Equitas Small Finance Bank Limited announced on Thursday that it is ready to launch a savings account called ENJOI for children on Father’s Day – June 19, 2022.
The SFB announced that this account introduces “young children” to the financial world, encouraging them to develop the habit of saving at an early age. He added that an ENJOI account will also help children take their first step into a new era and a technology-driven banking experience.
ENJOI will allow children from 0 to 18 years old to open savings accounts under the supervision of their parents. Minors aged 10 and over will also have an option for a personalized debit card.
Equitas SFB, in an official statement, explained that in order to foster higher savings growth, the account offers a “best in class” interest rate of 7% for savings balances between Rs 5 lakh and R 2 crore. With written parental consent, minors aged 10 and over can also benefit from a standalone account with limited transaction limits.
This new children’s account will provide flexibility to choose savings mode either as savings account, balance starting at Rs 1,000; RD (recurring deposit) for Rs 500 per month; FD (fixed deposit) for Rs 10,000. He added that children can deposit their own pocket money into the account and watch their savings grow with best-in-class interest rates.
“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, remain with us for the long haul. By instilling the habit of saving early, with ENJOI, we empower children to capitalize by starting to save early,” said Murali Vaidyanathan, Senior Chairman and Country Manager, Equitas Small Finance Bank Limited .
“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,” they added.
The bank further noted that ENJOI account holders will also have access to exclusive offers from ed-tech and e-learning providers. These offers and links have been exclusively selected by the bank to provide maximum benefits to account holders. The personalized debit card is free for the first year and can be used for free for life by maintaining required balances, the bank explained.
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