Equitas Small Finance Bank Launches ‘EVA’ – a Unique Savings Account aimed at Women

by Suman Gupta

• Available for all women – salaried/homemakers/businesswomen/senior citizens/transwomen as well as Non-resident women

• Announces Indian Cricketer Smriti Mandhana As New Brand Ambassador

Mumbai, November 16, 2020: Equitas Small Finance Bank (the “Bank”), the largest small finance bank (“SFB”) in India in terms of number of banking outlets as of March 31, 2019 (Source: CRISIL report), has launched a new product aimed at women, ‘Eva’, a unique savings account tries to address the well-being of Indian women in every aspect such as Health, Wealth and Prosperity.

Along with 7% interest in savings account, it also offers Free Health Check-up and unlimited teleconsultation with women doctors, gynaecologists and mental health experts.

It offers PF waiver and discounted Gold Loan rates for women customers, along-with 25-50% discounts on lockers.

Eva is available for all women – salaried/homemakers/businesswomen/senior citizens/transwomen as well as Non-resident women.

The Product is based on the concept of Relationship Value, and customers will not be charged any non-maintenance fees.

Exclusive reward points for shopping & dining on debit cards as well as for booking Recurring Deposit, makes this product the best that has been offered to women in the industry so far.

Mr. Murali Vaidyanathan, President & Country Head – Branch Banking, Liabilities, Product & Wealth, Equitas Small Finance Bank Limited  said“ Equitas Small Finance Bank has a past filled with moments of empowering people especially women from all sections of society through products and provisions that help them become informed, involved and independent with their financial decisions,”.

Meanwhile  Equitas Small Finance Bank announced Smriti Mandhana – Indian Woman cricketer as the new Brand Ambassador.

Ms. Smriti Mandhana said, “I am really glad to be an instrumental part of Equitas Small Finance Bank’s motive of promoting financial empowerment to all sections of society. It is a great privilege to be associated with the brand’s positioning as a socially responsible bank.”

Equitas Small Finance Bank Limited is the largest SFB in India in terms of number of banking outlets, and the second largest SFB in India in terms of assets under management and total deposits in Fiscal 2019. (Source: CRISIL report). As of September 30, 2019, its distribution channels comprised 853 Banking Outlets and 322 ATMs across 15 states and union territories in India. Its focus customer segments include individuals with limited access to formal financing channels on account of their informal, variable and cash-based income profile. It offers a range of financial products and services that address the specific requirements of these customer segments by taking into account their income profile, nature of business and type of security available. Its asset products are suited to a range of customers with varying profiles. These include provision of small business loans comprising loan against property, housing loans, and agriculture loans to micro-entrepreneurs, microfinance to joint liability groups predominantly comprising women, used and new commercial vehicle loans to drivers and micro-entrepreneurs typically engaged in logistics, MSE loans to proprietorships, and corporate loans. On the liability side, its target customers comprise mass and mass-affluent individuals to whom the Bank offers current accounts, salary accounts, savings accounts, and a variety of deposit accounts. In addition, it also provides non-credit offerings comprising ATM-cum-debit cards, third party insurance, mutual fund products, and issuance of FASTags.