Equitas Small Finance Bank Offers FD Interest Rates Up To 7.75%; Check Details
Equitas Small Finance Bank Offers FD Interest Rates Up To 7.75%; Check Details
The latest interest rate will be in the range of 3.50-7.25 per cent for tenures between 7 days and 10 years

Equitas Small Finance Bank has revised upwards interest rates on fixed deposits (FD) below Rs 2 crore, effective Thursday (September 8). The latest interest rate will be in the range of 3.50-7.25 per cent for tenures between 7 days and 10 years, while senior citizens can avail FD interest rates up to 7.75 per cent per annum.

Lenders have been raising interest rates on their deposits as well as loans. This comes after the RBI’s Monetary Policy Committee has raised the repo rate thrice in the past three months to 5.4 per cent, in order to control inflation. Several large banks, including Punjab National Bank, Kotak Mahindra Bank and ICICI Bank, have also raised their interest rates in order to make up for the higher marginal cost of funds.

Equitas Small Finance Bank’s latest interest rates on FD below Rs 2 crore (effective September 8):

7 days to 14 days: 3.50 per cent

15 days to 29 days: 3.50 per cent

30 days to 45 days: 3.50 per cent

46 days to 62 days: 4.00 per cent

63 days to 90 days: 4.25 per cent

91 days to 120 days: 4.75 per cent

121 days to 180 days: 4.75 per cent

181 days to 210 days: 5.25 per cent

211 days to 270 days: 5.25 per cent

271 days to 364 days: 5.25 per cent

1 year to 18 months: 6.75 per cent

18 months 1 day to 2 years: 6.75 per cent; For Senior Citizens – 5.75 per cent.

2 years 1 day to 887 days: 7.00 per cent

888 days: 7.25 per cent

889 days to 3 years: 7.00 per cent

3 years 1 day to 4 years: 6.00 per cent

4 years 1 day to 5 years: 6.00 per cent.

According to its website, Equitas Small Finance Bank also offers interest rates up to 7.75 per cent per annum for senior citizens for 888 days. Partial and Full Pre-Mature withdrawal is also allowed. There is no premature withdrawal penalty for all FDs booked for senior citizens on or after December 2, 2019, (not applicable for grouping).

There is no penalty on premature withdrawal after six months. Apart from this, nomination facility is also available.

Private sector lender Axis Bank on Wednesday (September 7) also increased its fixed deposit (FD) interest rates for select account holders who open such accounts. The Axis Bank FD rate hike comes at a time when major banks are increasing their fixed deposit interest rates. The rate changes are applicable for deposits below Rs 2 crore. The Axis Bank FD rates have come into effect from Wednesday, September 7.

On the lending front, HDFC Bank recently raised its marginal cost of lending rate, or MCLR, across all tenors. The new HDFC Bank MCLR rates have come into effect from September 7, Wednesday. In the last three months, the HDFC Bank has hiked its lending rates by as much as 65 bps.

The HDFC Bank MCLR rate hike will mean that loan interests for new and existing borrowers are set to increase, including equated monthly installments (EMIs) for home loan, vehicle loan and any other loan related to marginal cost. The HDFC Bank MCLR have been increased by up to 10 basis points, or by 0.10 per cent.

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