Equitas Small Finance Bank revises SB deposit rates, introduces new slabs

Posted on by

Equitas Small Finance Bank has introduced two new slabs for savings bank (SB) deposit holders. Balances above ₹ 10 lakhs and up to ₹25 lakhs and from ₹25 lakhs to ₹1 crore earn interest of 7 per cent and 7.25 per cent, respectively.

“Balances up to ₹1 lakh will continue to earn an interest rate of 3.00%, while the extended slab for balances between ₹1 lakh and ₹10 lakhs will provide an interest rate of 5.00 per cent.

“….and balances from ₹1 crore to ₹25 crores will earn 7.50 per cent. For balances above ₹25 crore, the existing rate of 7.80 per cent remains unchanged,” the Bank said in a statement.

Murali Vaidyanathan, Senior President and Country Head – Branch Banking – Liabilities, Products & Wealth at Equitas Small Finance Bank, said, “In today’s dynamic financial environment, liquidity holds paramount importance.

“…With the new slabs in force, we continue to uphold the Power of 7 for our customers.”