Equitas Small Finance Bank hikes interest rates for savings account customers

• Introduces new slabs offering higher rates to encourage the saver community
• The increased interest rates will be effective from 10^th January, 2025

Equitas Small Finance Bank Limited, one of India’s largest SFBs, has announced the revised interest rates for its savings accounts customers. The hike in interest rates will be effective from 10^th January, 2025.

The revised savings account interest rates offer customers attractive opportunities to grow their savings. 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%. Furthermore, newly introduced slab for balances above ₹ 10 lakhs and upto ₹ 25 lakhs deliver an interest of 7%. Another new slab for balances ranging from ₹25 lakhs to ₹1 crore offers a rate of 7.25%, and balances from ₹1 crore to ₹25 crores will earn 7.50%. For balances above ₹25 crores, the existing rate of 7.80% remains unchanged.

With these changes, Equitas Small Finance Bank reiterates its commitment to providing industry-best rates and unparalleled benefits for its customers. 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. At Equitas, we are proud to be our customer’s trusted partner ensuring growth and security for their savings. By offering a range of competitive savings account interest rates, including options above 7%, we aim to empower our customers to maximize their benefits through disciplined saving. With the new slabs in force, we continue to uphold the Power of 7 for our customers, benefits of which can easily be availed by opening an online account through our website or visiting any Equitas branch. We are dedicated to offer premium banking services and look forward for our customers to join the transformative journey towards greater financial growth. More you save with us, you will get higher yield & return”