Equitas Bank waives non-maintenance charges on all savings account2 min read . Updated: 06 Jan 2020, 12:25 PM IST
- Equitas Small Finance Bank has waived non-maintenance charges on all savings account
- Equitas Small Finance Bank offers upto 7.5% interest on savings account
Equitas Small Finance Bank has waived non-maintenance charges on all savings account. The bank also offered lower transaction charges to customers. This is expected to benefit certain of its customers. Currently the bank offers upto 7.5% interest on savings account. The Average Monthly Balance (AMB) to be maintained in Equitas Small Finance Bank depends on the region. If the branch is in metro, then the customer is required to maintain ₹10,000. For semi-urban and rural branches, Equitas Small Finance Bank customer is required to maintain ₹5,000 and ₹2,500 respectively.
Average Monthly Balance (AMB)
₹10,000/- In Metro, Urban branches
₹5000/- in Semi-urban branches
₹ 2500/- in Rural branches
For fixed deposit (FD), the bank gives upto 8.25% p.a. to general customers and senior citizens would receive additional benefit of 60 basis points making it to 8.85% per annum.
Murali V, President and Country Head - Branch Banking, Liabilities, Product & Wealth, Equitas Small Finance Bank Ltd., said, “We intend to further strengthen our liability franchise with a focus on growing our retail deposit and CASA deposit base to provide us with a stable and low-cost source of funding. We aim to achieve this by attracting greater retail deposits from ourcustomer segments, and particularly the mass and mass-affluent customer segments. For instance, we have recently launched differentiated CASA products for various types of customers, such as the ‘Wings Account’ for mass-affluent depositors and ‘Elite Programme’ for higher income households. We introduced an online account called ‘Selfie Digital Savings Account’, which enables potential customers to open a bank account online."
Equitas Small Finance Bank deposits have grown at a CAGR of 116.51% from ₹19,212.89 million as of March 31, 2017 to ₹90,067.36 million as of March 31, 2019. As of March 31, 2019, its current account savings account (CASA) ratio was the second highest among SFBs in India, and its retail deposits to total deposits ratio was the third highest among SFBs in India.
The bank offers a range of lending products including, small business loans comprising loans against property, housing loans and agriculture loans to micro-entrepreneurs. It also gives microfinance to joint-lending groups, mainly comprising women, along used and new commercial vehicle loans to drivers and micro-entrepreneurs typically engaged in logistics, micro and small enterprise (MSE) loans to proprietorships, and corporate loans, and issuance of FASTags.
According to CRISIL report, Equitas Small Finance Bank Limited is the largest small finance bank (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 as of 31 March 2019.