Many of us keep our savings in a bank’s savings account, where we earn interest on our deposits.
The bank provides simple interest, and the interest rate varies depending on the bank and the amount deposited.
Equitas Small Finance Bank has some good news for its savings account customers. The bank has announced an increase in its interest rates, effective from January 10, 2025.
New Interest Rates for Different Savings Balances
Equitas Small Finance Bank has shared the updated interest rates for savings accounts. Here’s how the rates will change:
Balances up to Rs 1 lakh: The interest rate remains unchanged at 3.00%.
Balances between Rs 1 lakh and Rs 10 lakh: The interest rate will be 5.00%.
Balances between Rs 10 lakh and Rs 25 lakh: The new interest rate will be 7.00%.
Balances between Rs 25 lakh and Rs 1 crore: The interest rate will be 7.25%.
Balances between Rs 1 crore and Rs 25 crore: The interest rate will be 7.50%.
Additionally, the current interest rate of 7.80% on balances above Rs 25 crore will remain the same.
Equitas Small Finance Bank’s shares rose by 2.16% on Thursday, closing at Rs 69.08.
Stock Performance of Equitas Small Finance Bank
On Thursday, the bank’s shares closed at Rs 69.08, marking a 2.16% increase.
This positive movement in shares reflects the market’s response to the bank’s new savings account interest rates.
