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Equitas Small Finance Bank increases NRE interest rate

Equitas Small Finance Bank has announced the revision of interest rates for fixed and recurring deposits of non-resident external (NRE) Account effective from July 13. NRE customers can now avail upto 7.4 per cent interest per annum on 888 days fixed deposit, offering an annualised yield of 7.61per cent. The recurring deposits (RD) interest is also increased to 7.3 per cent for 30 and 36 months NRE RDs.

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The revision of NRE deposit rates is in line with the recent relaxation offered by the Reserve Bank of India (RBI) for mobilisation of fresh NRE and FCNR (B) deposits for a limited time period. The increase in interest rates will make savings more cost-effective for non-resident Indians and hence will incentivise them to remit more funds to India from their home country.

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 global income. 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. We believe our customers are our family and we always work towards providing them with the best we can, along with the concept of beyond banking.”