Categories: Business

Equitas Small Finance Bank hikes interest rate on savings account deposits, gets 1.5% more

Photo: GOOGLE

Equitas Small Finance Bank hikes interest on saving account deposits

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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