Latest Equitas Bank Savings Account Interest Rate – 2024

Founded in 2016 as a microfinance lender, Equitas Bank is a leading small finance bank, offering various financial products and services. One of its key offerings is savings accounts, catering to the diverse needs of its customers. Through its savings accounts, the bank aims to provide a reliable avenue for its customers to park their idle funds and manage their finances. 

By the end of this blog, you will have a clear idea about Equitas Bank interest rates, how to set up your savings account with the bank and more.

Equitas Bank Savings Account Interest Rates

The Equitas Bank savings account interest rate is calculated based on the daily closing balance of your account. Subsequently, the interest amount will be paid quarterly, by direct credit into the savings accounts.

Note: Slab rates are imposed on the incremental amount based on the closing balance in your savings account.

Equitas Bank Savings Account Minimum Balance Required

Equitas Bank allows for the opening of zero balance accounts so you can chalk out your long-term financial plans without having to worry about mandatorily maintaining a monthly minimum amount. We have provided a table below mentioning the MAB requirements, if any, for your ease:

Equitas Bank Savings Account Charges

You will be required to pay certain amounts as account charges to maintain your savings account with Equitas Bank. Here are the charges which will be applicable under each type of savings account:

Savings Account Type Charges

1. Regular Savings Account

  Average Monthly Balance (50% for semi-urban and rural areas)

• ₹10,000 (Metro, Urban branches)
• ₹5,000 (Semi-urban branches)
• ₹2,500 (Rural branches)

Average Monthly Balance non-maintenance fees (charged monthly) – Not Applicable 

2. My Savings

• Average Monthly Balance – Not Applicable
• Non-maintenance charges – Not Applicable
• Free chequebook (PAP chequebook: 10 leaves) – Not Applicable 

3. Basic and Small Savings Account

• AQB – Not Applicable
• Non-maintenance fees – Not Applicable

4. Selfe Savings Account

    Selfe-lite digital savings:

• Non-maintenance fees – Not Applicable
• Chequebook (PAP chequebook: 25 leaves) – Not applicable, chequebook will not be issued
• Charges beyond free limits – Not Applicable
• Outstation collection of cheque charges at bank location/Outstation collection of cheque charges at non-bank location – Up to ₹5,000 charge of ₹25, Between ₹5,000 to ₹10,000 charge of ₹50, more than ₹10,000 and up to ₹1,00,000 charge of ₹100, Above ₹1,00,000 charge of ₹150.

5. Eva Savings Account 

• Non-maintenance fees – Not Applicable
• Chequebook (PAP chequebook: 25 leaves) –1 chequebook free every quarter
• Local cheque clearing – None
• Outstation collection of cheque charges at bank location/ Outstation collection of cheque charges at non-bank location – Up to ₹5,000 charges of ₹25, Between ₹5,000 – ₹10,000 charges of ₹50, more than  ₹10,000 and up to ₹1,00,000 charges of ₹100, Above ₹1,00,000 charges of ₹150

6. Wings Savings Account

• Non-maintenance fees – Not Applicable
• Chequebook – Free
• Cash withdrawal outside India – ₹110 per transaction
• Balance Inquiry – ₹25 per transaction
• RTGS/NEFT/IMPS (Inward) – Free of charge
• RTGS/NEFT (Outward) – Free of Charge 

Why Choose an Equitas Bank Savings Account?

Apart from the high Equitas Bank savings account interest rate, there are several other reasons to choose Equitas Bank for your savings account. Let us list them down for you:

• If you have a debit card, you can access your funds from anywhere, anytime. 
• You can withdraw money anytime you want.
• Equitas Bank lets you set up automatic deposits so your funds can steadily increase.
• The interest amount is paid every quarter or by the end of half-year.

Key Benefits of Equitas Bank Savings Account

Here are some of the benefits of opting for a savings account with Equitas Bank:

• 6% interest rate on balances up to ₹10 lakhs, while a 6.5% interest rate is applicable on a balance above ₹10 lakhs on a savings account
• Customers can choose their debit card between RuPay or VISA: Classic/Gold/Platinum/Signature.
• You can view and operate your savings account anywhere/anytime via Equitas net banking or mobile banking.
• The passbook facility is available.
• The nomination facility is extended.
• Customers can choose their account number (10 digits of the account number).

Additional Benefits Associated with Equitas Bank Savings Account

Additionally, Equitas Bank has gone the extra mile to ensure:

• The savings account suits individual needs and is conveniently accessible by making them digital and hassle-free.
• An option to group 5 savings accounts is offered. You can claim the benefits of 5 savings accounts by maintaining a minimum balance of ₹1.

How To Open an Online Equitas Bank Savings Account? 

Follow our step-by-step guide on how you can open up your Equitas Bank SB account digitally:

• Step 1: Visit the official account of Equitas Small Finance Bank.
• Step 2: Click on ‘Open Selfe Savings’.
• Step 3: Provide proof of identity, such as your Aadhaar Card or Virtual ID.
• Step 4: Choose between ‘Reference’ or ‘Customer ID’ to proceed.
• Step 5: Select ‘Start Camera’ to add your photo and click ‘Next’.

