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Equitas Small Finance Bank Ltd. announced on Wednesday that it has revised interest rates for savings, fixed deposits as well as recurring deposits both for domestic and non-resident (NRE/NRO) accounts with effect from December 14, 2022.

As the hike comes into effect, Equitas Small Finance Bank customers can earn an interest rate of up to 8 percent on fixed deposits and 7.75 percent on recurring deposits.

Savings account customers can also get up to 7 percent interest rate if they have a closing balance between Rs 5 crore and Rs 30 crore. This is applicable not just for domestic accounts, but also NRE/NRO accounts.

Furthermore, domestic senior citizens will receive 0.5 percent extra on the FD and RD rates. The interest payouts will continue to be quarterly across all account types, said the bank in a press release issued on Wednesday.

Commenting on the hike, Murali Vaidyanathan, senior president and country head, Equitas Small Finance Bank, said, “Our key agenda is to see people’s money grow when they bank with us, thus we continue to stand strong with our customers by encouraging them to increase the habit of saving and maximise their benefits through hike in interest rates.”

Shares of Equitas Small Finance Bank ended 2.25 percent at Rs 60.70. The stock hit a 52-week high last week but has cooled off since.