Equitas Small Finance Bank revises interest rates for deposits in savings account

City-based Equitas Small Finance Bank Wednesday revised the interest rates on its savings account deposits with immediate effect. Under the revised rates, the bank will offer 5.5 per cent per annum interest rate on deposits of upto Rs one lakh.

For deposits ranging from Rs one lakh to Rs 10 lakh, the interest rates would be six per cent and for deposits of Rs 10 lakh and upto Rs 1 crore, the interest rates have been fixed to 6.50 per cent. For deposits ranging from Rs one crore and upto Rs five crore, interest rates would be seven per cent, the bank said in a press release. For deposits of above Rs five crore and upto Rs 30 crore, the rates have been revised to 7.25 per cent and for deposits of above Rs 30 crore and upto Rs 50 crore, the interest rates have been fixed at 7.50 per cent per annum. For fixed deposits, the interest would be 8.8 per cent per annum, the bank said.

Senior citizens will get the benefit of 0.75 per cent additional interest rate, totalling 9.55 per cent per annum on fixed deposits, it added. The bank did not give out the old interest rates.

(With inputs from agencies.)