On July 22, 2025, Equitas Small Finance Bank (ESFB) announced the launch of two specialized Financial Products such as ‘Foreign Currency Non-Resident (FCNR)(B) Deposit Account’ and the ‘Equitas Explorer Savings Account’, with an aim to meet the financial needs of Non-Resident Indians (NRIs) and Seafarers.
- The bank aims to meet the financial needs of over 2,85,454 Indian Seafarers and maritime professionals working across international waters, and more than 35.4 million NRIs worldwide
About FCNR(B) Deposit Account:
i.The FCNR(B) Deposit account is a type of Fixed Deposit (FD) account, in which NRIs save their earnings in foreign currency in United States Dollar (USD) in India.
ii.The bank offers rewarding interest rates, tax-free interest income on earnings in India, and full repatriation of principal and interest.
iii.The FCNR deposit account is launched to ensure seamless growth of wealth for global customers with no risk of foreign exchange due to exchange rate volatility, simplified renewals, and the ability to increase FCNR earnings.
About Equitas Explorer Savings Account:
i.The Account is designed for NRIs and Persons of Indian Origin (PIOs), working in foreign shipping companies, merchant navy, and oil rigs.
ii.Equitas offer in two variants, Non-Resident External (NRE) and Non-Resident Ordinary (NRO).
- NRE accounts let NRIs deposit foreign earnings in Indian Rupees, with tax-free interest and full repatriation of principal and interest.
- NRO accounts manage income earned in India, allowing repatriation of principal (up to USD 1 million yearly) after tax, while interest is taxable with TDS.
iii.The account offers Premium VISA Platinum International Debit Card (NRE Account), accident insurance of Rs. 1 crore, home contents insurance of Rs. 2 lakhs against burglary and fire, and mandate holder facility for close relatives in India. It also offers a 25% discount on locker facilities.
iv.The bank mandates to maintain an Average Monthly Balance (AMB) of Rs 1 lakh or a Total Relationship Value (TRV) of Rs.10 lakhs.
- TRV comprises the balances across Savings Account (SA), Current Account (CA), FD, and Recurring Deposit (RD) with the bank.
v.Mandate holder facility for close resident relatives, allowing them to operate the account on behalf of the NRI.
About Equitas Small Finance Bank (ESFB):
Managing Director (MD) & Chief Executive Officer (CEO) – P.N. Vasudevan
Headquarters – Chennai, Tamil Nadu (TN)
Established – 1993
