Equitas SFB hikes FCNR B Deposits for US Dollars to 7.13% p.a. on US Dollars for 3-5 years Tenure

Equitas Small Finance Bank Limited, one of the largest Small Finance Banks has announced an upward revision on its FCNR (B) deposit rates. Non-Resident Indians (NRIs) can now earn higher returns of 7.13%* p.a. on US Dollar FCNR (B) deposits for tenures ranging from 3 to 5 years. The interest rate increase follows Reserve Bank of India's special FCNR (B) swap facility, aimed at encouraging higher NRI fund inflows into India.

For NRIs looking to grow and preserve their overseas earnings amid global interest rate volatility, Equitas FCNR (B) Deposit offers a compelling opportunity to maximize the value of their US Dollars. By maintaining deposits in foreign currency, NRIs can benefit from competitive returns, tax-free interest earnings in India with full repatriability of both principal and interest on maturity (subject to applicable regulations) and capital protection while remaining insulated from forex fluctuations. The deposit comes with a one-year lock-in period and premature withdrawals are permitted only after one year as per bank norms.

Commenting on RBI's Initiative, Murali Vaidyanathan, Country Head - Liabilities, Equitas Small Finance Bank Limited, said: "NRIs today are increasingly looking for solutions that protect the value of their overseas earnings while insulating currency volatility along with assured returns is the best combo. Hedging has traditionally been an important cost in this space, RBI's recent regulation towards FCNR is a timely step that strengthens the appeal of FCNR (B) deposits. With our best-in-class 7.13% rate on USD FCNR (B) deposits, Equitas is well positioned to offer NRIs a compelling combination of return, stability and flexibility."

Rupee Dominated Investment Options for NRIs

For NRIs who prefer to save and invest in Indian Rupees, Equitas offers NRO and NRE Fixed and Recurring Deposits with competitive interest rates and flexible tenures. Fixed Deposits currently offer 7.75*% p.a. for 888 days and Recurring Deposits provide 7.10%* p.a. from 12 to 15 months. These options provide flexible and rewarding avenues for NRIs to build and grow their rupee-denominated savings while benefiting from attractive returns.

Shares of Equitas Small Finance Bank Limited was last trading in BSE at Rs. 77.77 as compared to the previous close of Rs. 78.67. The total number of shares traded during the day was 163569 in over 1092 trades.

The stock hit an intraday high of Rs. 79.30 and intraday low of 77.40. The net turnover during the day was Rs. 12830660.00.

Source : Equity Bulls

Keywords

EquitasSmallFinanceBank INE063P01018 FCNRB Deposits InterestRates USDollars