Many of us save money in bank savings accounts and earn interest on our deposits. The interest rates depend on the bank and the amount of money in the account.
Banks generally provide simple interest for these deposits.
Equitas Small Finance Bank has announced an increase in its savings account interest rates, effective from January 10, 2025. This update brings good news for customers.
Stock Performance of Equitas Small Finance Bank
Equitas Small Finance Bank’s shares saw a positive movement on Thursday. The bank’s stock closed at Rs 69.08, marking a 2.16% increase.
This reflects a positive market response to the bank’s updated savings account interest rates.
Updated Interest Rates for Savings Accounts
The bank has shared the new interest rates for different savings account balances:
Up to Rs 1 lakh: Interest rate stays the same at 3.00%.
Between Rs 1 lakh and Rs 10 lakh: Interest rate is now 5.00%.
Between Rs 10 lakh and Rs 25 lakh: New interest rate is 7.00%.
Between Rs 25 lakh and Rs 1 crore: Interest rate increases to 7.25%.
Between Rs 1 crore and Rs 25 crore: Interest rate rises to 7.50%.
Above Rs 25 crore: Interest rate remains unchanged at 7.80%.
Impact on Equitas Small Finance Bank’s Stock
Following the announcement, the bank’s shares showed a positive response in the stock market. On Thursday, the shares closed at Rs 69.08, an increase of 2.16%.
This rise reflects the market’s favorable view of the updated savings account interest rates.
