Equitas Small Finance Bank Zero Balance Account – Savings Account
Account are two types of Equitas Bank zero balance savings account. Savings is a digital savings zero balance account.
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Savings Account and Basic Savings Bank Deposit Account (BSBDA) are the two types of Equitas Bank zero balance savings account. These savings accounts don’t have any minimum average balance requirement.
Savings Account is a zero balance online savings account that individuals can open with the help of PAN and Aadhaar card. Basic savings account is a part of financial inclusion program introduced under Pradhan Mantri Jan Dhan Yojana. Individuals with no savings account can open zero balance basic savings account.
In this article, we will understand the features of both the zero balance account.
• Interest Rate on Equitas Bank saving account.
Equitas Bank offers attractive interest rates of up to 7% on their savings account. Banks calculate the interest on savings account on the daily closing balance of the account. They credit the interest rate to your account quarterly.
Here is the breakup of the interest rate offered by Equitas Bank on a savings account:
• Daily Closing Balance Interest rate
→ Up to ₹ 1 lakh 3.50%
→ Above ₹ 1 lakh and up to ₹ 5 crs 7.00%
→ Above ₹ 5 crs and up to ₹ 30 crs 7.25%
→ Above ₹ 30 crs and up to ₹ 50 crs 7.50%
→ Above ₹ 50 crs Contact Branch
Equitas Bank saving account interest rates
• Equitas Bank Zero Balance Savings Account
Equitas Savings is a zero balance online savings account that customers can open by using their PAN and AADHAR CARD After the Equitas account opening process is complete, download the mobile banking app and start using the account instantly.
• Features of Equitas Bank Savings Account
→ Instant account opening :- No more waiting hours to open your bank account. Equitas Savings Account is opened instantly in five minutes. Just keep your Aadhaar number, PAN number and your Aadhaar-registered mobile number handy before opening the account.
→ Online account opening :- Individuals can open Equitas digital savings account online from the comforts of their home or even on the go. There is no requirement to visit the nearest bank branch to open your account.
→ No minimum average balance :- Customers opening a regular savings account need to maintain a certain monthly minimum average balance. However, Equitas Bank zero balance account customers need not maintain any minimum average quarterly balance.
→ Open joint account :- In case of most digital savings account, only individuals can open the account as a single entity. savings account provides the option to open account as a single or as a joint account.
→ Virtual debit card :- After the online account opening process is over, customers get a free virtual debit card that they can use to do online transactions and pay utility bills online. Customers can also select the name to appear on the debit card. A physical debit card will also be available after you complete the full KYC process.
→ Virtual payment address :- Account holders also get a virtual payment address that they can use to transfer money from their old savings account to their new digital account.
• Eligibility criteria to open Account
→ Customers need to above 18 years of age.
→ The account is open for Indian resident individuals.
→ PAN and Aadhaar card are required to open the account.
• How to open Equitas Bank Account
Opening an Equitas Bank Account is an online process. After the online account opening, Lite Account is created. Customers need to complete the full KYC process after which banks convert the account into Full KYC account. The features of the account is similar to the regular savings account. Click here to start online account opening journey.
1. In the first step, select your state from the drop list, location, and bank branch. If your state is not available in the drop list, it means that Equitas Bank does not have a presence in your state and you may not open the digital savings account online.
2.Enter your name and your Aadhaar-registered mobile number. Accept the terms and conditions. Generate Aadhaar OTP and enter the OTP sent to your mobile number.
3. The details such as your name, father’s name, date of birth will be fetched from the UIDAI database. Verify your PAN details and if everything is correct, then click ‘Ok’.
4. In the fourth step, you need to add your personal details. Add your mailing address and home branch. In the next screen, enter your mother’s name and your email id. Add your marital status, occupation and annual income.
5. In this step, you can open a single or a joint account. After choosing the account, you will receive your customer id and other details on your registered mobile number and email id.
6. Enter your nominee details and add the OTP received on SMS.
7. The debit card page will appear where you can add the name you want to appear in your virtual debit card.
8. Once the online account opening process is complete, activate the mobile banking app and start banking instantly.
• Things to keep in mind before opening Equitas Savings Account
→ The Equitas Savings account opened online is an e-KYC or Limited KYC account as the account is opened through the Aadhaar OTP verification process.
