Equitas Small Finance Bank Launches FCNR Deposits and Explorer Savings Account for NRIs and Seafarers

Chennai, July 22, 2025: Equitas Small Finance Bank Limited (NSE: EQUITASBNK, BSE: 543243, 976218) has introduced two exclusive offerings tailored for Non-Resident Indians (NRIs) and maritime professionals: the FCNR (B) Deposit and the Equitas Explorer Savings Account. These new products underscore the bank’s strategy to cater to the diverse banking needs of global Indians, including the significant population of Indian seafarers.

New Products Targeting Global Indians

The FCNR (B) Deposit is designed as a fully repatriable, tax-free wealth management tool, currently available in USD. FCNR (Foreign Currency Non-Resident) deposits are term deposits held in foreign currency by NRIs in India, protecting them from exchange rate fluctuations. This deposit allows NRIs to hedge against currency risk, earn competitive interest, and enjoy zero foreign exchange risk with seamless renewal options, providing a secure avenue for their overseas earnings. Equitas SFB offers attractive interest rates on its FCNR (B) deposits; for instance, as of recent updates, it provides competitive rates for tenures ranging from 1 year to 5 years in USD.

Simultaneously, the Equitas Explorer Savings Account is specifically crafted for NRIs and Persons of Indian Origin (PIOs) employed in the shipping, merchant navy, and oil rig sectors. This account is available in both NRE (Non-Resident External) and NRO (Non-Resident Ordinary) variants.

• NRE accounts allow NRIs to deposit their foreign earnings in Indian Rupees, with both the principal and interest being fully repatriable (transferable back abroad) and tax-exempt in India.
• NRO accounts, on the other hand, are for managing income earned in India (like rent, dividends, or pension). While the principal is repatriable up to USD 1 million per financial year (post-tax), the interest earned is subject to tax deducted at source (TDS).

The Explorer Savings Account comes with a host of features designed for convenience and security for this specific segment, including:

• VISA Platinum International Debit Card (for NRE accounts) for global access.
• ₹1 crore air accidental death insurance and ₹2 lakh home contents insurance (against burglary/fire) for added security.
• Mandate holder facility for close resident relatives, allowing them to operate the account on behalf of the NRI.
• 25% discount on locker rentals.
• Attractive inward/outward remittance rates to facilitate easy money transfers.

Simplified Onboarding & Minimum Balances

To open an Explorer Savings Account, applicants must provide their Passport & Visa or Continuous Discharge Certificate (CDC) along with a merchant navy declaration. Account holders are required to maintain an Average Monthly Balance (AMB) of ₹1 lakh or a Total Relationship Value (TRV) of ₹10 lakhs. TRV typically includes balances across savings accounts, current accounts, fixed deposits, and recurring deposits within the bank.

Executive Commentary

“With the Equitas Explorer Savings Account and FCNR (B) Deposit, we are offering a world-class banking experience that is borderless, benefit-rich, and built entirely around the customer’s life journey,” said Murali Vaidyanathan, Senior President & Country Head – Branch Banking, Liabilities, Products & Wealth at Equitas SFB.

What Does This Mean For The Investors?

For investors, Equitas SFB’s launch of FCNR (B) deposits and the Explorer Savings Account signals a strong push to tap into the NRI and seafarer segments, bringing in low-cost, stable foreign currency deposits. This move helps diversify the bank’s funding base and boosts forex liquidity. It can also enhance profitability through better margins and fee income. By targeting a high-value customer base, Equitas strengthens its retail franchise. Overall, it reflects a smart, long-term strategy that can support growth and improve investor confidence.

Share Price Performance

On July 22, the shares of Equitas Small Finance Bank Limited closed at ₹62.74, down by 0.40% or ₹0.25. The shares made an intraday high of ₹63.27 and a low of ₹62.49.

Strategic Outlook

Equitas SFB’s dual product launch reflects its sharp focus on financial inclusion for underserved customer segments while simultaneously tapping into the affluent NRI market. With over 2.85 lakh Indian seafarers (as per DG Shipping, 2023) and 35.4 million NRIs globally, the bank aims to become a preferred partner for niche international banking needs through tech-driven and personalised solutions. This initiative aligns with the bank’s broader strategy of expanding its liability base and offering specialised services that cater to distinct customer demographics.

About Equitas Small Finance Bank Limited

Equitas Small Finance Bank Limited is among India’s largest SFBs, offering inclusive financial services to the unbanked and underbanked segments while also catering to affluent customers, SMEs, and corporates. It is listed on both NSE and BSE.

REF:https://www.bseindia.com/xml-data/corpfiling/AttachLive/3e27ec3d-f56e-43d1-8eb1-5eb3246c5e1a.pdf

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