North East Small Finance Bank

North East Small Finance Bank was originally established as Rashtriya Gramin Vikas Nidhi (North East) Microfinance Limited to cater to the microfinance market. The bank has received investments from a slew of investors including Ratan Tata, Small Industries Development Bank of India (SIDBI), North Eastern Development Finance Corporation Ltd (NEDFi), IDBI Bank, Australia’s Opportunity International through DiaVikas Capital, Brahmaputra Community Development Trust (BCDT), Nordic Microfinance Initiative – Norway and Oiko Credit Netherlands. The bank does not offer a dedicated savings bank account for minors though its standard and premium savings accounts may be available to minors, possibly jointly and to be operated by the parent or guardian.

Regular Savings Account

This is the standard savings account of the bank.

Features

  • The account has a minimum balance requirement of Rs. 500 in rural areas, Rs. 1,000 in semi-urban and Rs. 2,000 in urban areas
  • Accountholders get access to personalised debit cards
  • The bank offers doorstep banking facilities
  • The Regular Savings Account comes with free passbooks
  • Accountholders can manage and access their account details through the SMS facility or through online banking

Premium Savings Account

This savings account is one step up from the regular savings account.

Features

  • The account has a minimum average quarterly balance requirement of Rs. 25,000
  • Accountholders can get five demand drafts made in a month without any charge
  • The bank also offers two free NEFT, RTGS or IMPS transactions per month
  • Like the standard account, the Premium Savings Account also offers free passbooks, an SMS facility and online banking options

Reference Facts

  • North East Small Finance Bank Website: nesfb.com
  • Headquarters: Guwahati, Assam
  • Call Centre Number: 1800 121 1905