These products are designed keeping in mind the requirement of such institutional customers so that it benefits the customers.
Equitas Small Finance Bank has introduced current and savings account offering for the government and trusts-associations-societies-clubs (TASC) group. This group includes independent governmental organizations, which run various government projects/ schemes and carry separate funds/ budgets, and municipalities, charitable trusts, religious trusts, educational institutes, non-governmental organisations, clubs, Section 8 companies (not-for-profit), associations and societies.
These products are designed keeping in mind the requirement of such institutional customers so that it benefits the customers. The key features include no minimum monthly balance 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, and free unlimited demand drafts & pay orders at bank’s branch locations, among others.
All existing government and TASC customers will be migrated to the new product offering. All such customers will be intimated prior by way of a letter on their account being migrated to the new product.
Murali V, president & country head, branch banking, liabilities, product & wealth, Equitas Small Finance Bank, said: “Institutional customers play a vital role in deposits. 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, semi-government and local municipal bodies, and waiver of initial payment of Rs 10,000 only for TASC clients.