Tuesday, 16 June 2020

Equitas Small Finance Bank Limited is

Equitas Small Finance Bank Limited is offering saving account interest of 7% through ‘Save India Save’ campaign

  •  Savings account offering interest rate of 7% per annum on deposits in savings bank account from Rs. 1 lakh to Rs. 5 crore

  • Features include No Maintenance Charges

  • Customers gets access to Equinox rewards program

  • To be effective from 10th June, 2020 onwards

Equitas Small Finance Bank Limited (the “Bank”), the largest small finance bank ("SFB") in India in terms of number of banking outlets as of March 31, 2019 (Source: CRISIL report), is offering interest rate of 7% per annum on savings account having deposit between Rs. 1 lakh to Rs. 5 crore.

This product comes with several features including No Maintenance Charges The customer can also transact through IMPS for free. The savings account also gives access to Equinox rewards program which gives the customers chance to redeem their accumulated points from participating merchants.

Mr. Murali Vaidyanathan, President & Country Head - Branch Banking, Liabilities, Product & Wealth, Equitas Small Finance Bank Limited, said, “Equitas SFB believes in giving one of the best of terms and services to its customers. We also understand that the saving account holders are important for us as borrowers. In our new endeavour and our belief to create best value for money for our customers we are offering them 7% interest rate per annum having savings balance between Rs. 1 lakh and Rs. 5 crore. We believe that this product offering will enable existing customers and also new to bank savings account holders an opportunity to save more with better returns. We welcome all across India, to come and join our new campaign "Save India Save".

He also added, “We believe that this product is designed to serve our retail customers and provide them with the much required liquidity. This savings account comes with features, like No Maintenance Charges, free digital transaction to name a few.

Equitas Small Finance Bank Limited is the largest SFB in India in terms of number of banking outlets, and the second largest SFB in India in terms of assets under management and total deposits in Fiscal 2019. (Source: CRISIL report). As of September 30, 2019, its distribution channels comprised 853 Banking Outlets and 322 ATMs across 15 states and union territories in India. Its focus customer segments include individuals with limited access to formal financing channels on account of their informal, variable and cash-based income profile. It offers a range of financial products and services that address the specific requirements of these customer segments by taking into account their income profile, nature of business and type of security available. Its asset products are suited to a range of customers with varying profiles. These include provision of small business loans comprising loan against property, housing loans, and agriculture loans to micro-entrepreneurs, microfinance to joint liability groups predominantly comprising women, used and new commercial vehicle loans to drivers and micro-entrepreneurs typically engaged in logistics, MSE loans to proprietorships, and corporate loans. On the liability side, its target customers comprise mass and mass-affluent individuals to whom the Bank offers current accounts, salary accounts, savings accounts, and a variety of deposit accounts. In addition, it also provides non-credit offerings comprising ATM-cum-debit cards, third party insurance, mutual fund products, and issuance of FASTags.

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