Equitas Small Finance Bank, the new age bank that gives children, youth, families and business people across India a new and fun way to bank, has revised the interest rates on it savings account with effect from 1st January 2019. Equitas Small Finance Bank offers 5.5 per cent per annum interest on SB deposits for balance up to 1 lakh above Rs.1 lakh and up to Rs. 10 lakhs: 6.00% p.a. above Rs. 10 lakhs and up to Rs. 1 crs: 6.50%p.a.above Rs. 1 cr and up to Rs. 5 crs: 7.00% p.a. above Rs. 5 crs and up to Rs. 30 crs: 7.25% p.a.above Rs. 30 crs and up to Rs. 50 crs: 7.50% p.a.
Equitas offers interest on fixed deposit 8.8% p.a for a tenure of 2 years 1 day to 3 years. Senior citizens will get benefit of 0.75% additional interest rate that makes to 9.55% p.a.
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.