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Equitas Small Finance Bank is set to launch kids’ savings account called ENJOI, on Father’s Day – 19 June, 2022.

According to the firm, ENJOI will allow kids of 0-18 years to open a savings account under the supervision of their parents. Minors aged 10 & above will also get an option for a personalized debit card, as per the bank. The account offers 7% interest for savings balances between 5 Lakh to 2 crore. Upon the written consent from parents, minors aged 10 & above can also avail self- operating account with limited transaction limits.

The account offers flexibility to choose the mode of savings either as a savings account, balance starting as low as 1,000; RD (recurring deposit) for 500 monthly; FD (fixed deposit) for 10,000.

Focussed on the theme of education and literacy, financial or otherwise, ENJOI account holders will also have access to exclusive deals from ed-techs and online learning providers, as per the bank. The personalized debit card will be complimentary for the first year and can be enjoyed free for a lifetime by maintaining the required balances.

Murali Vaidyanathan, senior president & country head, Equitas Small Finance Bank Limited said, “ENJOI as an idea is built to allow growing kids to understand the power of savings and start their financial journey with our Bank. The habits and culture, taught at young age, stays with us in a long run. We all have that emotional connect with our first bank account and with all the flexibility and features that ENJOI offers for the kids, we hope launching this account during the school reopening period, would make this their “Savings Ki Paathshaala". With the launch of kids account, Equitas Small Finance Bank now has a solution to cater to the savings needs in every stage of human evolution."

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