Equitas Small Finance Bank has revised its Foreign Currency Non-Resident (FCNR(B)) deposit rates to 7.13% per annum for US dollar deposits with a tenure of 3 to 5 years. This rate hike follows the Reserve Bank of India's special FCNR(B) swap facility, aimed at encouraging higher NRI fund inflows into India. The bank stated that this move positions it to offer NRIs a competitive combination of return, stability, and flexibility.

Revised Deposit Parameters

The updated deposit offering is designed to help NRIs preserve overseas earnings while insulating them from currency volatility. The key features of the revised FCNR(B) deposit are outlined below:

Strategic Alignment and Benefits

The rate revision aligns with the RBI's initiative to boost foreign currency inflows into the domestic banking system. FCNR(B) deposits allow non-resident Indians to maintain foreign currency deposits in India, shielding them from exchange rate risk while earning interest in the same currency. The deposits offer tax-free interest earnings in India and full repatriability of both principal and interest on maturity, subject to applicable regulations.

Murali Vaidyanathan, Country Head - Liabilities, Equitas Small Finance Bank Limited, highlighted that the RBI's recent regulation strengthens the appeal of FCNR(B) deposits by addressing hedging costs, making the bank's 7.13% rate a compelling option for NRIs.

Rupee-Denominated Options

In addition to FCNR(B) deposits, Equitas Small Finance Bank offers NRO and NRE Fixed and Recurring Deposits for NRIs preferring rupee-denominated investments. Fixed Deposits currently offer 7.75% per annum for 888 days, while Recurring Deposits provide 7.10% per annum for tenures ranging from 12 to 15 months.

Equitas Small Finance Bank has appointed Mr. Shanmugam Manivannan as its Chief Digital Officer effective June 17, 2026, following a change in the internal reporting structure. He has been designated as a Senior Management Personnel (SMP) to bolster the bank's digital capabilities and drive organizational goals. The appointment was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Profile of the Appointee

Mr. Shanmugam Manivannan brings over 21 years of extensive experience across banking, digital transformation, operations, customer experience, and fintech partnerships. He previously served as the National Manager-Digital Banking of the Bank. His expertise includes strong leadership in P&L management and strategic planning, with a focus on driving end-to-end execution of business goals.

Key Appointment Details

The disclosure was signed by N. Ramanathan, Company Secretary of Equitas Small Finance Bank Limited, confirming the formal induction of the new officer into the senior management cadre.