Equitas SFB Increases FCNR (B) Rates for NRIs, Offering Competitive USD and Rupee Deposit Options
Equitas Small Finance Bank Limited, one of India's leading small finance banks, has announced an upward revision in its deposit rates. The bank is now offering Non-Resident Indians (NRIs) a competitive interest rate on US Dollar FCNR (B) deposits, alongside attractive options for saving and investing in Indian Rupees.The FCNR (B) deposit scheme is aimed at encouraging higher NRI fund inflows into India, capitalizing on the Reserve Bank of India's special FCNR (B) swap facility. NRIs can now secure a return of 7.13% per annum on US Dollar FCNR (B) deposits for tenures ranging from three to five years.
This deposit offers several benefits to NRIs looking to protect their overseas earnings amidst global interest rate volatility. By maintaining deposits in foreign currency, customers can benefit from competitive returns and tax-free interest earnings in India, with the principal and interest fully repatriable upon maturity (subject to applicable regulations). The deposit includes a one-year lock-in period, permitting premature withdrawals only after this initial year, as per bank norms.
Murali Vaidyanathan, Country Head - Liabilities at Equitas Small Finance Bank Limited, commented on the move, stating that NRIs require solutions that ensure their overseas earnings are protected and insulated from currency volatility while offering assured returns. He added that with its 7.13% rate on USD FCNR (B) deposits, Equitas is strategically positioned to provide a combination of return, stability, and flexibility for NRIs.
Rupee-Denominated Deposit Options
In addition to the foreign currency offerings, Equitas SFB provides comprehensive rupee-denominated investment avenues for its NRI customers. These options include Fixed Deposits (FD) and Recurring Deposits (RD) in Indian Rupees, designed to help NRIs build and grow their savings.The current competitive rates for Rupee deposits are as follows:
| Product | Tenure | Interest Rate |
|---|---|---|
| NRO Fixed Deposit | 888 days | 7.75% p.a. |
| NRE Recurring Deposit | 12 to 15 months | 7.10% p.a. |
Equitas Small Finance Bank Limited operates as one of the largest small finance banks, providing a range of products and services designed for individuals, affluent customers, SMEs, and corporates. The bank's strategy is firmly focused on supplying credit to micro and small entrepreneurs, addressing aspirations at the 'bottom of the pyramid.'
EQUITASBNK Stock Price Movement
As of 12:14 PM, shares of Equitas Small Finance Bank Limited are slipping by 0.33% in live trading, currently priced at ₹78.39 after shedding ₹0.26 intraday. The stock has seen significant activity, with over one million shares traded so far this session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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