Equitas Small Finance Bank
Equitas Bank
| Product | Interest Rate |
|---|---|
| Fixed Deposit | 3.60% to 7.50% |
| Recurring Deposit | 7.00% to 8.60% |
| Savings Account | 3.50% to 7.25% |
| MCLR | 15.90% to 16.25% |
Equitas Bank
Equitas Small Finance Bank was set as a small finance bank as per the regulations made in the Union Budget of 2014-2015. In adherence to how a Small Finance Bank should function, Equitas Small Finance Bank is regulated by the Reserve Bank of India under the Banking regulations Act of 1949. The Bank was set to fulfil the needs of the population that has been unbanked and untouched by the commercial banking sector. The functionalities of the Small Finance Banks have been exclusively designed to fulfil the financial needs of the underprivileged masses, by providing basic activities like deposits and lending. Equitas Small Finance Bank provides various banking services to its customers like deposits, locker facilities, Insurance facilities, loans, and Internet Banking, among others.
About Equitas Small Finance Bank
The current CEO of Equitas Small Finance Bank is Mr. Vasudevan Pathangi Narasimhan. Further, the registered address of the Equitas Bank is 410A, 4th Floor, Spencer Plaza, Phase II No.769, Mount Road, Anna Salai Chennai Chennai TN 600002 IN. In case of grievances, customers can contact the Bank’s compliance officer, Mr. Srinivasan Purohit by mailing him at customerservice@equitasbank.com or by calling on 044 4299 5000. In addition to that, to raise any further queries, the compliance officer can be reached out at 410A, 4th Floor, Spencer Plaza
Equitas Small Finance Bank Product Details
Savings and Current Accounts
- Equitas Small Finance Bank provides deposit facilities to its customers through savings and current account facilities.
- The Bank provides various zero balance savings accounts and instant account opening facilities through its online portal.
- The interest rate on Equitas Bank savings account begins from 3.50%
- Equitas Bank also provides specialized current accounts to carry on business transactions for various sections like startups, retailers, wholesalers, transporters, and travel agents, among others.
Equitas Bank Debit Cards
- Equitas Small Finance Bank offers a variety of debit cards to its customers that range from Rupay to Visa Debit cards.
- These cards are designed to offer privileges to customers on transactions involving shopping, entertainment, and travel, and allows cash withdrawal at all banks ATMs.
Equitas Bank Deposits
Equitas Small Finance Bank Fixed Deposit
- Equitas Small Finance Bank offers high fixed deposit rates upto 7.50%.
- The bank provides higher interests on FDs than commercial banks.
- Depositors can open a fixed deposit account with Equitas Small Finance Bank with a minimum deposit of 5000 for a tenure of 7 days to 10 years .
Equitas Small Finance Bank Recurring Deposit
- Equitas Small Finance Bank provides recurring deposits facility, wherein you can regularly invest your money and can earn interests. You can earn high returns upto 8.60% on Equitas Bank RD account. Check detailed Equitas Bank RD interest rates here.
- Equitas Bank RD can be opened with a minimum amount of Rs. 1000 for a period ranging from 12 months to 120 months.
Equitas Small Finance Bank Loan
Equitas Bank offers both secured and unsecured loans to its customers, like Home loans, personal loans, car loans, and business loans at affordable interest rates. Equitas Small Finance Bank is accustomed to lend more than 75% of its Adjusted Net Credit for the priority sector. This includes lending funds to poor people for housing, lending to farmers for agriculture and allied activities, lending to micro and small industries, and lending to weaker sections of the society.
| Loan products | Feature |
|---|---|
| Personal Loan | Unsecured loan offered on the basis of credit score to meet one’s personal expense. |
| Car Loan | Secured loan offered for the purchase of a car, where the car acts as collateral. |
| Home Loan | Secured loan offered for the purchase, renovation or construction of a house. |
| Gold Loan | A secured loan where the borrower can mortgage their gold to borrow funds against it. |
| Business loan | Loans offered to business units for undertaking business activities like purchase of plant and machinery, purchase of equipment, to undertake construction or to meet day to day expenses. |
Compare Rates of Small Finance Banks
Equitas Bank Netbanking Registration and log in
To add more to the convenience of the customers, Equitas Small Finance Bank offers net banking facility to the customers. The bank’s digital banking platform is hassle-free and easy to use. All customers with savings or current accounts can have access to Equitas Small Finance Bank net banking or mobile banking platform. One can register for Equitas Small Finance Bank net banking by following the below-mentioned steps:
- Go to the homepage of Equitas Small Finance Bank net banking or visit the web portal of Equitas Small Finance Bank.