After you complete the Video KYC process, you are eligible for a Selfie Digital Savings account (full KYC). You can set up the mobile banking PIN and start operating your account.

Eligibility Criteria to Open Equitas Bank Savings Account

You can opt for a savings account with Equitas Bank if you meet the basic eligibility criteria to open an account with them. Here are the points of criteria you must meet:

• Indian resident
• Non-resident Indian (NRI)
• Hindu Undivided Family (HUF)
• Foreign national
• Minors 

If you meet the eligibility criteria, you can follow our guide to opening a savings account with Equitas Bank successfully.

Documents Required to Open Equitas Bank Savings Account

The procedure only takes about 10 minutes to complete. However, if you keep the following documents ready to be presented when asked, it will take much less time:

1. Proof of Identity

• Aadhaar Card
• PAN Card
• Voter’s ID
• Driving Licence
• Passport

2. Proof of Address

• Utility Bills
• Telephone Bill
• Aadhaar Card

3. Filled out the Application Form

4. Bank Statement

5. Passport-size Photographs

Types Of Equitas Bank Savings Account & Features

Equitas Bank offers the option to open different types of savings accounts. Under each plan, customers will get access to an attractive Equitas SB interest rate and a whole different host of benefits. Depending on your unique financial goals, choose the type of Equitas Bank savings account from the following list:

1. Regular Savings Account

Average Monthly Balance (50% for semi-urban and rural areas)

• ₹10,000 (Metro, Urban branches)
• ₹5,000 (Semi-urban branches)
• ₹2,500 (Rural branches)

Average Monthly Balance non-maintenance fees (charged monthly) – Not Applicable 

2. My Savings

• Average Monthly Balance – Not Applicable
• Non-maintenance charges – Not Applicable
• Free chequebook (PAP chequebook: 10 leaves) – Not Applicable 

3. Basic and Small Savings Account

• AQB – Not Applicable

Non-maintenance fees – Not Applicable

4. Selfe Savings Account

Selfe-lite digital savings:

• Non-maintenance fees – Not Applicable
• Chequebook (PAP chequebook: 25 leaves) – Not applicable; chequebook will not be issued
• Charges beyond free limits – Not Applicable
• Outstation collection of cheque charges at bank location/Outstation collection of cheque charges at non-bank location – Up to ₹5,000 charge of ₹25, Between ₹5,000 to ₹10,000 charge of ₹50, more than ₹10,000 and up to ₹1,00,000 charge of ₹100, Above ₹1,00,000 charge of ₹150.

5. Eva Savings Account 

Non-maintenance fees – Not Applicable

• Chequebook (PAP chequebook: 25 leaves) –1 chequebook free every quarter
• Local cheque clearing – None
• Outstation collection of cheque charges at bank location/ Outstation collection of cheque charges at non-bank location – Up to ₹5,000 charges of ₹25, Between ₹5,000 – ₹10,000 charges of ₹50, more than  ₹10,000 and up to ₹1,00,000 charges of ₹100, Above ₹1,00,000 charges of ₹150

6. Wings Savings Account

• Non-maintenance fees – Not Applicable
• Chequebook – Free
• Cash withdrawal outside India – ₹110 per transaction
• Balance Inquiry – ₹25 per transaction
• RTGS/NEFT/IMPS (Inward) – Free of charge
• RTGS/NEFT (Outward) – Free of Charge 

Steps to Open Equitas Bank Video KYC Savings Account

The Video KYC verification process is a paperless, contactless process which can be completed in a matter of a few minutes. Here are some steps to follow to open an Equitas Bank Video KYC account:

• Step 1: Go to the official website of Equitas Small Finance Bank.
• Step 2: Go to the ‘Selfeze’ tab.
• Step 3: Complete the full KYC Account conversion process by providing your ID proof information, including your PAN Card number.

After completing this process, you can access the various benefits with a full KYC account (Selfie Digital Savings).

Equitas Bank Savings Account Transaction Limit

Equitas Bank allows for a high transaction limit, which enables you to make heftier payments free of any extra charges. The table below specifies the transaction limit for different modes of payment:

How do you close an Equitas Bank Savings Account?

If you need to close your Equitas Bank savings account under any circumstance, there are a few steps you can take. We have mentioned the online and offline methods below.

1. Online Mode

Similarly, you can go through the account-closure process offline as well.

• Step 1: Visit the official website of Equitas Bank.
• Step 2: Download the Account Closure Request form.
• Step 3: Complete it on time, providing the required information, including your reason for closing the account.
• Step 4: Provide your signature.

2. Offline Mode

• Step 1: Visit the nearest branch of Equitas Bank.
• Step 2: Talk to the bank officials and communicate your request.
• Step 3: Collect the Account Closure Request form from them.
• Step 4: Provide the necessary information, including your customer account type, reason for account closure and other details.
• Step 5: Provide your signature to complete the process.

Final Word

You are now familiar with all the details relating to an Equitas Bank savings account. If you are satisfied with the interest rate, comfortable with the account-opening process, and interested in availing yourself of the offered benefits, create your SB account with Equitas Bank today!

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.