→ Equitas Savings is initially valid for 12 months. Customers need to complete the full KYC process by visiting the nearest bank branch near you with the KYC documents to continue using the account.
→ Before full KYC, the maximum average balance that customers can keep in this account is Rs. 1 lakh and credit transactions should not exceed more than Rs.2 lakh in a financial year.
→ Customers who already have opened an account through Aadhaar OTP verification should not open this account.
→ Account holders who have completed their full KYC can opt for a physical debit card.
• Equitas Bank Zero balance account – Basic and Small Savings Account
→ These savings accounts aim to cater to the marginalised sections of the society and help to save their hard-earned money in a bank account. These accounts aim to spread financial inclusion. These are no-frills accounts and, as a result, these accounts don’t have additional charges. Customers who dont have valid KYC ddocuments can open a small savings account with the help of a introducer.
• Features of Basic and Small Savings Account
No average monthly balance :- The Basic and Small Savings Account of Equitas Bank does not carry any monthly average balance. Hence, customers do not have to bear any penalty for not maintaining a minimum balance. Most regular savings account have a minimum average balance requirement that customers have to keep to avoid paying penalty. Typically, the minimum average balance for private sector banks starts at Rs.10,000. Hence, customers can utilise all the money in their account with no fear of penalties.
• Put Your Favourite Number as your Bank Account Number
The facility to put your favourite number as your bank account number is a feature provided to the customers of Equitas Bank. This facility applies to customers of other savings accounts as well and it is not a feature of overall basic or zero savings account. This helps to personalise your zero balance account by keeping an important number such as your anniversary or your child’s birthday as a part of your account number.
• Free RuPay Debit Card
Customers get a free RuPay Debit Card. This debit card can carry out transactions at different stores and shopping malls and withdraw cash. RuPay is an Indian-origin debit card and can be used for transactions within India.
• Various withdrawal methods
Customers can withdraw cash from ATMs and from the bank branches through a withdrawal slip. This offers flexibility to bank customers.
• Online Banking facility
Customers of this zero balance account can transfer money online through NEFT, net banking and mobile banking.
• How to apply for Equitas Bank zero balance basic savings account
To apply for an Equitas Bank Zero Balance, you can fill up their enquiry form.
→ You need to put your details such as first name, last name, mobile number, email, etc.
→ Add your city from the drop-down.
→ After you submit the enquiry form, the bank representatives will get in touch you to assist you in opening the savings account.
→ You can also contact the bank on 1800-103-1222 or visit the nearest bank branch to open the account.
• About Equitas Small Finance Bank
Equitas Small Finance Bank, headquartered in Chennai, began their banking operations in 2016 after receiving a license from RBI. It is a small finance bank. The aim of small finance banks including Equitas is to bring about financial inclusion so that individuals, small business units, small and marginal farmers, micro and small industries and unorganised sector entities can enter the formal banking space and gain the different benefits.
Till almost Feb 2017, it was a part of their parent company Equitas. The bank has grown in terms of branches and ATMs. Equitas Small Finance Bank has introduced different products to cater to the various financial requirements of customers.
FAQs on Equitas Bank zero balance account
• Who can open a zero balance account in Equitas Bank?
→ Individual above 18 years and is an Indian resident can open a zero balance account with Equitas Bank.
• Can I open Equitas Bank no minimum account online?
→ Yes, you can open Self Savings digital account online instantly with no paperwork.
• How can I open an Equitas Bank savings account online?
→Equitas Savings account is a digital savings account that can be opened online. to open this account you need to fill a form your details, with PAN and Aadhaar.
• You will get a high interest rate on Equitas savings account?
→ Yes, you will get the high interest rate of 7% offered to all savings account customers.
• I don’t have Aadhaar number. Can I open a Selfe Savings account?
→ Aadhaar number and Aadhaar-registered mobile number is required to open a Self Savings account.
• What is the minimum balance in Equitas bank?
→ Different savings accounts have different minimum balance requirement. Self Savings Account is zero balance savings account from Equitas Bank.