- On the home page, look out for the option ‘New user registration’ or a similar option.
- Proceed further, and enter details like bank account number, branch details, registered mobile number, and click on ‘Submit.’
- As you click on ‘submit’ a one time password is sent to the registered mobile number. Enter the OTP and click on ‘confirm.’
- Clicking on ‘confirm’ will create your temporary login details with a temporary username. Users can create their password.
- After creating the password login and creating your permanent username, and accept all terms and conditions.
Why Equitas Small Finance Bank?
The Equitas Small Finance Bank is a go-to-option when it comes to choosing the right bank for your banking needs because of the following reasons:
- Equitas Small Finance Bank is a retail-focused and customer-centric bank.
- Equitas Small Finance Bank offers a variety of loan products to fulfil the credit needs of different loan borrowers. These are a personal loan, car loan, home loan, gold loan, or business loan. The loans with Equitas Bank are offered with easier terms and conditions along with affordable interest rates.
- Equitas Small Finance Bank offers different type of investment options that are tailor-made for different types of investors. The Bank offers various Fixed deposits products such as Fixed Deposit, Selfe Fixed Deposit. Apart from fixed deposits, the Bank also offers a recurring deposit facility.
- In addition, Equitas Small Finance Bank is a reliable and secure place to deal with when it comes to funding, as the bank is regulated directly by the RBI.
- Lastly, Equitas Bank offers easy and quick banking services, through its online banking portal; thus, customers can check their account balance, apply for a loan, can make a deposit, and can perform other banking functions, from the comfort of their home.
FAQs
✅Is Equitas Small Finance Bank safe?
Similar to commercial banks, Equitas Small Finance Bank is safe and secure as it is regularized by RBI.
✅Can Equitas Small Finance Bank accept deposits?
Equitas Small Finance Bank is a small finance bank that was set to provide banking activities to the underprivileged people. This bank conduct basic banking activities like deposits and lending.
✅Is Equitas Small Finance Bank approved by RBI?
Equitas Small Finance Bank is approved by RBI under the Banking regulations Act of 1949.
✅Is Equitas Small Finance Bank FD a safe option to invest?
Equitas Small Finance Bank provides fixed deposits investment facility to its customers. The Bank provides highest interest of 7.50% to its customers. The interest rate provided by Equitas Small Finance Bank is comparatively higher than any commercial bank. Also, the FDs are equally safe in this bank.
✅Can I take a loan from Equitas Small Finance Bank?
Yes, you can opt for a loan from Equitas Small Finance Bank. Equitas Bank provides loan products loans like home loan, personal loans and business loans, among others.
- 2020-11-17 : Equitas Small Finance Bank launched a special women savings account
ESFB announced the launch of a women Eva savings account paying 7% interest. In every aspect, such as fitness, wealth and stability, Eva aims to address the well-being of Indian women. It also provides free health checks and unrestricted tele-consultation with women physicians, gynaecologists and mental health professionals. It also provides female clients with PF waiver and reduced gold loan rates, along with 25-50% discounts on lockers. - 2020-06-10 : Equitas Small Finance Bank increased interest on saving account deposits
Equitas Small Finance Bank hiked the rate of interest on savings accounts having deposits between Rs 1 lakh to Rs 5 crore to 7% per annum from 5.5%. The move is aimed at attracting new customers. - 2020-06-02 : Equitas Bank revised its FD rates
With effect from 1 June 2020, Equitas Bank changed its FD rates. The fixed deposit rate for 7 to 29 days is 3.60%, for 30 to 45 days it is 4.10% and it is 4.60% for 46 to 62 days. The FD rate for 63 to 90 days is 5.60%, for 90 to 180 days it is 5.85% and stands at 6.10% for 181 to 270 days. Further, the fixed deposit rates for 271 to 364 days is 6.60%, it is 7.10% for 1 year to 2 years and for 2 years one day to 3 years, it is 7.15%. FD 3 years one day to 10 years is 6.75% and stands at 7.35% for 888 days. - 2020-06-01 : Equitas small finance Bank changed its MCLR
Equitas small finance Bank revised its MCLR. The overnight and one-month MCLR is 13.45% and 13.15%, respectively. MCLR for three months, six months and one year stand at 13.05%, 13.60% and 13.70%, respectively. The revised rates are in effect from June 1 2020. - 2020-05-04 : Equitas small finance Bank revised its MCLR
Equitas small finance Bank changed its MCLR. The overnight and one-month MCLR is 13.35% and 13.05%. MCLR for three months, six months and one year stand at 13.45%, 14.35% and 14.15%, respectively. The revised rates are in effect from 1 May 2020.
