Equitas Small Finance Bank is closing the account due to non serviceable pin code.

[Humanbeing]

I recently received a mail from Equitas Small Finance bank that due to non serviceable pin code of your area we’ll be closing your account on November 15, 2024. I only used the account for FD purposes as I was getting better returns in comparison to other banks, and after getting the mail I contacted the CC & they also cited the same reason, albeit I confronted the CC that why did they open the account at first place if this has to be closed, but they had no clarification. So I did cancel my FD and immediately after couple of hours I received a call from the branch RM & he asked the reason for removing investment from bank which I replied that mail I have received from their end. Now, he is suggesting that they won’t close my account so I can continue my investment but I did ask the same thing as written mail evidence which I haven’t received so far from their end, which could potentially mean that they will close the account on 15 November 2024. Any one received the same mail regarding account closer?

 

[KGSIPO]

Better avoid such banks and they may not give our money in future saying that your pincode is not serviceable

 

[Ankit9792]

Alright Avoid small finance banks for fd Check Shriram Finance Or Bajaj finance For better returns Because bank employee only waste your time

 

[Humanbeing]

Alright Avoid small finance banks for fd Check Shriram Finance Or Bajaj finance For better returns Because bank employee only waste your time

It was because they had better returns for shorter term in comparison to others banks but suddenly they are omitting the customers for the reason of non serviceable pin code even if their branch is merely a 2KM range.

 

[Ankit9792]

It was because they had better returns for shorter term in comparison to others banks but suddenly they are omitting the customers for the reason of non serviceable pin code even if their branch is merely a 2KM range.

Same me too want better return using utkarsh bank

 

[RAMESH BABU N]

To avoid such unexpected events n issues, skip SFBs for keeping your long term funds.

It's always advisable to trust mainstream banks (either PSUs or Private). Prefer a bank branch which is closer to your house. Just in case....

 

[Humanbeing]

To avoid such unexpected events n issues, skip SFBs for keeping your long term funds.

It's always advisable to trust mainstream banks (either PSUs or Private). Prefer a bank branch which is closer to your house. Just in case....

The main reason was that PSU banks aren’t offering good interest & other private bank accounts opened in online mode just like this one, & since DICGC has covered the principal amounts of customers investment of upto 5Lakh, I opened the FD with them, though I will be cautious, to use the SFB for investment purposes but PSU banks also not giving better interest.

 

[RAMESH BABU N]

The main reason was that PSU banks aren’t offering good interest & other private bank accounts opened in online mode just like this one, & since DICGC has covered the principal amounts of customers investment of upto 5Lakh, I opened the FD with them, though I will be cautious, to use the SFB for investment purposes but PSU banks also not giving better interest.

In our experience, Sriram Finance is very good. Product wise, service wise and accounting wise. Top rated. Very prompt in interest payments and in providing TDS certificates. Very happy.

The only downer - no pre-mature closure. We have no issues with that.

 

[Priyansh52]

I recently received a mail from Equitas Small Finance bank that due to non serviceable pin code of your area we’ll be closing your account on November 15, 2024. I only used the account for FD purposes as I was getting better returns in comparison to other banks, and after getting the mail I contacted the CC & they also cited the same reason, albeit I confronted the CC that why did they open the account at first place if this has to be closed, but they had no clarification. So I did cancel my FD and immediately after couple of hours I received a call from the branch RM & he asked the reason for removing investment from bank which I replied that mail I have received from their end. Now, he is suggesting that they won’t close my account so I can continue my investment but I did ask the same thing as written mail evidence which I haven’t received so far from their end, which could potentially mean that they will close the account on 15 November 2024. Any one received the same mail regarding account closer?

Yes. I've also received the same email. I had also received a similar email regarding account closure few months back. But the account didn't get closed then. Let's see what happens this 15th Nov. I'll transfer out all the amount before that.