Equitas Small Finance Bank introduces online account opening for NRIs

Equitas Small Finance Bank said that it has enabled its NRI customers to open accounts online, thereby becoming the first in the Indian small finance banking sector to have virtual relationship managers (VRMs) based on time zones.

The Chennai-based small finance bank said that the online process for opening accounts by NRIs can be done using a smartphone or computer connected to the internet.

According to Equitas Small Finance Bank, the applicants will have 90 days of time for couriering documents after opening their accounts.

Its net banking would also enable NRIs to make investments in mutual funds and benefit from portfolio management services.

Equitas Small Finance Bank introduces online account opening for NRIs. Photo courtesy of Tumisu from Pixabay.

Through banking alliances, the small finance bank is also said to give online and offline remittance facilities to NRI customers to make it easier and beneficial to seamlessly transfer their overseas earnings to India.

Murali Vaidyanathan – President and Country Head, Branch Banking Liabilities Product & Wealth at Equitas Small Finance Bank said: “Digitization of Banking at ESFB has helped to offer the services at the convenience, safety and wellbeing of our customers and employees being our paramount concern.

“The seamless online process for NRI account opening launched will enable hassle free account opening and help our NR customers to enjoy the complete banking services with ease and comfort of their country / place of their residence ably supported by a team of VRMs based on the time zone of the customer.

“We at Equitas Small Finance Bank continue to offer the Best in Class Interest rates of 6.8% per annum on Fixed Deposits and 7% per annum on SB Balances between Rs.1Lac to Rs.2Crores for NRI accounts making it an enriching experience.”