Equitas Small Finance Bank (Equitas SFB), on May 20, has announced that they became the first SFB to offer Non-Resident Indian (NRI) customers to open an account online. The bank said it would be the first in the SFB sector to have virtual relationship managers based on time zones. NRIs can open bank accounts online via smartphone or computer connected to the internet. Applicants need to courier documents for verification within 90 days after the opening of their accounts.
With this move, Equitas Small Finance Bank is adding opportunities for its NRI account holders to manage their income earned and investments in India. The Equitas net banking would also facilitate investment in mutual funds and portfolio management services for NRI customers.
Equitas Small Finance Bank also offers online and offline remittance facilities to its NRI account holders through banking alliances at the best exchange rates. It will be more accessible and beneficial for them to transfer their foreign earnings to India seamlessly.
The bank also offers interest rates at 6.8% on fixed deposits and 7% on SB balances between Rs. 1 lakh and Rs. 2 crores per annum to NRI account holders exclusively.
Chennai-base Equitas SPB has 856 banking outlets/branches across 15 states and union territories in India.