Equitas Small Finance Bank announces revised inetrest rates on savings accounts

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Equitas Small Finance Bank, the new age bank that gives children, youth, families and business people across India a new and fun way to bank, has revised the interest rates on it savings account with effect from 1st January 2019. Equitas Small Finance Bank offers 5.5 per cent per annum interest on SB deposits for balance up to 1 lakh above Rs. 1 lakh and up to Rs. 10 lakhs: 6.00% p.a. above Rs. 10 lakhs and up to Rs. 1 crs: 6.50%p.a. above Rs. 1 cr and up to Rs. 5 crs: 7.00% p.a. above Rs. 5 crs and up to Rs. 30 crs: 7.25% p.a. above Rs. 30 crs and up to Rs. 50 crs: 7.50% p.a.

Equitas offers interest on fixed deposit 8.8% p.a for a tenure of 2 years 1 day to 3 years. Senior citizens will get benefit of 0.75% additional interest rate that makes to 9.55% p.a.

Savings Bank Interest Rates w.e.f 1st Jan 2019
Daily Closing Balance Rate Slab
Upto Rs. 1 lakh 5.50%
Above Rs. 1 lakh and upto Rs. 10 lakh 6.00%
Above Rs. 10 lakhs and upto Rs. 1 crs 6.50%
Above Rs. 1 cr and upto Rs. 5 crs 7.00%
Above Rs. 5 crs and upto Rs. 30 crs 7.25%
Above Rs. 30 crs and upto Rs. 50 crs 7.50%
Above Rs. 50 crs Contact Branch

 

ESFBL is the first Private Sector Bank from Tamil Nadu to commence operations post Indian Independence. With pan India operations, the bank is focussed on providing financing solutions for individuals and micro and small enterprises (MSEs) that are underserved by formal financing channels while providing a comprehensive banking and digital platform for all.