ESAF Small Finance Bank Ltd, launched a ‘Rainbow Savings Account’ for the Transgender community offering a hosted feature including high savings rates and advanced debit card facilities exclusively. In 2015, the Reserve Bank of India directed all the banks to include a separate column ‘Third Gender’ in all their forms and applications.
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Key Points related to ‘Rainbow Savings Account’
- Trans-friendly bank accounts are the need of the hour, and it is a big step in the modernization of society.
- ESAF Bank is more than 25 years old with a focus on financial inclusion and its vision is to be India’s leading social bank.
- It aims to offer equal opportunities through universal financial access and inclusion of livelihood and economic development.
- The ‘Rainbow Savings account’ scheme provides high-interest rates and advanced debit card facilities.
- Default credit of interest to the account is one of the major factors of this ‘Rainbow Savings account’ scheme.
- The Rainbow Savings Account logo events were held in Kerala and were attended by many Transgenders.