Equitas Small Finance Bank has announced a tripartite account to support customers to keep their savings, trading, and demat investments under one umbrella entity. The bank has planned to offer broking and demat services via referral arrangement with brokerage firms for trading and depository services to permit customers to invest within the products using a single platform.
Mr. Murali Vaidyanathan, the president and country head of branch banking, liabilities, product, and wealth at Equitas Small Finance Bank Limited, said that the bank product permits customers to a secure, seamless and convenient way to invest in their selection of investment instruments, including equity, fixed deposits, government securities, and mutual fund products. The customers could make transactions easily between their bank account when they have a three in one account with the bank. He added that the bank wants to provide the customers an enriching banking experience through their saving product suite.
The financial products provided through this 3-in-1 account consist of direct equity and Futures and Options trading, Mutual Fund investment across all Asset Management Companies (AMC), Exchange-traded funds, corporate fixed deposits, corporate bonds, govt bonds, insurance products, National Pension Scheme (NPS) and initial public offerings (IPOs). The largest Small Finance Bank (SFB) in India in terms of the number of banking outlets, Equitas Small Finance Bank’s focuses customer segments which includes individuals with limited accessibility to formal financing services on account of their informal, variable, and cash-based income profile. It provides a wide range of financial products and services that address the particular requirements of customer segments by taking into account their income profile, nature of the business, and type of safety available.
Further, the bank offers various banking services such as current accounts, salary accounts, savings accounts, other deposit accounts, ATM-cum-debit cards, mutual fund products, third party insurance, and issuance of FASTags. Equitas SFBL focuses on credit assessment rules through a risk management framework which is analyzed by its Risk Management Committee. The bank has the largest distribution channel among Small Finance Banks (SFBs).