Equitas Small Finance Bank Limited introduces Current Account with 'Sweep In Sweep Out' Fixed Deposit

Equitas Small Finance Bank Limited (the "Bank"), the largest small finance bank ("SFB") in India in terms of number of banking outlets as of March 31, 2019 (Source: CRISIL report), introduces current account with 'sweep in and sweep out' fixed deposit for [entrepreneurs, self-employed professionals and businessmen. With [24 x 7 cash deposit facility], customers also get interests on idle funds with Sweep In Sweep Out Fixed Deposit (FD). Customers can choose from 3 different product variants based on their need. [Equitas Current Account offers 50% waiver on balance in semi-urban and rural branches; and 50% waiver of balance for women proprietors in Metro & Urban Areas - *for specific Current Account variants.

The key features of Equitas Current Account with Sweep In Sweep Out FD are:

- Automatic transfer of excess balance into Sweep FD for 90 days
- Weekly sweep out frequency for FDs
- No Premature Penalty for Sweep In Sweep Out FD

Mr. Murali V, President & Country Head - Branch Banking, Liabilities, Product & Wealth, Equitas Small Finance Bank Ltd., said, "We are a small finance bank offering a range of banking services to customers with a focus on serving the financially unserved and underserved customer segments in India. Our strength lies in promoting financial inclusion. We offer a range of financial products and services that address the specific requirements of customer segments by taking into account their income profile, nature of business and type of security available. With the Sweep In and Sweep Out fixed deposits, our customers can make use of the idle balance in their current accounts with interest rates."

[There is no manual booking or long process required for this approach. This facility automatically sweeps out funds above the threshold to FD for 90 days. Customers need not worry about insufficient funds or bounced cheques - If your account balance is low, the exact required funds will automatically sweep from the FD to make up for the deficit, with no premature withdrawal charges on FD. The funds withdrawn will earn interest for period that it remained in FD, while the balance in FD will earn original rate of interest.]

Equitas Small Finance Bank Limited is the largest SFB in India in terms of number of banking outlets, and the second largest SFB in India in terms of assets under management and total deposits in Fiscal 2019. (Source: CRISIL report). As of September 30, 2019, its distribution channels comprised 853 Banking Outlets and 322 ATMs across 15 states and union territories in India.

Shares of Equitas Holdings Ltd was last trading in BSE at Rs.86.85 as compared to the previous close of Rs. 84.85. The total number of shares traded during the day was 119163 in over 1265 trades.

The stock hit an intraday high of Rs. 89.4 and intraday low of 82.85. The net turnover during the day was Rs. 10368525.

Source : Equity Bulls

Keywords