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This Bank Is Offering Up to 7% Return On Savings Account With No AMB Non-Maintenance Charges

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Equitas Small Finance Bank (SFB) has revised interest rates on savings accounts. The bank made the announcement on March 21, 2022, and as a result of the most recent revision, savings account holders would now get a maximum interest rate of 7%. Equitas SFB offers a variety of savings account alternatives, including Eva Savings Account, Eva Elite Savings Account, Wings Savings Account, Regular Savings Account, Selfe Savings Account, ELITE, My Savings Account, and Basic And Small Savings Account for consumers who want to establish a savings account. In this article, we will discuss the Regular Savings Account, which offers unique benefits such as a Rs 10,000 average monthly balance (AMB) requirement, no AMB non-maintenance charges, one multicity cheque of 25 leaves free per quarter, nomination facility, free debit card with a variety of perks, and so on.

 
This Bank Is Giving Up to 7% Rate On Savings Account With Effect From 21st March

Equitas Small Finance Bank Savings Account Interest Rates

The bank is giving a 3.50 percent interest rate on daily closing balances up to Rs 1 lakh. Equitas SFB is now offering a daily closing balance of over Rs 1 lakh and up to Rs 5 lakhs at a rate of 6.00 percent. Savings account holders will now receive a 7% interest rate on daily closing balances of more than Rs 5 lakhs but less than Rs 2 crores. On daily closing balances of more than Rs 2 crores, the bank is now giving a 5.50 percent interest rate. These rates are in force as of March 21, 2022, and interest will be calculated on the account's daily closing balance and paid quarterly by the bank.

Daily Closing BalanceRate Slab
Up to ₹ 1 lakh3.50%
Above ₹ 1 lakh and upto ₹ 5 lakhs6.00%
Above ₹ 5 lakhs and upto ₹ 2 crores7.00%
Above ₹ 2 crores5.50%
Source: Bank Website

Equitas Small Finance Bank Savings Account Average Monthly Balance (AMB) Limit

AMB (50% for semi-urban and rural areas)₹ 10,000/- In Metro, Urban branches, ₹ 5000/- in Semi-urban branches and ₹ 2500/- in Rural branches
AMB non-maintenance charges (to be charged monthly)NO CHARGES APPLICABLE
Source: Bank Website

Equitas Small Finance Bank Savings Account Cheque Collection Charges

Local cheque clearingFree
Outstation cheque collection charges at bank and non-bank locationUp to ₹ 5000 - Charge of ₹ 25, Above 5000 and up to and including ₹10,000 - Charge of ₹ 50, Above ₹ 10,000 and up to including ₹ 100000 - Charge of ₹ 100, Above ₹ 100000 - Charge of ₹ 150
RTGS inward / NEFT inward / IMPS inwardFree
Foreign inward remittanceFree
Source: Bank Website

Equitas Small Finance Bank Savings Account Payment Charges

Demand Draft and Payorder at branch locationsFree up to 3 DDs per month
Charges beyond free limits₹ 50 per DD
Demand Draft at non-branch locations₹ 100 per DD
PAP cheque paymentFree
RTGS and NEFT outward at branch (free online)NEFT :Upto ₹ 10000/- ₹ 2.25, From ₹ 10001 to ₹ 100000 : ₹ 4.5, From ₹ 100001 to ₹ 200000 : ₹ 14.5,Above ₹ 200000 : ₹ 24.5. RTGS: From ₹ 200000 to ₹ 500000 : ₹ 20, Greater than ₹ 500000 : ₹ 40.
IMPS outward (per day limit of ₹ 2,00,000/-)Free
Source: Bank Website

Equitas Small Finance Bank Savings Account Cash Transaction Charges

Cash Deposit limit at home location (including ATM and Branch)Free up to ₹ 1,00,000 per month
Charges beyond free limits₹ 3/1000
Cash Deposit limit at Non-Home location (including ATM and Branch)NIL
Charges beyond free limits₹ 4/1000
Cash Withdrawal at home locationFree
Cash Withdrawal at non-home location₹ 4/1000
Debit Card Cash Withdrawal txns at metro locations (other Bank ATMs)3
Debit Card Cash Withdrawal txns at non-metro location (other Bank ATMs)5
Charges beyond free limits of ATM withdrawals₹ 20 per txn
Cash withdrawal outside India (for international cards only)₹ 110/- per transaction
Balance Inquiry Outside India (for international cards only)₹ 25/- per transaction
Source: Bank Website

Equitas Small Finance Bank Savings Account Debit Card Charges

Rupay/VISA Classic Debit Card (Charges for issuance and renewal)₹ 100
Rupay Platinum Debit Card (Charges for issuance and renewal)₹ 100
VISA Gold Debit Card (Charges for issuance and renewal)₹ 100
VISA Platinum Debit Card(Charges for issuance and renewal)₹ 150
VISA Signature Debit Card(Charges for issuance and renewal)₹ 400
Card Transaction Slip Retrieval charges (for incorrect claims)₹ 250/- per slip
Stop payment single cheque (free online)₹ 100 per cheque
Stop payment series (free online)₹ 150 for a series of 25 cheques
Outward cheque return charges for financial reasons₹ 50 per cheque
Inward cheque return charges for financial reasons₹ 350 per cheque for up to 2 cheques, ₹ 500 per cheque for 3-5 cheques, ₹ 750 per cheque 6th cheque onwards
Inward/ Outward cheque return charges for technical reasonsNIL
Standing instructions set up/Amendment (Free for RD/SIP/Bill Payment)₹ 25 per instance
Standing Instructions failure (return)₹ 150 per return
ECS / NACH return due to financial reasons₹ 200 per return
SMS alertsFree
Source: Bank Website

Equitas Small Finance Bank Savings Account Certificate & Report Issuance Charges

Balance Certificate at Branch (online free)₹ 250 per instance
Previous year balance and interest statement (free online)1 free per annum, 300 per statement thereafter
Passbook issuanceFree
Duplicate Passbook issuance₹ 50
Signature verification certificate / Photo attestation / Address confirmation₹ 50 per instance
Duplicate TDS certificate₹ 100
Duplicate account statement print (free online or on email)₹ 50
DD / PO revalidation / cancellation₹ 100
Account closure charges if closed on customer request, after 15 days of account opening and before completing 6 months.₹ 500
Account inactive chargesNIL
Source: Bank Website

Equitas Small Finance Bank Savings Account Doorstep Banking Charges

Customers over the age of 70, those who are physically challenged, or those who are infirm can contact a branch/contact centre for doorstep banking services.

 
Cheque pickup (on call)₹ 50 per instance
Cheque pickup beat (Per month)₹ 300
Cash pickup beat (charges per month)
Up to ₹ 200000₹ 2200
₹ 200000 to ₹ 500000₹ 3200
₹ 500000 to ₹ 1000000₹ 8000
₹ 1000000 to ₹ 2000000₹ 12000
₹ 2000000 aboveContact branch
Cash pickup on call (charges per instance)
Up to ₹ 200000₹ 150
₹ 200000 to ₹ 500000₹ 300
₹ 500000 to ₹ 1000000₹ 500
₹ 1000000 to ₹ 2000000₹ 800
₹ 2000000 aboveContact branch
Source: Bank Website

Equitas Small Finance Bank Savings Account Transaction Limits

Cash / Cheque / DSB / DD(Excluding Online and ATM Txn)8 transactions free per month
Charges beyond free limits₹ 15 per transaction over and above the individual transaction limit charges
Source: Bank Website

Story first published: Tuesday, March 22, 2022, 11:18 [IST]
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