Equitas Small Finance Bank Limited (the “Bank”) is offerings digital banking with Selfe Fixed Deposits and Selfe savings accounts during the nationwide lockdown due to coronavirus.
Equitas Small Finance Bank Limited (the “Bank”) is offerings digital banking with Selfe Fixed Deposits and Selfe savings accounts during the nationwide lockdown due to coronavirus. Opening these accounts will not require any physical contact or branch visits by applicants. The bank said in a statement today that customers can open Selfe Fixed Deposit (FD) online for value up to Rs. 90,000 with the Bank by keeping their Aadhaar Number and PAN handy. The FD can be booked online in just three minutes and offers returns up to 7.75 per cent p.a. for 1 year.
Currently, the interest rate offered by Post Office on one-year Time Deposit is 5.5 per cent; and on savings account it is 4%. The FD rate on deposits of 211 days to less than 1 year in SBI is 5 per cent and on savings bank account deposit in the bank is just 2.75%.
Selfe FD offered by Equitas Small Finance Bank is a digital standalone Insta Fixed Deposit, of the bank offers easy and effortless FD booking from the comfort of home, transactional convenience packaged by offering UPI VPA funding from any full-KYC non-Equitas bank account in India (linked in UPI).
The bank said that Selfe FDs are designed with certain additional features to the traditional products.
SELFE Savings Account is a digital bank account which can be opened with a web-based interactive video form by registering using Aadhaar number, PAN and other basic details. Customers can set up a mobile banking PIN and start using their account immediately. They can get interest rate up to 7.5% p.a. with no minimum balance and virtual debit card. The Bank also supports its customers through their chat bot Aidy to take care of the customer needs and queries.
Commenting on the new products, Murali Vaidyanathan, President & Country Head – Branch Banking, Liabilities, Product & Wealth, Equitas Small Finance Bank Ltd., said, “Equitas SFB is leveraging a smart digital adoption of tech to free customers from physical contact or visits to branches. Both Selfe FD and Selfe savings are ideal for ‘Do-It-On-My-Own’ generation. Selfe FD is contact-free, convenient, accessible and designed to create a feeling of ownership due to self-onboarding or Self-Service.”
“These products will be customized in terms of the user interface to deliver specialized experiences. By furthering our digital and technology platform, our endeavour is to empower customers to access various products and services on their own, reduce our operating costs and increase efficiencies.”
Features and benefits of Equitas Small Finance Bank’s FD and savings accounts
- Higher Interest upto 7.75% p.a.* for 1 year
- 0.60% additional interest for Senior Citizens
- Open FD without a Savings Account
- Start as low as Rs.5000 and invest upto Rs. 90,000 at any time
- Choose to invest from 7 days to 365 days
- No Premature withdrawal penalty if Selfe FD has completed a tenure of more than 180 days
- No premature withdrawal penalty for Senior Citizen Selfe FD
- Selfe savings is a digital bank account which can be opened with a web-based interactive video form by registering using Aadhaar number, PAN and other basic details.
- One can set up a mobile banking PIN and start using account immediately
- Up to 7.5% Interest Rate: Experience high yielding returns on savings with interest rate of Up to 7.5% per annum
- No Minimum Balance Required
- Virtual Debit Card