for entrepreneurs, self-employed professionals & businessmen
50% waiver on balance in semi-urban and rural branches
50% waiver of balance for women proprietors in Metro & Urban Areas*
Mumbai, March 11, 2020: 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), introduces current account with ‘sweep in and sweep out’ fixed deposit for [entrepreneurs, self-employed professionals and businessmen. With [24 x 7 cash deposit facility], customers also get interests on idle funds with Sweep In Sweep Out Fixed Deposit (FD). Customers can choose from 3 different product variants based on their need. [Equitas Current Account offers 50% waiver on balance in semi-urban and rural branches; and 50% waiver of balance for women proprietors in Metro & Urban Areas – *for specific Current Account variants.].
The key features of Equitas Current Account with Sweep In Sweep Out FD are:
• Automatic transfer of excess balance into Sweep FD for 90 days
• Weekly sweep out frequency for FDs
• No Premature Penalty for Sweep In Sweep Out FD
Mr. Murali V, President & Country Head – Branch Banking, Liabilities, Product & Wealth, Equitas Small Finance Bank Ltd., said, “We are a small finance bank offering a range of banking services to customers with a focus on serving the financially unserved and underserved customer segments in India. Our strength lies in promoting financial inclusion. We offer a range of financial products and services that address the specific requirements of customer segments by taking into account their income profile, nature of business and type of security available. With the Sweep In and Sweep Out fixed deposits, our customers can make use of the idle balance in their current accounts with interest rates.”
[There is no manual booking or long process required for this approach. This facility automatically sweeps out funds above the threshold to FD for 90 days. Customers need not worry about insufficient funds or bounced cheques – If your account balance is low, the exact required funds will automatically sweep from the FD to make up for the deficit, with no premature withdrawal charges on FD. The funds withdrawn will earn interest for period that it remained in FD, while the balance in FD will earn original rate of interest.]
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.