I can’t understand how can Equitas SFB give 7% interest rate on savings account but give only 4-6% interest rates on FD. Am I missing something?
@Shashwat_Gangwar equitas is providing 3.5% interest for deposit amount of under ₹1lacs…and you get 7% only if your account has a balance equalling or crossing ₹1lacs
If I do FD of any amount greater than ₹1L, I will get lower interest rate as compared to savings account. Why will anyone do FD if he gets higher interest rate in savings account and also does not get his money locked in for a certain period??
This is generally done by comparatively newer bank to build it’s CASA ratio. Once it has a considerable ratio the interest rate on savings will drop. You can milk it till it’s there.
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