MuraliVaidyanathan, Sr. President and Country Head – Branch Banking,Liabilities, Product and Wealth — Equitas Small Finance Bank Limited
The Chennai-based brand offers best-in-class services for NRIs on savings and deposits
Leaving behind the roots and moving to a new place is never easy. Not only does lifestyle, friend circle, food habits or holiday spots change but also the nature of banking and financial transactions in India, as well as the new country of residence, also changes. When one moves abroad, they are entitled to open or start NRI banking and deposit services with Indian banks by opening NRE and NRO deposit accounts. The voyage of high savings and investments in the country of your roots begins with the opening of an NRI account!
Equitas Small Finance Bank, with its home ground being Chennai, the land of rich art, culture and architecture, has a network of 861+ branches in India. It offers best-in-class investment returns on NRE investments in India — both on fixed deposits and savings accounts. The bank has also recently expanded its branches in Kerala with the launch of its first branch in Thiruvananthapuram while the team is all set to launch the other four branches in the state in Kozhikode, Thrissur, Palakkad and Ernakulam.
NRE customers can now avail up to 7.4 per cent interest per annum on 888 days for a fixed deposit, offering an annualised yield of 7.61 per cent while NRO customers can avail of up to seven per cent interest per annum on a fixed deposit of the same tenure. The recurring deposit (RD) interest is also on a higher note where NRE customers can avail of up to 7.30 per cent for 30 and 36 months while NRO RD avails up to 6.9 per cent for the same tenure.
"Our key value proposition is to provide the best offer on your money earned abroad, be it in form of interest rates on deposits or in terms of offering fine rates on our remittance facility. We offer extremely attractive exchange rates to help the NRI diaspora get more rupees from forex while bringing money to India. Our NRI offering is backed by senior virtual relationship managers assigned basis respective time zones of their domicile country, which also serves as a value enhancer being the first of its kind in the industry. This offers superlative banking experience by making our managers available for NRIs as per their time zones," says Murali Vaidyanathan, Senior President and Country Head, Equitas Small Finance Bank.
On savings accounts, NRIs can earn an interest rate of seven per cent for savings balances above Rs five lakhs or up to Rs two crores. For ease of account opening, the bank provides an online account opening facility for those customers who are not in India at the time of account opening. All NRI savings accounts come with industry-leading features like internationally valid debit cards and waiver of maintenance charges offering full flexibility while operating the funds. The mandate holder facility adds operational flexibility for those NRIs who want their loved ones in India to access the bank account parallelly.
“We are testing and adapting all the ways to cater to better customer experience where digitalisation, fintech tie-ups, etc. are all our steps towards making banking with us an experience worth cherishing. Online NRI account opening enables one to open an account from anywhere using their smartphones and laptops.
With Equitas, one can feel at home and manage their investments, deposits and income earned in India from abroad through our internet/mobile banking,” added Vaidyanathan.