MUMBAI, APRIL 15, 2020 (GPN):   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), offers digital banking with Selfe FDs and Selfe savings accounts during the national/ regional lockdown with NO physical contact or branch visits; just self-onboarding by new customers.

Customers can open Selfe Fixed Deposit (FD) online for value upto Rs. 90,000/-  with the Bank by keeping their Aadhaar Number and PAN handy; and then booking their FD online in just three minutes; and enjoying returns upto 7.75%* p.a. for 1 year. Selfe FD, a digital standalone Insta Fixed Deposit, envisages easy and effortless FD booking from the comfort of home, transactional convenience packaged by offering UPI VPA funding from any full-KYC non-Equitas bank account in India (linked in UPI). Selfe FDs are designed with certain additional features to the traditional products, which we believe will add value to the FD account and make the overall proposition attractive to the end customer.

(* rates subject to change from time to time. Customer should refer our website,www.equitasbank.com for the latest rates before booking FD)

 

SELFE Savings Account is a digital bank account which can be opened with a web based interactive video form by registering using Aadhaar number, PAN and other basic details. Customers can set up a mobile banking PIN and start using their account immediately. They can get interest rate up to 7.5% p.a. with no minimum balance and virtual debit card. The Bank also supports its customers through their chat bot Aidy to take care of the customer needs and queries.

 

Mr. Murali Vaidyanathan, President & Country Head – Branch Banking, Liabilities, Product & Wealth, Equitas Small Finance Bank Ltd., said, “Equitas SFB is leveraging a smart digital adoption of tech to free customers from physical contact or visits to branches. Both Selfe FD and Selfe savings are ideal for ‘Do-It-On-My-Own’ generation. Selfe FD is contact-free, convenient, accessible and designed to create a feeling of ownership due to self-onboarding or Self-Service.  Our strategy is to develop products that will be available only on our digital platforms, specifically designed for the tech savvy investors and customers with savings mind set. These products will be customized in terms of the user interface to deliver specialized experiences. By furthering our digital and technology platform, our endeavour is to empower customers to access various products and services on their own, reduce our operating costs and increase efficiencies.”

The unique features of these two products are:

Selfe FD

Benefits:

·         Higher Interest upto 7.75% p.a.* for 1 year

·         0.60% additional interest for Senior Citizens

·         Open FD without a Savings Account

·         Start as low as Rs.5000 and invest upto Rs. 90,000 at any time

·         Choose to invest from 7 days to 365 days

·         No Premature withdrawal penalty if Selfe FD has completed a tenure of more than 180 days

·         No premature withdrawal penalty for Senior Citizen Selfe FD

(* rates subject to change from time to time. Customer should refer our website,www.equitasbank.com for the latest rates before booking FD)

Selfe savings

Benefits

·         Selfe savings is a digital bank account which can be opened with a web based interactive video form by registering using Aadhaar number, PAN and other basic details.

·         One can set up a mobile banking PIN and start using account immediately

·         Up to 7.5% Interest Rate: Experience high yielding returns on savings with interest rate of Up to 7.5% per annum

·         No Minimum Balance Required

·         Virtual Debit Card 

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. ENDS