Savings account interest rate up to 7.8%: Equitas Small Finance Bank hikes interest rates on savings A/cs
Suryoday Small Finance Bank (SSFB) partners with Tata Digital: Get FD interest rates up to 9.1% without a savings account
Latest savings account interest rates
Equitas SFB (Small Finance Bank) savings account balances up to Rs 1 lakh will earn an interest rate of 3.00%. For balances between Rs 1 lakh and Rs 10 lakh, the interest rate is set at 5.00%. A newly introduced slab offers an interest rate of 7.00% for balances exceeding Rs 10 lakh and up to Rs 25 lakh. Another new slab provides 7.25% interest rate for balances ranging from Rs 25 lakh to Rs 1 crore. Balances between Rs 1 crore and Rs 25 crores will earn 7.50%, while the existing rate of 7.80% for balances above Rs 25 crores remains unchanged .
Savings Account Interest Rate
Daily Closing BalanceRevised rate of interest w.e.f. 10th Jan 2025Interest Rate Upto Rs 1 lakh3.00%Above Rs 1 lakh and upto Rs 10 lakh5.00%Above Rs 10 lakh and upto ₹ 25 lakh7.00%Above Rs 25 lakh and upto Rs 1 crore7.25%Above Rs 1 crs and upto ₹ 25 crs7.50%Above Rs 25 crs7.80%
How is interest calculated
According to the Equitas Small Finance Bank website, “Interest will be calculated on the daily closing balance in the account. Interest will be paid on a quarterly basis by direct credit in the savings account. Slabs rates are applicable on the incremental amount based on the closing balance.
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