By Edlyn Cardoza
June 17, 2022
- Equitas Small Finance Bank Limited
- Financial planning
Equitas Small Finance Bank Limited, one of the leading SFB in the country, is ready to launch the children’s savings account called ENJOI on Father’s Day – June 19, 2022. The account introduces “young children” to the financial world, encouraging them to develop a an early habit of saving through which they can see their money grow as they become adults. The account will also help them take their first step towards a new era and a technology-driven banking experience.
ENJOI will allow children from 0 to 18 years old to open a savings account under the supervision of their parents. Minors aged 10 and over will also have an option for a personalized debit card. To foster higher savings growth, the account offers the best interest rate of 7% for savings balances between Rs.5 Lakhs and Rs.2 Crores. With written parental consent, minors aged 10 and over can also benefit from a standalone account with limited transaction limits.
The account offers the option of choosing the savings mode as savings account, with a balance starting at ₹1,000; RD (recurring deposit) for ₹500 per month; FD (fixed deposit) for ₹10,000. Kids can deposit spending money into the account and watch their savings grow with best-in-class interest rates.
Focused on the theme of education and literacy, financial or otherwise, ENJOI account holders will also have access to exclusive offers from ed-techs and e-learning providers. The bank has exclusively selected these offers and links to provide maximum benefits to account holders. A personalized debit card is free for the first year and can be used for free for life by maintaining the required balances.
Murali Vaidyanathan, Senior Chairman and Country Manager, Equitas Small Finance Bank Limited, said, “ENJOI, as an idea, is designed to empower growing children to understand the power of savings and begin their financial journey with our bank. Habits and culture, taught from an early age, stay with us for the long term. By instilling the habit of saving early, with ENJOI, we empower children to capitalize by starting to save early. ENJOI allows young children who are tomorrow’s future to manage finances. We all have this emotional connection to our first bank account and with all the flexibility and functionality that ENJOI offers children, we hope that launching this account during the school reopening period will make it their “Savings Ki Paathshaala “. With the launch of the Children’s Account, Equitas Small Finance Bank now has a solution to meet savings needs at every stage of human evolution.
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