Mumbai, 20th May 2021: Equitas Small Finance Bank has now become the first small finance bank to offer its NRI customer segment the ease of account opening online. The company will also be the only one in the small finance bank sector to have Virtual Relationship Managers based on time zones.
The online process of account opening for NRIs can be done via a smartphone or computer connected to the Internet. The applicants will have a span of 90 days to courier documents after account opening. With this pioneering move, Equitas Small Finance Bank is seamlessly increasing opportunities for its NRI account holders to manage their investments, deposits, and the income earned in India. Equitas Net banking would also facilitate investment in mutual funds and Portfolio Management Services for the NRI account holders.
Through banking alliances, Equitas Bank also offers online and offline remittance facilities to its NRI customers at the best exchange rates thereby making it easier and beneficial to transfer their overseas earnings to India seamlessly.
Speaking on the occasion, Mr. Murali Vaidyanathan, President & Country Head, Branch Banking Liabilities Product & Wealth Equitas Small Finance Bank said, “Digitization of banking at ESFB has helped to offer the services at the convenience, safety, and wellbeing of our customers and employees being our paramount concern. The seamless online process for NRI account opening launched will enable hassle-free account opening and help our NR customers to enjoy the complete banking services with ease and comfort of their country/place of their residence ably supported by a team of VRMs based on the time zone of the customer. We at Equitas Small Finance Bank continue to offer the Best in Class Interest rates of 6.8% per annum on Fixed Deposits and 7% per annum on SB Balances between Rs. 1 Lac to Rs. 2 Crores for NRI accounts making it an enriching experience”.
Non-Resident accounts are the most stable books in the branch portfolio for Equitas Small Finance Bank. Additionally, the high average Relationship Value of NR accounts hints at a promising outcome for the bank’s focus on increasing its NRI customer base.
About Equitas Small Finance Bank Limited [ESFBL]
Equitas Small Finance Bank Limited is the largest SFB in India in terms of the 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). 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.