Latest News | Equitas Small Fin Bank Hikes Interest on Saving Account Deposits
Get latest articles and stories on Latest News at LatestLY. In order to attract deposits, small finance lender Equitas Small Finance Bank on Tuesday said it has increased the rate of interest on savings account having deposits between Rs 1 lakh to Rs 5 crore to 7 per cent per annum from 5.5 per cent.
Mumbai, Jun 9 (PTI) In order to attract deposits, small finance lender Equitas Small Finance Bank on Tuesday said it has increased the rate of interest on savings account having deposits between Rs 1 lakh to Rs 5 crore to 7 per cent per annum from 5.5 per cent.
The new rates are applicable from Wednesday, the bank said in a release.
"We are offering customers 7 per cent interest rate per annum having savings balance between Rs 1 lakh and Rs 5 crore. We believe that this will enable existing customers and also new to bank savings account holders an opportunity to save more with better returns,” the bank's president and country head (branch banking, liabilities, product and wealth), Murali Vaidyanathan, said.
The lender has two slabs in the savings account deposits - up to Rs 1 lakh and above.
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The bank has left rates on savings account deposits up to Rs 1 lakh at 3.5 per cent.
It has close to 6 lakh savings accounts.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)