Equitas Small Finance Bank announces new offerings for NRIs
Equitas Small Finance Bank has announced the launch of its Foreign Currency Non-Resident FCNR(B) Deposit and the Equitas Explorer Savings Accounttwo specialized offerings tailored to meet the evolving financial needs of Non-Resident Indians (NRIs) and seafarers respectively. With over 2,85,454 Indian seafarers and maritime professionals working across international waters (as per the Directorate General of Shipping, 2023) and more than 35.4 million NRIs worldwide, this dual product launch reflects Equitas SFB's commitment to delivering flexible, secure, and tech-enabled banking solutions for India's expanding global workforce.
Hedging currency is a fundamental need for most NRIs, and holding savings in dollars is a smart way to preserve and grow wealth across bordersespecially by securing favorable exchange rates. The bank's FCNR (B) Depositcurrently available in USDoffering NRIs a robust wealth management tool designed to grow global earnings with ease. FCNR (B) provides rewarding interest rates, tax-free interest income on earnings in India, and full repatriation of both principal and interest. With no foreign exchange risk, hassle-free renewals, and the ability to maximize FCNR earnings, Equitas FCNR (B) Deposit ensure seamless wealth growth for global customerswithout compromising on convenience, security, or regulatory compliance.
The bank has launched the Equitas Explorer Savings Accounta specially designed banking solution for NRIs and Persons of Indian Origin (PIOs) working in foreign shipping companies, merchant navy, and oil rigs. Available in both Non-Resident External (NRE) and Non-Resident Ordinary (NRO) variants, this account caters to the unique needs of seafarers with features such as a International VISA Platinum Debit Card (NRE), Rs 1 crore air accidental death insurance cover, home contents insurance up to ₹2 lakhs against burglary and fire, and mandate holder facility for close resident relatives in India. Customers can also enjoy attractive rates on inward/outward remittances and a 25% discount on annual locker rentals. With a simplified documentation processincluding passport, visa or Continuous Discharge Certificate (CDC), and merchant navy declarationsindividuals can open an Explorer Account by maintaining either an Average Monthly Balance (AMB) of Rs 1 lakh or a Total Relationship Value (TRV) of Rs 10 lakhs.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
7 hours ago
- News18
How Much Money Is Enough To Live Comfortably In Bengaluru? This CA Claims Rs 40-50 LPA
Last Updated: CA Nitin Kaushik says a single professional now needs a CTC of Rs 20 to 30 lakh annually for a comfortable lifestyle, leisure and significant savings. Maintaining a comfortable lifestyle in Bengaluru today demands a much higher income than many expect. Financial expert CA Nitin Kaushik estimates that a single working professional now requires a CTC of Rs 20 to 30 lakh per year to enjoy a good quality of life, indulge in leisure activities and still save a substantial amount. For a household with a spouse and child, that comfort threshold climbs to Rs 40 to 50 lakh annually, covering the cost of living in a premium gated community, access to quality education, regular weekend outings and the ability to set aside 10 to 15 per cent of income as savings. According to The Economic Times, Kaushik warns that earning below these levels often forces individuals and families to struggle with day-to-day expenses, given the sharp surge in Bengaluru's cost of living in recent years. The primary driver of Bengaluru's cost-of-living surge is housing. Rental prices in prime localities have jumped 70 to 100 per cent since early 2022. Even a modest one-bedroom apartment can cost Rs 30,000 or more per month. This surge is linked to post-COVID job relocations, the return-to-office trend and heightened demand from NRIs and real estate investors. Lifestyle Inflation: The Hidden Expense Kaushik emphasises that the problem isn't just price inflation on essentials, it's also lifestyle inflation. In Bengaluru's socially and professionally competitive environment, there's constant pressure to maintain certain 'urban standards" in dining, leisure and shopping choices. Even households earning Rs 1 lakh per month can end up living paycheck-to-paycheck when trying to keep up with these expectations. Post-pandemic, a rush towards better-paying jobs and migration to metros for career opportunities has fueled demand for quality housing, while supply has lagged. Meanwhile, core inflation in necessities such as food, fuel and transport has stayed persistently high. According to Kaushik, this mix of economic and lifestyle pressures has made metro living nearly twice as expensive as it was just a few years ago. Strategies to Cope with the Rising Cost of Living To survive and thrive in this environment, Kaushik advises professionals to: Focus on upskilling so that income growth outpaces expense growth. Optimise housing choices by finding the right balance between rent affordability and commuting distance. Invest early to protect wealth from inflation over the long term. He also stresses the importance of evaluating salary packages holistically, considering not just the CTC but also take-home pay, benefits and cost-of-living adjustments. Since the COVID-19 pandemic, metro residents in Bengaluru, Mumbai and Pune earning less than Rs 50,000 per month are finding it increasingly difficult to make ends meet. For many, rent alone consumes 40 to 60 percent of monthly income, leaving limited funds for transportation, food and utilities. view comments Location : Delhi, India, India First Published: August 13, 2025, 14:43 IST News business How Much Money Is Enough To Live Comfortably In Bengaluru? This CA Claims Rs 40-50 LPA Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
New Indian Express
9 hours ago
- New Indian Express
Plans afoot to develop over 13,000 km of roads: Telangana DY CM Bhatti
