Savings Account Interest Rate w.e.f. 14th December, 2022

Interest Rates calculated on the Daily Closing Balances of the Savings Account.

Interest gets credited on the last day of the Calendar Quarter once every 3 months.

NRO Rupee Savings Account Interest gets credited post deduction of Tax Deducted at Source (TDS). The TDS Rate of 31.20% (30% TDS + 4% Surcharge on TDS) is deducted from the NRO interest on accrual.

Interest rates are subject to change and please refer to the Bank’s Website for the latest rates.

Eligibility

• NRIs and PIOs (Person of Indian Origin).
• Seafarers who are Citizens of India/ PIOs employed in shipping companies registered office in abroad.
• Government of India Employees with Diplomatic Passports working abroad.
• Students Studying Abroad courses of duration of one year and above with valid student visa

Documentation

NRIs

• One Recent Colour Passport Size Photo.
• Copy of Passport Pages showing the details of Name, Date of Birth, Place of Birth, Issue and Expiry Dates, Parents Names, Specimen Signature and Photograph, latest stamping page.
• Copy of Valid Visa or Work Permit or Residence Permit.
• Proof of Mailing address whichever is selected in the Application form.
• All documents attested by yourself(self attestation) and additionally by officials of Equitas Small Finance Bank /Your Banker Abroad/Notary Abroad /Indian Embassy.
• Initial Payment Cheque more or equal to the Monthly Average Balance of your SB account or the value you want to make a Fixed Deposit.

PIOs

• One Recent Colour Passport Size Photo
• Copy of Foreign Passport Pages showing the details of Name, Date of Birth, Place of Birth, Issue and Expiry Dates, Parents Names, Specimen Signature and Photograph.
• Initial Payment Cheque more or equal to the Monthly Average Balance of your SB account or the value you want to make a Fixed Deposit.
• If the place of Birth is other than India, please provide one of the following,
  • Copy of Overseas Citizen of India(OCI) Card
  • Copy of Indian Passport held by self/parent/grandparent/great grandparent at any time
  • Copy of Indian Passport or OCI Card of the spouse
• If the mailing address is different from the country of citizenship, provide a copy of valid visa.
• All documents attested by yourself(self attestation) and additionally by officials of Equitas Small Finance Bank /Your Banker Abroad/Notary Abroad /Indian Embassy.

Seafarers

• One Recent Colour Passport Size Photo.
• Copy of Passport Pages showing the details of Name, Date of Birth, Place of Birth, Issue and Expiry Dates, Parents Names, Specimen Signature and Photograph.
• Copy of Valid Transit or Work Visa or Copy of Continuous Discharge Summary (CDC) showing latest discharge summary or a declaration of sailing for the first time abroad.
• Copy of Valid Contract letter showing the Name of the Principal Company and address, Name of the Employee, Flag and Name of the Vessel, Name of the Port, Contract Commencement Date and Tenure and Salary in Foreign Currency.
• Merchant Navy Declaration in the Attached format
• Proof of mailing address if different from passport.
• All the documents has to be self attested as well as attested by Equitas SFB Staff.

Address Proof Required

• The following documents, where current address is mentioned, can be used as a Proof of Address. This address must necessarily be similar to the mailing address mentioned on the account opening form.

Document Considered for Communication Address Proof

Document Considered for Communication Address Proof	Overseas	Indian
Copy of Passport	Y	Y
Copy of Bank statement / passbook duly signed by (no internet downloads, not more than 3 months old) Overseas or India based bank. If mailing address and bank a/c statement provided is of a Bank based in India, the statement should be of a NRI a/c or NR status should be certified by the bank on the statement. (Original Bank Statement required in case of Self-attestation) (The bank statement should be for a month or more and should not be more than 3 months old)	Y	NA
Copy of Driving License(except driving license issued by the Govt of Maharashtra)	Y	Y
Employer’s Certificate indicating the address (Authorized Signatory, specifying the purpose of letter issuance as Account Opening on Company’s Letter Head) (Accepted only from certain countries).	Y	NA
Copy of Credit card statement (not more than 3 months old) (Original in case of Self-attestation)	Y	NA
Copy of Company ID card indicating the address	Y	NA
Cert. from Indian Diplomatic mission stating the contact address	Y	NA
Copy of Govt. ID card (SSN / Green Card / PIO card / OCI card)	Y	NA
Copy of appointment letter indicating the address (on letterhead OR stamp)	Y	NA
Copy of Utility bill (electricity/ piped gas/ Landline telephone / water / Mobile / Broadband /– not more than 3 months old) (Original in case of Self attestation)	Y	NA
Copy of letter from University stating the address(for on-campus lodging)	Y	NA
Copy of CDC issued by Govt. of India	NA	NA
Copy of Foreign Government card	Y	NA
Copy of Permanent Singapore card** / Malaysian card	Y	NA
Copy of Operator License (USA)	Y	NA
Copy of Voter’s Identity (Election) Card	NA	Y
Copy of Tenancy Contact Registration Certificate issued by regulated body (UAE)	Y	NA
Copy of Wealth / Income Order (Not More than 6 months old)	Y	NA
In the case of GCC (Gulf Cooperation Council) countries (If customer is providing any one of the documents mentioned in Point A below as address proof for overseas communication address then it is mandatory to also obtain the address proof of India. The local resident card mentioning the name of the sponsor (firm/company) can be used as overseas address proof; or The geography specific resident card mentioning the unique reference number can also be considered as the overseas address proof.	Y	NA