Highlight:
- Small bank with special fixed deposit scheme
- 8.5 percent interest for short term
Just invest for 444 days. High interest. Equitas Small Finance Bank, a small bank with a special fixed deposit scheme. The special scheme was introduced for investments below Rs.2 crore. Not only domestic investors but also NRIs can deposit money under the scheme.
Interest rates on bank, domestic, NRE and NRO accounts have also been hiked. The revised fixed deposit interest rates will come into effect from June 5. Interest rates on RD deposits with tenors of 12 months to 120 months will remain high. Senior citizens will get an additional discount of 0.50 percent on FD and RD fares. Interest is paid on quarterly basis for all accounts.
Investments of various tenures
Interest rates range from 3.50 percent to 8.50 percent for deposits with tenures of 7 days to 10 years. This is for investments below Rs 2 crore.
Know the FD tenure and interest rates
Deposits between 7 to 14 days will earn 3.50 percent interest.
The interest rate is the same for 15 to 29 days deposits.
Deposits between 30 – 45 days are charged 4 percent and deposits up to 62 days are charged 4.50 percent.
The rate is the same for deposits between 63 – 90 days.
Deposits between 91 – 120 days are charged 5.25 percent while deposits between 181 – 364 days will fetch 6.25 – 6.35 percent interest.
From 1 year to 443 days, 8.20 percent interest will be earned.
8.50 percent interest will be available for up to 444 days.
Interest is 7.75 percent for deposits up to 2 years and 8 percent for deposits up to 887 days. But the rate is 7.25 percent for 5 years to 10 years