Equitas Small Finance Bank hikes fixed deposit, recurring deposit interest rates

Private lender Equitas Small Finance Bank Ltd on Wednesday announced an increase in its interest rates for fixed deposits (FDs) as well as recurring deposits (RDs). The hike in interest rates will be effective from March 1, the bank said in a filing to the stock exchanges.

Equitas Small Finance Bank said that its customers will be able to earn 8.20 percent interest on fixed deposits on investing less than Rs 2 crore for a tenure of 888 days. The interest rates on investments for tenures ranging from 12 months to 24 months have also been increased.

The hike is applicable to both domestic accounts and NRE/NRO accounts. Domestic senior citizens will receive 0.50 percent extra on the FD and RD rates. The interest payouts will continue to be quarterly across all account types, the filing stated.