Equitas Small Finance Bank Limited, one of the leading SFBs, has announced the revision of interest rates for savings, Fixed Deposits as well as Recurring Deposits in Domestic and NRE/ NRO Interest Rates Accounts.
On May 21, 2022, the bank raised interest rates on recurring deposits, and as a result of the adjustment, the bank will continue to provide an interest rate of 3.50 per cent on 6-month RDs and 4.40 per cent on 9-month RDs.
When it comes to short to long-term investments, recurring deposits are often preferable to debt investors since they allow for monthly installments similar to SIPs and prevent lump sums. The lowest term for recurring deposits is usually six months, while the maximum duration is ten years.