Equitas Small Finance Bank to launch exclusive savings account for kids: Details here

Equitas Small Finance Bank Limited announced on Thursday that it is all set to launch a savings account called ENJOI for kids on the occasion of Father's Day - June 19, 2022. 

The SFB announced that this account introduces "young kids" to the financial world, encouraging them to develop an early habit of saving. It added that an ENJOI account will also help the kids to take their first step towards a new age and technology-oriented banking experience

ENJOI will allow kids of 0-18 years to open savings accounts under the supervision of their parents. Minors aged 10 and above will also get an option for a personalised Debit Card.

ENJOI benefits:

Equitas SFB, in an official statement, explained that in order to promote higher growth in savings, the account offers "best-in-class" 7 per cent interest for savings balances between Rs 5 lakh to R 2 crore. Upon written consent from parents, minors aged 10 and above can also avail self-operating account with limited transaction limits.

This new kids' account will offer flexibility to choose the mode of savings either as savings account, balance starting as low as Rs 1,000; RD (Recurring Deposit) for Rs 500 monthly; FD (Fixed Deposit) for Rs 10,000. It added that children can deposit their own pocket money into the account and watch their savings grow with best-in-class interest rates. 

"ENJOI as an idea is built to allow growing kids to understand the power of savings and start their financial journey with our Bank. The habits and culture, taught at young age, stays with us in a long run. By inculcating the habit of saving early, with ENJOI, we are empowering the kids with the power of compounding by starting to save early," said Murali Vaidyanathan, Senior President & Country Head, Equitas Small Finance Bank Limited.

"We all have that emotional connect with our first bank account and with all the flexibility and features that ENJOI offers for the kids, we hope launching this account during the school reopening period, would make this their "Savings Ki Paathshaala," they added.

The bank further noted that ENJOI account holders will also have access to exclusive deals from ed-techs and online learning providers. These offers and tie-ups have been exclusively sourced by the bank to offer maximum advantages to the account holders. Personalised Debit Card is complimentary for the first year and can be enjoyed free for a lifetime by maintaining the required balances, explained the bank. 

Also read: Equitas Small Finance Bank gets RBI approval to reappoint MD & CEO