Equitas Small Finance Bank has announced an increase in interest rates for its savings account customers. The bank said that this increase in interest rates will be effective from January 10, 2025.
Equitas Small Finance Bank has announced an increase in interest rates for its savings account customers. The bank said that this increase in interest rates will be effective from January 10, 2025. The bank said in the information given to NSE, “Equitas Small Finance Bank Limited, one of India’s largest small finance banks, has announced revised interest rates for its savings account customers. The increase in interest rates will be effective from January 10, 2025.
How much interest rates have increased
The bank said that balances up to Rs 1 lakh will continue to get an interest rate of 3.00%, while the extended slab for balances between Rs 1 lakh and Rs 10 lakh will get an interest rate of 5.00%. Apart from this, the newly introduced slab for balances above Rs 10 lakh and up to Rs 25 lakh offers 7 percent interest.
Another new slab for balances from Rs 25 lakh to Rs 1 crore offers a rate of 7.25 percent, and balances from Rs 1 crore to Rs 25 crore will get 7.50 percent interest. The bank said that the current rate of 7.80 percent for balances above Rs 25 crore will remain unchanged.
Stock Performance
On Thursday, Equitas Small Finance Bank’s stock closed at Rs 69.08 with a gain of 2.16 per cent. In the last one year, the bank’s stock has seen a growth of 39.08 per cent.
