Equitas Small Finance Bank (ESFB) has said that it has waived off non-maintenance charges (NMC) for its current account holders.
Equitas SFB will be one amongst the first private sector banks to waive off NMC across CASA, thereby making banking simple and limitless, said a statement.
The bank further said that the transactions will be charged if balance falls below 75% of the requirement and hence accommodating customers for months with low turnover and ensuring complete support to businesses. This combination of waiver of non-maintenance charges and free transactions limit will be of immense advantage to entrepreneurs, traders, self-employed professionals and small businesses impacted during both the Covid-19 waves by enabling them to focus on business, it said.
Customers with low transactions intensity and high liquidity can avail Sweep-in Sweep-out FD facility, which enables the current account holders to earn from the idle funds.
“The waiver of non-maintenance charges is a crucial step forward to aid our customers in strengthening their financial resilience and to enjoy banking, stress-free. The Sweep-In Sweep-Out FD service where the Current Account holders get interests on their idle funds is an ideal means to help them enhance their savings while they focus on building their small businesses,” said Murali Vaidyanathan, Senior President & Country Head, Branch Banking Liabilities Product & Wealth, ESFB.
There are more support measures for the small businesses by the bank. It has also announced some support for the small businesses led-by women in metro/urban locations. It will offer a 50% waiver of AMB (average monthly balance) for Business Prime, Advance and Trade-in Current Account.