Equitas Small Finance Bank and Suryoday Small Finance Bank have changed the interest rates for fixed deposits of less than Rs 2 crore. This increase in interest rates will be effective from 1 March 2023.
That is, FD investors will get more benefit by investing money in these two banks. Let us know what will be the interest rates on FDs in these two small finance banks.
Rates on FD in Equitas Small Finance Bank
After increasing interest rates on fixed deposits, this small finance bank will have an interest rate of 8.20 per cent for a period of 888 days for an investment of less than two crore rupees. Apart from this, interest will be given at the rate of 7.75 percent on FDs with a tenure of 2 years, 1 day to 887 days. At the same time, here the interest rate on fixed deposits ranging from 1 year to 18 months has been 7.70 percent. At the same time, the bank will pay interest at the rate of 7.50 percent on FDs ranging from 18 months, 1 day to 2 years.
Rates on FD in Suryoday Small Finance Bank
Suryoday Small Finance Bank (SSFB) has increased interest rates on fixed deposits by 75 basis points to 125 basis points. The bank has also changed the interest rates on savings account by up to 200 basis points.
After this change, the bank will get interest between 4.00 per cent to 8.51 per cent for general category and 4.50 per cent to 8.76 per cent for senior citizens. General customers can now get an interest rate of 8.51 per cent by depositing money for 999 days. At the same time, senior citizens can get interest at the rate of 8.76 percent. Customers of savings account in the bank also get an interest rate of up to 7 percent.
Let us tell you that amidst the volatility in the stock markets, everything is looking good for the Fixed Deposit investors as almost all the banks are offering interest giving inflation beating returns. As the Reserve Bank of India (RBI) has increased the repo rate for six consecutive times and banks have increased the interest rates on FDs throughout the investment period. In the 10 months of 2022, inflation has been more than 6 percent.
