Equitas Small Finance Bank introduces Current Account with 'Sweep In Sweep Out’ Fixed Deposit

Equitas Small Finance Bank Limited on Wednesday introduced current account with ‘sweep in and sweep out’ fixed deposit for entrepreneurs, self-employed professionals and businessmen, the company said in a media release. The Small Finance Bank (SFB) is offering a 24x7 cash deposit facility the release said adding that the customers will get interests on idle funds with the Sweep In Sweep Out Fixed Deposit service.

Customers will have the option to choose from 3 different product variants based on their need, the release said.

Equitas Current Account is offering 50 pct waiver on balance in semi-urban and rural branches and 50 pct waiver of balance for women proprietors in metros and urban areas for specific current account variants, the release said.

Key features of the Sweep In Sweep Out FD include the automatic transfer of an excess balance into Sweep FD for 90 days, weekly sweep out the frequency for FDs and no Premature Penalty for Sweep In Sweep Out FD, the release said.

“We are a small finance bank offering a range of banking services to customers with a focus on serving the financially unserved and underserved customer segments in India. Our strength lies in promoting financial inclusion," Murali V, President & Country Head (Branch Banking, Liabilities, Product & Wealth) at Equitas said.

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"With the Sweep In and Sweep Out fixed deposits, our customers can make use of the idle balance in their current accounts with interest rates,” Murali V said.