This bank offers up to 7% back on savings account with no maintenance fees AMB
Posted onAuthorPatti E. SmithComments Off on This bank offers up to 7% back on savings account with no maintenance fees AMB
Investment
oi-Vipul Das
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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 following the latest revision, savings account holders would now enjoy 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, Savings Account Selfe, ELITE, My Savings Account, and the Basic and Small Savings Account for consumers who wish to establish a savings account. In this article, we will discuss the regular savings account, which offers unique benefits such as Average Monthly Balance (AMB) requirement of Rs 10,000, No AMB non-maintenance fees, Free 25-sheet multicity check per term, ease of appointment, free debit card with a variety of benefits, and so on.
Equitas Small Finance Bank Savings Account Interest Rates
The bank grants an interest rate of 3.50% 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 lakh at a rate of 6.00%. Savings account holders will now receive an interest rate of 7% on daily closing balances above Rs 5 lakhs but below Rs 2 crores. On daily closing balances over Rs 2 crore, the bank now grants an interest rate of 5.50%. These rates are effective as of March 21, 2022 and interest will be calculated on the daily closing account balance and paid quarterly by the bank.
Daily Closing Balance
Rate slab
Up to ₹1 lakh
3.50%
Above ₹1 lakh and up to ₹5 lakh
6.00%
Above ₹5 lakhs and up to ₹2 crore
7.00%
Above ₹2 crore
5.50%
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
Non-maintenance related AMB fee (to be billed monthly)
NO APPLICABLE FEES
Source: Bank website
Equitas Small Finance Bank Savings Account Check Cashing Fee
Local Check Clearing
Free
Out-of-bank and out-of-bank check cashing fees
Up to ₹5,000 – ₹25 fee, Above ₹5,000 and up to ₹10,000 inclusive – ₹50 fee, Above ₹10,000 and up to ₹100,000 inclusive – ₹100, Above ₹100,000 – ₹150 fee
Incoming RTGS / Incoming NEFT / Incoming IMPS
Free
Transfer of funds abroad
Free
Source: Bank website
Equitas Small Finance Bank Savings Account Payment Fee
Sight draft and payment order in branches
Free up to 3 DD per month
Charges beyond the free limits
₹50 per day
Non-branch sight draft
₹100 per day
Payment by PAP check
Free
RTGS and NEFT outgoing in branch (free online)
NEFT: up to ₹10,000/-₹2.25, ₹10,001 to ₹100,000: ₹4.5, ₹100,001 to ₹200,000: ₹14.5, above ₹200,000 : ₹24.5. RTGS: ₹200,000 to ₹500,000: ₹20, above ₹500,000: ₹40.
Outgoing IMPS (daily limit of ₹2,00,000/-)
Free
Source: Bank website
Equitas Small Finance Bank Savings Account Cash Transaction Fees
Home cash deposit limit (including ATM and branch)
Free up to ₹1,00,000 per month
Charges beyond the free limits
₹3/1000
Cash deposit limit at a location other than home (including ATMs and branches)
NONE
Charges beyond the free limits
₹4/1000
Cash withdrawal at home
Free
Cash withdrawal at a location other than home
₹4/1000
Txns for cash withdrawal by debit card in metro stations (other ATMs)
3
Cash withdrawal by txns debit card at a non-metro location (other ATMs)
5
Fees beyond the free limits of ATM withdrawals
₹20 per txn
Cash withdrawal outside India (only for international cards)
₹110/- per transaction
Balance inquiry outside India (only for international cards)
₹25/- per transaction
Source: Bank website
Equitas Small Finance Bank Savings Account Debit Card Fee
Classic Rupay/VISA debit card (issue and renewal fees)
₹100
Rupay Platinum debit card (issue and renewal fees)
₹100
VISA Gold debit card (Issue and renewal fees)
₹100
VISA Platinum debit card (issue and renewal fees)
₹150
VISA Signature debit card (issue and renewal fees)
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