Equitas Bank launches tripartite account to help customers under one umbrella entity

In its want to widen the product net offered to its customers, the Equitas Small Finance Bank has launched a tripartite account to help customers keep their saving, trading and demat investments under one umbrella entity.

The financial products offered through the 3-in-1 account includes direct equity and F&O trading, MF investment across all AMCs, ETFs, corporate FDs, corporate bonds, govt bonds, insurance products, National Pension Scheme (NPS) and initial public offerings (IPOs).

To allow customers to invest across the products using a single platform, the Bank has decided to provide broking and demat services through a referral arrangement with brokerage firms for trading and depository services.

"This product allows customers a secure, seamless and convenient way to invest in their choice of investment instruments, including equity, FDs, govt securities and mutual fund products. Customers can transfer money seamlessly between their bank account when they have a 3-in-1 account with us," observed Mr. Murali Vaidyanathan, President and country head of branch banking, liabilities, product and wealth at Equitas Small Finance Bank Limited.

“We want to give our customers an enriching banking experience through our savings products suite" he added.

The largest SFB in India in terms of the number of banking outlets, Equitas Small Finance Bank's focus customer segments include individuals with limited access to formal financing channels on account of their informal, variable and cash-based income profile.

The bank offers a range of financial products and services that address the specific requirements of these customer segments by taking into account their income profile, nature of business and type of security available.