In the Corona period, the common man is getting no hope in every field. Even today, the major banks in the commercial sector are not offering very much interest on Fixed Deposit. Equitas Small Finance Bank has announced an increase in the interest rate on deposits in savings accounts. The bank has said that it will now pay interest at the rate of 7% instead of 5.5% on the amount of Rs 1 lakh to Rs 5 crore in the savings account. The bank has increased the interest rate on the savings account to attract more and more depositors. In the release issued by the bank, it has been said that the revised rates have come into effect from Wednesday.
Anand Mahindra's investment gives big support to startups
In his statement, Murali Vaidyanathan, President and Country Head (Branch Banking, Liability, Product and Wealth) of the bank said, "We pay interest of 7% per annum to those who have an amount of Rs 1 lakh to Rs 5 crore in a savings account. We believe that this will give old customers and new savings account holders a chance to get better returns with more savings. ''
Success story of self made millionaire, Jhansi Rani Vedachalam
The number of savings account holders of Equitas Small Finance Bank is around 6 lakhs. The bank has kept two slabs of interest for the deposits in the savings accounts. The first slab is for deposits up to Rs 1 lakh. The second slab is more than one lakh rupees. The bank has kept the interest rate at 3.5% on deposits up to Rs 1 lakh.
Sensex: Stock market opens with gains, tremendous buying seen in banking stocks