HYDERABAD: Deputy Chief Minister Mallu Bhatti Vikramarka on Tuesday said that the state government has decided to develop 13,137 km of roads — 7,947 km under Panchayat Raj department and 5,190 km under R&B department in 17 packages. The government will soon call for tenders for these road projects and start the works at the earliest, he added. The deputy CM was speaking at the 'Telangana Road Development Programme Roadshow Hybrid Annuity Model' meeting organised jointly by Panchayat Raj and R&B departments at HICC in Hyderabad to financially encourage contractors and bankers. Roads & Buildings Minister Komatireddy Venkat Reddy and Panchayat Raj Minister Dansari Anasuya alias Seethakka also attended the meeting. Stating that the state government was aware of the problems being faced by the contractors, Vikramarka explained: 'The previous government had entered into several agreements for development works worth `1.75 lakh crore and it also issued tokens for works worth `45,000 crore. However, it failed to clear those dues, leaving behind a financial burden on the present government.' 'With the chief minister, ministers, and government secretaries focusing on resolving this matter, the financial situation is gradually improving and the government is working to overcome the difficulties faced by contractors,' he added. The deputy CM said that the Congress government considers contractors, industrialists and investors as partners in wealth creation. 'In view of the growing traffic problems, there is a need to upgrade some roads into four-lane roads,' he said and instructed the officials to prepare the list of roads that need attention at the earliest and place it before the state Cabinet for approval. He said that the government will contribute 40 per cent of funds for HAM roads and is in the process of mobilising necessary resources. Small contractors will be given opportunities in HAM road works, he asserted.
Economic Times
10 hours ago
- Economic Times
NRIs' term insurance purchases from India double in last 2 years: Report analysis
Agencies Non-resident Indians (NRIs) are increasingly opting for term life insurance policies from India, with purchases doubling over the past two years, according to data from Policybazaar. The trend highlights the growing preference for India-linked term plans, which offer competitive premiums, long policy tenures, and rupee-denominated benefits that protect families and assets back home. Gulf region leads with nearly 60% share Between FY22 and FY26 year-to-date, the UAE and Gulf Cooperation Council (GCC) countries accounted for 59% of NRI term insurance policies purchased via Policybazaar. Most buyers are salaried professionals and business owners in construction, retail, and services. Gulf-based NRIs often have ongoing financial obligations in India, such as dependents, home loans, and investments, making India-based policies a cost-effective and practical choice. Strong growth in Europe and ANZ Europe and Australia - New Zealand (ANZ) markets have recorded a combined compound annual growth rate (CAGR) of 87% over the past four years. The demand is largely driven by technology professionals and permanent residents who value long-tenure coverage and rupee-settled payouts. Policybazaar sees these regions as key markets for future expansion in NRI term insurance uptake. Younger buyers driving adoption Buyers under 40 now make up 62% of NRI policyholders. Many are securing 35-40 year plans, often locking in low premiums early in their careers. The 30-39 age group is the most active segment, showing an awareness of the benefits of early health underwriting and long-term financial planning. Preferred income and coverage segments Around 45% of NRI buyers report annual incomes between ₹25-35 lakh, balancing affordability with substantial coverage. Another 16% earn above ₹50 lakh annually, reflecting the growing appeal among higher-income groups. The ₹2-3 crore cover range is the most popular, offering adequate protection while keeping premiums reasonable, particularly among Gulf and ANZ professionals. Rising female participation Women now account for 15% of NRI term insurance buyers, with stronger uptake seen in the UAE and North America. This reflects increasing financial independence and proactive planning among female NRIs. Monthly premiums dominate, long-term policies favoured Nearly 80% of buyers prefer paying monthly premiums, though single-premium policies are gaining traction in the UAE, where some policyholders choose to pay upfront for 30–40 years of coverage. The average policy tenure now stands at 36.7 years, with most plans covering buyers until retirement or dependent independence milestones.'In just two years, NRI purchases of India-based term insurance have doubled, recording a 100% growth rate. This momentum has been led by Gulf-based NRIs, who now account for nearly 60% of all such policies bought via Policybazaar. A significant majority of these buyers are under 40, securing 35–40 year terms and opting for monthly premiums. This demand can be linked to the appeal of India-based term plan: lower premiums compared to global markets and the comfort of rupee-denominated payouts for dependents back home. It's a prudent way for globally mobile Indians to build financial security across geographies,' Policybazaar said in a statement. (Join our ETNRI WhatsApp channel for all the latest updates) Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Regulatory gray area makes investing in LVMH, BP tough For Indian retail How IDBI banker landed plush Delhi properties in Amtek's INR33k crore skimming As 50% US tariff looms, 6 key steps that can safeguard Indian economy Jane Street blow pushes Indian quants to ancient Greek idea to thrive Stock Radar: Astra Microwave showing signs of bottoming out after 16% fall from highs; time to buy? F&O Radar | Deploy Broken Wing in Paytm to play stock's bullish outlook These 9 banking stocks can give more than 28% returns in 1 year, according to analysts Why 2025 Could Be The Astrological Turning Point We've Been Waiting For
