This SFB Hikes FD Interest Rates, Maximum Interest Rate Is 7.75%: Check Latest Rates

Equitas Small Finance Bank has hiked fixed deposit interest rates and the new rates has come into effect beginning September 8, 2022. The bank has revised interest rates for fixed deposit below Rs 2 crore. Soon after the hike in interest rates, the maximum interest that the bank now offers is 7.25% per annum for deposits for the tenor of 888 days.

Meanwhile, senior citizens can fetch the higher interest rate for 888 tenor at 7.75% per annum as the bank offers an additional 0.50 interest rate for senior citizens.

Check the latest interest rates below under different tenor:

The minimum interest rate begins with 3.50% per annum for fixed deposits maturing in 7-45 days. General citizens can fetch an interest rate of 4% for FDs maturing in 45-62 days.

If you opt for 63 days to 90 days fd, you can get an interest rate of 4.25%.

The bank offers an interest rate of 4.75 for deposits for the tenor of 91 days to 180 days.

The interest rate is 5.25% for deposits maturing in 181 days to 364 days.

The interest rate is 6.75% for fixed deposits for the tenor of 1 year to 2 years.
You can get an interest rate of 7% for deposits for the tenure of 2 years 1 day to 887 days.

The bank's highest rate of interest for amount less than Rs 2 crore is 7.25 for 888 days tenor.

For deposits maturing in 889 days to 3 years, the interest rate offered is 7%.
Meanwhile, the interest rate remains 6% for deposits for the tenor of 3 years 1 day to 10 years.

The aforementioned interest rates are for general citizens. Senior citizens will get an additional interest rate of 0.50%.

Equitas Small Finance Bank Limited is a Small Finance Bank (SFB), licensed by Reserve Bank of India under Section 22 of the Banking Regulation Act, 1949 to carry on the business of Small Finance Bank. The Bank commenced the business of SFB on September 5, 2016. It is the first Private Sector Bank from Tamil Nadu to commence operations post Indian Independence.