As a new year gift, new age Equitas Small Finance Bank has waived off non-maintenance charges for all of its savings banks account. At the same it is comparatively lower charges for its transactions.
For its bank accounts, the bank is offering interest rate at the rate of 7.5%, while for its fixed deposits the bank offers up to 8.25% rate per annum. For senior citizens, the rate is still higher by 60 basis points.
"We intend to further strengthen our liability franchise with a focus on growing our retail deposit and CASA deposit base to provide us with a stable and low-cost source of funding," said Murali V, President & Country Head, Equitas Small Finance Bank.
As of March 2019, the company deposits grew at a CAGR of 116.51% to Rs. 9006 crore. Also, during the same period its CASA ratio was second highest among small finance banks.