Equitas Small Finance Bank to launch savings account for kids

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Equitas Small Finance Bank (Equitas SFB) has said, “It will be launching a kid’s savings account called ENJOI, on the occasion of Father’s Day.”

The bank in its statement said, “The account introduces “young kids” to the financial world, encouraging them to develop an early habit of saving through which they can watch their money grow, as they become adults. The account will also help them 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 & above will also get an option for a personalized Debit Card. To promote higher growth in savings, the account offers 7% interest for savings balances between Rs.5 Lakhs to Rs.2 Crores. Upon written consent from parents, minors aged 10 & above can also avail of a self-operating account with limited transaction limits,” the statement added.

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The account offers flexibility to choose the mode of savings either as a Savings Account, balance starting as low as ₹ 1,000; RD (Recurring Deposit) for ₹ 500 monthly; FD (Fixed Deposit) for ₹ 10,000. Kids can deposit their own pocket money into the account and watch their savings grow with best-in-class interest rates.

Focussed on the theme of education and literacy, financial or otherwise, 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. A personalized Debit Card is complimentary for the first year and can be enjoyed free for a lifetime by maintaining the required balances.

Speaking on the development, Murali Vaidyanathan, Senior President & Country Head, Equitas Small Finance Bank Limited said, “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 a 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.”

“ENJOI enables the young Children who are the future of tomorrow to manage finance. We all have that emotionally connect with our first bank account and with all the flexibility and features that ENJOI offers for the kids, we hope to launch this account during the school reopening period, which would make this their “Savings Ki Paathshaala”. With the launch of kids account, Equitas Small Finance Bank now has a solution to cater to the savings needs in every stage of human evolution,” Vaidyanathan further added.

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Krishna Mali
Krishna Mali
Founder & Editor of TechGraph

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