Equitas SFB cuts FD rates, 8.05% return is top offer for general citizens

Senior citizens will continue to get additional benefit of 0.50% higher interest

Equitas Small Finance Bank (SFB) has reduced interest rates for fixed deposits (FD) below Rs 3 crore, offering returns between 3.50 per cent and 8.05 per cent for general citizens on annualised yield.

 

The new rates started on Monday and depend on tenures, said the lender.

 

Short-term deposits start at 3.50 per cent

 

For short-term tenures of seven to 45 days, interest rates remain at 3.50 per cent to 4.00 per cent. Medium-term deposits, of 46 to 180 days, see a gradual rise in rates, ranging from 4.50 per cent to 6.00 per cent. 

 

Sweet Spot for one-year tenure

 

Investors opting for FDs from one year to 443 days can now earn 7.90 per cent interest, with an annualised yield of 8.14 per cent. The same rates are applicable for tenures of 444 days and 445 days to 18 months.

 

Highest returns on 888-day tenure

 

The most attractive rate is offered on 888-day deposits, which yield a stellar 8.05 per cent interest, translating to an annualised yield of 8.30 per cent—the highest in the revised chart.

 

Long-term tenures see slight decline

 

For longer tenures of 3 years 1 day to 10 years, the interest rates range between 7.25 per cent to 7.50 per cent, offering stability for investors looking at long-term savings.

 

Senior citizens get an extra 0.50 per cent

 

Senior citizens continue to enjoy an additional benefit of 0.50 per cent higher interest, although this does not apply to NRE/NRO accounts.

 

Tenure

 

Interest rates for amount less than Rs 3 Crores

Annualised Yield

7 - 14 days

3.50%

3.50%

15 - 29 days

3.50%

3.50%

30 - 45 days

4.00%

4.00%

46 - 62 days

4.50%

4.50%

63 - 90 days

5.50%

5.50%

91 - 120 days

6.00%

6.00%

121 - 180 days

6.00%

6.00%

181 - 210 days

7.00%

7.12%

211 - 270 days

7.00%

7.12%

271 - 364 days

7.20%

7.37%