Equitas Small Finance Bank Limited has revised interest rates for balances held in savings accounts with it. The hike in interest rates will be effective from January 10, 2025 according to a bank press release.
Latest savings account interest rates
Equitas SFB (Small Finance Bank) savings account balances up to Rs 1 lakh will earn an interest rate of 3.00%. For balances between Rs 1 lakh and Rs 10 lakh, the interest rate is set at 5.00%. A newly introduced slab offers an interest rate of 7.00% for balances exceeding Rs 10 lakh and up to Rs 25 lakh. Another new slab provides 7.25% interest rate for balances ranging from Rs 25 lakh to Rs 1 crore. Balances between Rs 1 crore and Rs 25 crores will earn 7.50%, while the existing rate of 7.80% for balances above Rs 25 crores remains unchanged .
Savings Account Interest Rate
| Savings Account Interest Rate | |
| Daily Closing Balance | Revised rate of interest w.e.f. 10th Jan 2025 |
| Interest Rate | |
| Upto Rs 1 lakh | 3.00% |
| Above Rs 1 lakh and upto Rs 10 lakh | 5.00% |
| Above Rs 10 lakh and upto ₹ 25 lakh | 7.00% |
| Above Rs 25 lakh and upto Rs 1 crore | 7.25% |
| Above Rs 1 crs and upto ₹ 25 crs | 7.50% |
| Above Rs 25 crs | 7.80% |
How is interest calculated
According to the Equitas Small Finance Bank website, “Interest will be calculated on the daily closing balance in the account. Interest will be paid on a quarterly basis by direct credit in the savings account. Slabs rates are applicable on the incremental amount based on the closing balance.
Equitas Small Finance Bank is covered by the Deposit Insurance and Credit Guarantee Corporation (DICGC) deposit insurance scheme. All deposits made with Equitas Small Finance Bank are insured by the DICGC up to a maximum of Rs 5 lakh.Equitas Small Finance Bank FD interest rates
Interest rates for amount less than Rs 3 crores
Equitas Small Finance Bank offers fixed deposit interest rate between 3.50% to 8.25% for tenures ranging from 7 days to 10 years for general citizens. The highest interest rate of 8.25% on fixed deposits is offered on tenure of 888 days. The rates are applicable from December 2, 2024.
According to the Equitas Small Finance Bank website, “For resident Senior Citizens, an additional interest of 0.5% p.a. is applicable for all tenures except 888 days.”
