Elite Savings Account of Equitas

[Nobody]

Anyone with Equitas small finance bank "Elite" savings account do share your experience. Does initial funding mentioned on the website strictly followed or can be negotiated? Also if one manages to do initial funding is he required to maintain that all time or like weath management account of icici it can be withdrawn later without elite status getting downgraded.

 

[AritraSaha]

Why you want this account?

 

[Akashgore10]

Anyone with Equitas small finance bank "Elite" savings account do share your experience. Does initial funding mentioned on the website strictly followed or can be negotiated? Also if one manages to do initial funding is he required to maintain that all time or like weath management account of icici it can be withdrawn later without elite status getting downgraded.

They don't budge on initial funding. If you have good connect with RM you can withdraw funds later, they keep the Elite status active

 

[Deleted member 11974]

Why equitas bank ?

 

[Nobody]

Why you want this account?

Wanted to do fd with them so better open the account for it's easy manage. But savings account mean dc charges and others that I don't want to give.

 

[Nobody]

Why equitas bank ?

For higher fd rates

 

[Nobody]

They don't budge on initial funding. If you have good connect with RM you can withdraw funds later, they keep the Elite status active

Then i guess I won't be able to

 

[Deleted member 11974]

For higher fd rates

look at utkarsh small finance and au small finance

 

[AritraSaha]

Wanted to do fd with them so better open the account for it's easy manage. But savings account mean dc charges and others that I don't want to give.

Same 8.5% available in fincare sfb. And aslo you can open 0 balance account with them.

 

[AritraSaha]

I think 8.5% for 1000day fd.

 

[Nobody]

look at utkarsh small finance and au small finance

Au has less rates compared to equitas

 

[Nobody]

I think 8.5% for 1000day fd.

Equitas has 8.2% for 365 days

 

[AritraSaha]

Interest rate are all time high, it will go down ftom here so 1000days benifitial foe you.

 

[h2v]

You need an initial funding of 5 Lakhs INR in the savings account. Once the account is opened, you no longer need to maintain the 5L balance. I had an Equitas Elite account for close to 3 years until I recently closed it. For most of its life, the balance was less than 10,000 INR.
About the account itself: Apart from the higher interest rate, there's no other major benefit. Their RMs are only on paper. The RM's mobile number mentioned in their net banking portal was someone else's.

PS: The best part was that you can close the account online.

 

[hemant89]

Equitas has 8.2% for 365 days

You can check unity Small Finance or Suryoday Small finance Bank also

 

[Nobody]

Little late to update i opened elite account on first of this month.

 

[Nobody]

You need an initial funding of 5 Lakhs INR in the savings account. Once the account is opened, you no longer need to maintain the 5L balance. I had an Equitas Elite account for close to 3 years until I recently closed it. For most of its life, the balance was less than 10,000 INR.
About the account itself: Apart from the higher interest rate, there's no other major benefit. Their RMs are only on paper. The RM's mobile number mentioned in their net banking portal was someone else's.

PS: The best part was that you can close the account online.

Hello can you tell why you decided to close it if it wasn't downgraded despite having amb of 10k . You can dm me.

 

[h2v]

Hello can you tell why you decided to close it if it wasn't downgraded despite having amb of 10k . You can dm me.

The reason is that there's no benefit other than the higher interest rate. RMs are non-existent after the initial few months, and lockers are mostly unavailable. I moved all the funds to another account. No other specific reason.

 

[Nobody]

The reason is that there's no benefit other than the higher interest rate. RMs are non-existent after the initial few months, and lockers are mostly unavailable. I moved all the funds to another account. No other specific reason.

I wanted to create a fd so decided to open the account for better management. I agree RM are for namesake and app is also not good. For day to day banking services i have hdfc preferred and icici weath management account. So not worried on that part. Do you know can we transfer the branch where we opened the account ro another online. Since my nearest branch declined on negotiation part and then i opened the account in another branch.

 

[h2v]

I wanted to create a fd so decided to open the account for better management. I agree RM are for namesake and app is also not good. For day to day banking services i have hdfc preferred and icici weath management account. So not worried on that part. Do you know can we transfer the branch where we opened the account ro another online. Since my nearest branch declined on negotiation part and then i opened the account in another branch.

Not sure whether that can be done. Haven't tried it. You can visit the other branch and check with them. They will be more than happy to have an Elite customer mapped to their branch.