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), is offering NRE and NRO Savings, Fixed and Recurring Deposit Account for NRIs and Person of Indian Origin (“PIOs”).
NRE Rupee Savings Account
which offers up to 7.5% per annum interest on savings account is to convert and
save overseas earnings in Indian Rupees. The interest earned is not taxable in
India and the funds are freely repatriable abroad. (https://www.equitasbank.com/nri/index.php).
The main features and benefits of the NRE Rupee Savings Account include, (i)
Earn Tax Exempted Interest Income; (ii) Principal and Interest Repatriable
aboard, (iii) Safe Deposit Lockers available in different sizes at our branches
(Subject to availability), (iv) Debit Card option of Visa International Card
Variants or Domestic RuPay Platinum Card, (v) Low Average Monthly Balance
requirement of Rs.10,000 for Metro & Urban Branches, Rs.5000/- for Semi
Urban Branches and Rs. 2500/- for Rural Branches and (vi) Nomination facility
Non Resident Ordinary (NRO) Rupee Savings Account is to deposit Rupee Cash and
manage Indian income like Rent, Dividends, etc. Transfer up to 1 Million USD
equivalent of NRO funds in a Financial Year to NRE Savings Account or
Repatriate abroad after payment of applicable taxes and documentation. (https://www.equitasbank.com/nri/nro-rupee-savings-account.php)
The main features and benefits of the NRO Rupee Savings Account include, (i)
Earn Interest Income on NRO Savings Account, (ii) Deposit surplus Rupee Cash
and Rupee earnings, (iii) Domestic RuPay Platinum Debit Card with, (iv) Manage
your account with an Indian resident relative as Mandate Holder, (v) Low
Average Monthly Balance requirement of Rs.10,000 for Metro & Urban
Branches, Rs. 5000/- for Semi Urban Branches and Rs. 2500/- for Rural Branches
and (vi) Nomination facility available.
Get Average Monthly Balance Charges waived in NRE Savings Bank account
with Fixed Deposit of Rs.50,000/- and above.
NRE Balances of Principle and Interest are Freely Repatriate.
Nomination facility available
Earn Interest from the income generated
Fixed Deposit Tenor from 7 Days to 10
Get Average Monthly Balance Charges
waived in NRO Savings Bank Account with Fixed Deposits of Rs.50,000/- and
Manage your account with an Indian
resident relative as Mandate Holder
Avail Lower TDS by opting to open NRO
DTAA Deposits. Applicable only for specific countries where India has entered
into Double Taxation Avoidance Agreement and as amended from time to time.
Nomination facility available
NRE and NRO Recurring
Deposit Accounts offers up to 7.75% interest per annum. The recurring deposit
accounts offers customers to save in rupees through regular monthly instalments
to reach a targeted sum on maturity and enjoy interest rates and easy
instalment amount suitable to one’s requirement.
Invest monthly installments* from Rs.
1,000/- and in multiples of Re. 1 thereafter
Enjoy interest rate comparable to NRE
Flexi Tenures from 12 month (and in
multiples of 3 months thereafter) to 120 months
Repatriate both principal and interest
Enjoy Tax exemptions on NRE Interest
Open RD in Joint names with another NRI
(*installment amount once fixed cannot be altered and partial payment of
installment is not permitted.)
Mr. Murali Vaidyanathan,
President & Country Head – Branch Banking, Liabilities, Product &
Wealth, Equitas Small Finance Bank Limited., said, “Equitas SFB offers products for NRIs
and PIOs. We believe we offer these products at competitive interest rates and
such products will add value to our customer’s remittances. ”
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.
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.