Equitas Small Finance Bank Children’s Savings Accounts
Equitas Small Finance Bank was set up in 2007 to provide microfinance solutions. The business received RBI’s license to transform itself into a small finance bank in 2016, and has since then expanded into 14 states across India. Being a small finance bank, it does not have a children’s savings account but it is likely that its savings accounts are available to minors.
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My Savings Account
The account has been designed for people to save and earn interest on their money.
- There is no average quarterly balance requirements for the account
- The accountholder does not get a cheque book with the account
- The interest rates on the account are better than that for larger banks with the minimum interest starting at 5.5% for balance up to Rs. 1 lakh
- The bank however charges a fee for outward remittances on the My Savings Account. NEFT and RTGS are charged on a slab system while IMPS payments are charged a flat fee of Rs. 5 per transaction
Standard Savings Account
The account requires a minimum average quarterly balance or a minimum fixed deposit amount or a minimum level of debit card usage for purchases. Customers can also group the account with family members to tide over these restrictions.
- The minimum average quarterly balance for the account is Rs. 5,000
- Customers can choose to keep a fixed deposit of at least a year of Rs. 50,000 instead of the balance in the account
- The bank also offers the alternative to have the customer spend Rs. 4,999 using the debit card online or at POS transactions instead of the bank balance or a fixed deposit
- The account can be grouped with family members having a savings account or business having a current account of higher value. The minimum balance requirements can be avoided this way
- Accountholders get a Platinum or Signature debit card
- Standard Savings Account holders get a complimentary chequebook of 25 leaves every half year
- The bank offers 5 free transactions across RTGS, NEFT, IMPS, demand drafts, cash or cheques
Regular Savings Account
The Regular Savings Account from Equitas Small Finance Bank is a step up from the Standard Savings Account
- The minimum average quarterly balance for this account is Rs. 10,000
- Like the Standard Account, customers can choose to keep a Rs. 50,000 fixed deposit for at least a year instead of the average quarterly balance in the account
- The minimum debit card spend limit if one chooses to not keep the minimum balance or have an FD with the bank is Rs. 9,999. The limit considers both online and POS transactions
- Like the standard savings account, this one also can be grouped with family members or a business to avoid minimum balance requirements. With family members, the other savings account should have a higher value. With a business, the current account should have at least similar value
- Customers get a Platinum debit card with the account
- Regular Savings Account holders are given a free 25 leaves chequebook every quarter
- The bank offers 8 free transactions across RTGS, NEFT, IMPS, demand drafts, cash or cheques
- Equitas Small Finance Bank Website: equitasbank.com
- Headquarters: Chennai, Tamil Nadu
- Call Centre Number: 1800 103 1222