Equitas Small Finance Bank is set to launch kids’ savings account called ENJOI, on Father’s Day. 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.
Features of ENJOI saving Accounts:
- 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 the option for a personalised debit card.
- To promote higher growth in savings, the account will offer 7 per cent interest for savings balances between Rs 5 lakh to Rs 2 crore. Upon written consent from parents, minors aged 10 and above can also avail of self-operating accounts with limited transaction limits.
Benefits of the account:
- 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.
- The ENJOI account will offer flexibility to choose the mode of savings, either as a Savings Account with balance starting as low as Rs 1,000, RD (Recurring Deposit) for Rs 500 monthly; or FD (Fixed Deposit) for Rs 10,000.
Important takeaways for all competitive exams:
- Equitas Small Finance Bank Ltd Founded: 2016;
- Equitas Small Finance Bank Ltd Headquarters: Chennai, Tamil Nadu;
- Equitas Small Finance Bank Ltd MD & CEO: Vasudevan Pathangi Narasimhan.
- Equitas Small Finance Bank Ltd Tagline: It’s Fun Banking.