Mumbai. To attract deposits from the public, small lender Bank Equitas Small Finance Bank on Tuesday said it has increased the interest rate on deposits ranging from Rs 1 lakh to Rs 5 crore to 7 percent from the current 5.5 percent in savings accounts.
The bank has said in a release that the new rates will be applicable from Wednesday. Murali Vaidyanathan, President and Country Head (Branch Banking, Liability, Products and Assets) of the bank said, “We are offering 7 percent annual interest to the customer on savings deposits ranging from Rs 1 lakh to Rs 5 crore.” We believe that this will provide more deposits with a better interest rates to existing customers and new savings account holders of the bank.
There are two categories of deposits in a bank’s savings account. First one lakh rupees and above and second one lakh rupees. The bank has kept the interest rate unchanged at 3.5 percent on deposits of up to Rs 1 lakh. The bank has about six lakh savings accounts.
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This post was published on June 10, 2020 9:22 am
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