Mumbai, March 05, 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 the Current & Savings Account offering for the Govt-TASC group. This group includes independent governmental organizations which run various government projects/ schemes and carry separate funds/budgets, municipalities, charitable trusts, religious trusts, educational institutes, non-governmental organisations, clubs, Section 8 companies (not for profit), associations, societies, etc.
The key features of these two products are designed keeping in mind the requirement of such institutional customers so that it benefits customers. The key features include:
No Minimum Monthly Balance (AMB) requirement;
Free unlimited cash deposit & withdrawal at home and non-home branch locations;
Free unlimited payable-at-par cheque book;
Free RTGS/NEFT transfers through branch & net banking;
Free unlimited demand drafts & pay orders at Bank’s branch locations;
Go digital & accept payments via QR, Payment Gateway, Point of Sale device,
All existing Government and Trusts-Associations-Societies-Clubs (“TASC“) customers will be migrated to the new product offering Government-TASC account. All such customers will be intimated prior by way of a letter on their account being migrated to the new product.
Mr. Murali V, President & Country Head – Branch Banking, Liabilities, Product & Wealth, Equitas Small Finance Bank Limited., said, “Institutional customers play a vital role in deposits and our approach is partnered with Equitas Small Finance Bank Limited. For institutional customers & mobilisation of running deposits, the Bank is introducing Current & Savings Accounts for Government-TASC group”. He added, “The market is getting more and more fragmented and we believe in offerings for our customer segments. The Government-TASC initiative comes close on the heels of our Bank’s recent initiatives such as Savings Account with no maintenance charges and the ELITE savings account”
The initial payment is waived off for government and semi government, local municipal bodies and waiver of initial payment of Rs. 10,000/- only, for TASC clients. Debit cards can be offered to [the authorized signatory operating the Govt-TASC account subject to mode of operation of account being ‘Singly’ in the Board Resolution. Corporate Net Banking facility is provided to the authorised signatory. GST payment can be done through retail/ corporate/mobile banking portal (NEFT/RTGS mode).
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.