* With this the bank becomes one amongst the first private sector banks to waive off Non-maintenance charges across CASA, supporting small businesses~
Equitas Small Finance Bank modifies the Current Account proposition by simplifying banking for the Current Account holders, by waiving off Non-maintenance charges. Considering the current scenario of the pandemic, this announcement will empower the account holders to bank stress-free. Equitas SFB will be one amongst the first private sector banks to waive off NMC across CASA, thereby making banking simple and limitless.
At Equitas SFB, we believe in providing convenience and hassle free banking. Paying penalty on one’s own account creates large level dissatisfaction amongst customers. The bank has addressed this by waiving off NMC across CASA, taking the customers to the Golden-Olden days of limitless banking. The bank further said that the transactions will be charged if balance falls below 75% of the requirement and hence accommodating customers for months with low turnover and ensuring complete support to businesses. This combination of waiver of non-maintenance charges and free transactions limits will be of immense advantage to entrepreneurs, traders, self-employed professionals and small businesses impacted during both the COVID-19 waves by enabling them to focus on business. Customers with low transactions intensity and high liquidity can avail Sweep-in Sweep-out FD facility, which enables the Current Account holders to earn from the idle funds. In simple words, this account is like the caretaker you wish to have, who takes care of your needs and does not take your time to do regular checks on the account thresholds. That’s what we call a “Cool Account”!
Here is more the Current Account holds for the small businesses:
Free cash deposit limit from Home Location/Non-Home Location/ATM.
POS machines are now available with exclusive offers and low MDR rates.
Free doorstep banking for Wings and Trade-in Current Accounts.
50% waiver of AMB for semi-urban and rural locations.
The bank has also taken steps to support the women proprietors in Metro/Urban locations by offering a 50% waiver of AMB for Business Prime, Advance and Trade-in Current Account. The bank has always been at the forefront of leveraging digital technologies to cater to the customer needs and are in the process of developing a digital Current Account opening facility to make on-boarding a seamless and convenient experience for the customers.
Speaking about the announcement Mr. Murali Vaidyanathan, Senior President & Country Head, Branch Banking Liabilities Product & Wealth Equitas Small Finance Bank said, “At Equitas SFB, we do regular quality checks to cross-check if our product portfolios and designs are working towards its goal to provide our customers with convenience, safety and also financial well-being. We have modified our existing product design considering the prevailing situation, thus coming up with an optimal pricing platform solution, which is the need of the hour to mitigate the impact of the crisis.”
“The waiver of non-maintenance charges is a crucial step forward to aid our customers in strengthening their financial resilience and to enjoy banking, stress-free. The Sweep-In Sweep-Out FD service where the Current Account holders get interests on their idle funds is an ideal means to help them enhance their savings while they focus on building their small businesses. We are proud to be one of the first banks to bring-in this facility for our Current Account customers. We firmly believe in the mantra of Value Banking and will continue to invest our energies in offering the best of products and services in the segment to simplify banking for all.”
About Equitas Small Finance Bank Limited [ESFBL]
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). 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.