Equitas Small Finance Bank — Savings Account

The Equitas Savings Account is a basic to mid-tier savings bank account offered by Equitas Small Finance Bank, which primarily serves customers in semi-urban and underbanked regions of India. The account can be opened with a low minimum balance requirement, making it accessible to a wide range of customers including first-time banking users and those without an extensive credit history. Equitas is a small finance bank licensed by the Reserve Bank of India, which means deposits are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to ₹5 lakh per depositor. Interest rates on Equitas savings accounts are competitive compared with large public sector banks, typically ranging between 3.5% and 6% per annum depending on the balance tier. The bank offers both physical branch banking and digital banking facilities through its mobile app and internet banking portal. For credit card applicants who hold an Equitas savings account, the bank may consider the account relationship when evaluating eligibility for a credit card, potentially leading to better terms or faster approval for existing customers.