Customers can open a 'Selfe Fixed Deposit' online for up to Rs 90,000 by using their Aadhaar Number and PAN. While the SELFE Savings Account is a digital bank account which can be opened with a web based interactive video form, writes The Economic Times.
Equitas Small Finance Bank, has said that new customers can 'self-onboard' to open a savings account or invest in a fixed deposit with no physical contact or branch visits during the on-going coronavirus lockdown.
The bank's website states that you can complete the process in three minutes.
Small banks like Equitas offer higher interest rates compared to their bigger and more established peers.
Features of Selfe FD:
Interest up to 7.75% per annum for 1 year
0.60% additional interest for senior citizens
Open FD without a savings account
Minimum investment of Rs 5,000 and invest up to Rs 90,000 at any time
Choose to invest from 7 days to 365 days
No premature withdrawal penalty if Selfe FD has completed a tenure of more than 180 days
No premature withdrawal penalty for Senior Citizen Selfe FD
With regards to savings account, the SELFE Savings Account is a digital bank account which can be opened with a web based interactive video form by registering using Aadhaar number, PAN and other basic details. Customers can set up a mobile banking PIN and start using their account immediately. The Bank also supports its customers through their chat bot Aidy to take care of the customer needs and queries. They can get interest rate up to 7.5 per cent with no minimum balance and virtual debit card.