Higher interest rates are the good news that Equitas Small Finance Bank has announced for its savings account customers. These updated rates, which will provide better returns across various account balances, will take effect on January 10, 2025.
In a statement shared with the NSE, the bank said, “Equitas Small Finance Bank Limited, one of India’s leading small finance banks, has revised its savings account interest rates to provide greater value to its customers.”
Revised Interest Rates Explained
The bank has introduced new interest slabs to benefit account holders, especially those with higher balances. Here’s what the updated rates look like:
- For balances up to ₹1 lakh, the interest rate stays at 3.00%.
- For balances between ₹1 lakh and ₹10 lakh, the rate has been set at 5.00%.
- A new slab for balances above ₹10 lakh and up to ₹25 lakh will now earn 7.00% interest.
- Another new slab for balances between ₹25 lakh and ₹1 crore offers 7.25%.
- Balances from ₹1 crore to ₹25 crore will fetch an even higher rate of 7.50%.
- The interest rate for balances above ₹25 crore remains unchanged at 7.80%.
These changes are designed to reward customers with higher savings, ensuring they earn more on their deposits.
Stock Performance
Thursday’s closing price of ₹69.08 represented a 2.16 percent gain for the stock. The bank’s positive growth trajectory and investor confidence are demonstrated by the stock’s impressive 39.08% growth over the last year.
The stock has increased by an astounding 39.08% in the last year, demonstrating the bank’s promising growth trajectory and investor confidence.
What This Means for Customers
In addition to this announcement, Equitas Small Finance Bank’s stock has performed well in the marketplace. The stock ended the day Thursday at ₹69.08, up 2 points 16 percent. The stock’s remarkable 39.08% growth over the last 12 months demonstrates the bank’s promising growth trajectory and investor confidence.
Keep an eye on your savings and make the most of these updates starting January 10, 2025.
