Equitas Small Finance Bank Limited, one of the leading SFBs, has announced the revision of interest rates for Fixed and Recurring Deposits of Non Resident External (NRE) Account with effect from 13th July 2022.
NRE customers can now avail upto 7.40% interest p.a. on 888 days Fixed Deposit, offering an annualized yield of 7.61%. The Recurring Deposits (RD) interest is also increased to 7.30% for 30 & 36 months NRE RDs.
The revision of NRE Deposit rates is in line with the recent relaxation offered by Reserve bank of India for mobilization of fresh NRE and FCNR (B) deposits for a limited time period. The increase in interest rates will make savings more lucrative for Non Resident Indians and hence will incentivize them to remit more funds to India from their home country.
To facilitate remittance from home country, Equitas Small Finance Bank offers inward remittance facility in 16 major currencies through its tie-up with AD1 Bank. Given the fact that interest earned from such NRE deposits is not taxed in India, the higher annualized yield is a great opportunity for all NRIs.
Murali Vaidyanathan, Senior President and Country Head, Equitas Small Finance Bank said, "The international currency markets are volatile with rise in Global Inflation. In this scenario, every individual is looking for higher investment returns in order to beat inflation. Backed by recent relaxations offered by RBI, our NRE Fixed Deposit interest rates offer a relief to all NRIs through assured higher returns on their external income. Adding value to our customer's investment being the key preposition, we believe this rate revision will help the NRI diaspora to remit more at attractive forex rates and also propel rupee deposits in the process. Our NRI offering is backed by senior Virtual Relationship Managers assigned basis respective time zones - which also serves as a value enhancer. We believe our customers are our family and we always work towards providing them the best we can, along with the concept of beyond banking."
Shares of Equitas Small Finance Bank Limited was last trading in BSE at Rs. 40.75 as compared to the previous close of Rs. 41.05. The total number of shares traded during the day was 18764 in over 349 trades.
The stock hit an intraday high of Rs. 41.40 and intraday low of 40.70. The net turnover during the day was Rs. 772928.00.