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to do initial funding is he required to maintain that all time or like weath management account of icici it can be withdrawn later without elite status getting downgraded.

 

[Sachin2008]

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.

did you open elite?
I also need for fd only. How is ur experience do they downgrade?

 

[quino]

How is ur experience do they downgrade?

No downgrade yet. They mention while opening sb acc, unless customer asks for it, we don't do downgrades. And for good reason. They are one of the oldest SFBs in India, but aren't the top SFB yet. They are looking for business still.

When you open FD, if the amount is >= 4L, they'll try to convince you to open their Elite acc. I suggest take it, if you can handle, since there's literally 0 charges & many benefits (full body health check-up, locker etc).

 

[Sachin2008]

No downgrade yet. They mention while opening sb acc, unless customer asks for it, we don't do downgrades. And for good reason. They are one of the oldest SFBs in India, but aren't the top SFB yet. They are looking for business still.

When you open FD, if the amount is >= 4L, they'll try to convince you to open their Elite acc. I suggest take it, if you can handle, since there's literally 0 charges & many benefits (full body health check-up, locker etc).

I will open an account with IP 5L then withdraw, and then do FD.
IS this work?

 

[RajeshV]

I will open an account with IP 5L then withdraw, and then do FD.
IS this work?

Why withdraw if you want to deposit?

Anyways, there's nothing for it to not 'work'. Won't be a problem.

 

[quino]

I will open an account with IP 5L then withdraw, and then do FD.
IS this work?

funding of your FD can be done through the savings account you just opened with them. i think this is a fine approach, unless you have some reason not to do that.

and yes, after funding the FD your sb account will be having 0 bal. that's not an issue.

 

[Sachin2008]

funding of your FD can be done through the savings account you just opened with them. i think this is a fine approach, unless you have some reason not to do that.

and yes, after funding the FD your sb account will be having 0 bal. that's not an issue.

I will do fd of 1L only
if I open account with 5L and then withdraw 4 L

 

[quino]

I will do fd of 1L only
if I open account with 5L and then withdraw 4 L

that's fine as well. if anyone bothers you for withdrawing (like your RM), tell them you can add funds during quarter ending, and if that's not sufficient you'll be happy to terminate the relationship with the bank.

i suggest you go like this. tell them you have 5L. and you want to create one FD each month (reason being expected hike in interest rates soon). i'll assume they'll beg you to take the elite account. you can act uninterested but accept it on condition that you won't be bothered to maintain balance in that acc. then they'll take a cheque of 5L and voila. your elite acc is opened & immediately you can create fd too.

later at your convenience you can withdraw funds (if you are just going to park it in another bank, i suggest keeping it in equitas as they give better rates for sb than any other bank)

 

[quino]

if you have locker need, i suggest do hard bargaining for that first (50% off is quite good)