Equitas Small Finance Bank Ltd. (ESFBL), the first private sector bank from Tamil Nadu post-Independence, has launched selfeSavings, an interactive digital savings account. selfeSavings account can be opened with the web-based interactive video form hosted in www.equitasbank.comby using Aadhaar number, PAN and other basic details all in under 5 minutes. Customers can set up a mobile banking PIN and start using their account instantly.
Commenting on this launch, Mr. Sanjeev Srivastava, President and Country Head – Branch Banking, Liabilities, Products and Wealth Management, Equitas Small Finance Bank, said: “The interactive account opening experience is developed to engage with the millennials and to deliver fun banking experience true to our positioning. This will be a standalone acquisition channel”.
selfeSavings with no minimum balance requirement pays interest rate 6% p.a. for balance below 10 lakhs and 6.5% interest rate on balance above 10 lakhs. It allows customers to make online money transfers for free (IMPS, NEFT and RTGS) and comes with a Virtual Visa Debit Card which you can use to shop online.
Customers can deposit money into their selfeSavings account via a payment gateway using any form factor such as Debit Card or Net Banking or wallets.
ESFBL is a Small Finance Bank (SFB), licensed by Reserve Bank of India under Section 22 of the Banking Regulation Act, 1949 to carry on the business of Small Finance Bank. The bank commenced the business of SFB on September 5, 2016. It is the first private sector bank from Tamil Nadu to commence operations post-Indian Independence.
ESFBL, with pan-India operations, is focussed on providing financing solutions for individuals and micro and small enterprises (MSEs) that are under-served by formal financing channels while providing a comprehensive banking and digital platform for all.
True to its tag line – “Fun Banking”, the bank offers customized savings products with a focus towards giving children, youth, families and entrepreneurs across India, a new and a fun way to bank.