Equitas Small Finance Bank, one of India’s leading small finance banks, announced on Thursday, January 9, a revision in interest rates for its savings account customers. The new rates will take effect on January 10, 2025, as per the bank’s official exchange filing.
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According to the filing, 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.
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Equitas Small Finance Bank hikes interest rates for savings accounts
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The interest for savings accounts will be calculated daily and credited quarterly.
The bank stated, “With these changes, Equitas Small Finance Bank reiterates its commitment to providing industry-best rates and unparalleled benefits for its customers.”
