Equitas Small Finance Bank announced revision of interest rate on Savings Bank (SB) deposits across different tenors.
As per the revised rates effective from January 1,2019, the bank offers interest of 5.5 per cent per annum on SB account deposit balance upto 1 lakh.
While interest rates for deposits above ₹1 lakh to ₹10 lakhs will be 6 per cent, deposits above ₹10 lakhs to ₹1 crore is 6.50 per cent. Interest on SB deposit balance above ₹1 crore to ₹5 crore is 7 per cent and deposits above ₹5 crore to ₹30 crore is 7.25 per cent. SB deposits above ₹30 crore to ₹50 crore falls under highest in the rate slab at 7.50 per cent.
For fixed deposits less than ₹1 crore, the interest would be 8.8 per cent per annum for of 2 years 1 day to 3 years tenure. Interest rate on FDs for senior citizens (less the ₹ 1 crore) will fetch 9.55 per cent .