Equitas Small Finance Bank Limited has informed the Exchange regarding a press release dated July 22, 2025, titled "Equitas Small Finance Bank Launches FCNR Deposits and Explorer Savings Account for NRIs and Seafarers".
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Equitas Small Finance Bank has launched two new products targeting Non-Resident Indians (NRIs) and seafarers. The first is an FCNR(B) Deposit available in US Dollars, offering tax-free interest income, full repatriation of principal and interest, and no foreign exchange risk. The second is the Equitas Explorer Savings Account, available in NRE and NRO variants, designed for NRIs and Persons of Indian Origin (PIOs) working in foreign shipping companies, merchant navy, and oil rigs. The Explorer Account comes with benefits like a VISA Platinum Debit Card, ₹1 crore air accidental death insurance, ₹2 lakh home contents insurance, and discounted locker rentals. To open the account, customers need an Average Monthly Balance of ₹1 lakh or a Total Relationship Value of ₹10 lakhs, with simplified documentation using passport, visa, or CDC.
This product expansion taps into the underserved NRI and seafarer segments, which include over 35.4 million NRIs globally and around 2.85 lakh Indian seafarers. The move should help Equitas SFB grow its deposit base from niche, high-value customer segments and strengthen its fee income, though the near-term stock impact is likely limited as these are incremental product additions rather than a major business overhaul.