volatile times, we wish to encourage saving and maximize customer benefit. Together with our customers, we stand committed to our philosophy of Beyond Banking. Please come and join this transformative journey with Equitas and together we will grow our society.”

Savings Interest rate
BalanceRevised rate of interest w.e.f. 15th Oct 2022
< ₹ 1 Lac3.50%
Above ₹ 1L and up to ₹5L5.50%
Above ₹ 5L and up to ₹ 5 crs7.00%
Above ₹ 5Cr and up to ₹10Cr5.50%
Above ₹10Cr5.00%

Fixed Deposit Rate for Domestic, NRE / NRO (for INR) with effect from: 15th October 2022

TenureInterest rates for amount less than Rs. 2 crore w.e.f 15th October 2022Annualised Yield
7 – 14 days3.50%3.50%
15 – 29 days3.50%3.50%
30 – 45 days3.50%3.50%
46 – 62 days4.00%4.00%
63 – 90 days4.25%4.25%
91 – 120 days4.75%4.75%
121 – 180 days4.75%4.75%
181 – 210 days5.75%5.83%
211 – 270 days5.75%5.83%
271 – 364 days6.00%6.09%
1 year to 18 months7.10%7.29%
18 months 1 day  to 2 years6.95%7.13%
2 years 1 day 887 days7.40%7.61%
888 days7.50%7.71%
889 day to 3 years7.40%7.61%
3 years 1 day to 4 years6.75%6.92%
4 years 1 day to 5 years6.75%6.92%
5 years 1 day to 10 years6.75%6.92%

Recurring Deposit for Domestic, NRE / NRO (in INR) Rate for different tenure with effect from:

15th October 2022

TenureInterest rates for amount less than Rs. 2 crore w.e.f 15th October 2022
12 Months7.10%
15 Months7.10%
18 Months7.10%
21 Months6.95%
24 Months6.95%
30 Months7.40%
36 Months7.40%
48 Months6.75%
60 Months6.75%
90 Months6.75%
120 Months6.75%