Suryoday Small Finance Bank (SSFB) and Equitas Small Finance Bank (ESFB) have revised their interest rates on fixed deposits (FD), effective from March 1, 2023. Interest rates for Suryoday Small Finance Bank in five to 10-year tenures were revised by 75-125 basis points (bps). The bank has also revised interest rates on savings accounts up to 200 basis points (bps). The hike by Equitas Small Finance Bank will allow FD customers to earn 8.20 per cent interest on investing less than Rs 2 crore for a tenure of 888 days.
Suryoday Small Finance Bank FD Rate Revision
Following the revision, Suryoday Small Finance Bank is now accepting deposits of less than Rs 2 crore maturing in 7 days to 10 years at an interest rate of 4.00 percent to 8.51 percent to the general public and 4.50 percent to 8.76 percent to senior persons. The best part is that regular customers can now get 8.51 percent interest rate on 999 days deposit, while senior citizen can get 8.76 percent interest rate.
This is the highest interest rate that the bank offers to its customers, also your deposits are backed by DICGC in this bank, making an investment decision soon will result in addressing your mid-term goals of 999 days. The bank is also offering interest rate up to 7.00 percent to its savings account customer in above Rs 5 lakh up to Rs 2 crore slab.
Equitas Small Finance Bank FD Rate Revision
The FD rate hike by Equitas Small Finance Bank will allow FD customers to earn 8.20 per cent interest on investing less than Rs 2 crore for a tenure of 888 days. The bank is also increlling interest rates on investments for tenures ranging from 12 months to 24 months. This is applicable to both domestic accounts and NRE/ NO accounts. Furthermore, domestic senior citizens will receive 0.50 per cent extra on the FD and RD rates. The interest payouts will continue to be quarterly across all account types.
Murali Vaidyanathan, senior president and country head at Equitas Small Finance Bank, said, “We are happy to announce that customers of Equitas Small Finance Bank will earn better interest on Fixed Deposit and Recurring Deposit. This meets the key agenda of the bank to encourage the customers habit of saving and maximize their benefits through a hike in interest rates and help people’s money grow. As a matter of fact, locking money for a determined period through lump-sum Or recurring deposits also ensures meeting certain goals in life.”
He added that to boost the saving drive amongst senior citizens in India, Equits offers an additional 0.5 per cent on their Fixed Deposit and Recurring Deposit which enhances capital creation and suits their requirement of investment at the same time. “We look forward to our customers joining the transformational journey of our Beyond Banking philosophy for achieving better growth of the society together.”
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