Equitas Small Finance Bank Launches FCNR (B) Deposits and Explorer Savings Account for NRIs and Seafarers.
Banking & Finance
On 22 July 2025, Equitas Small Finance Bank introduced two new offerings—the Foreign Currency Non-Resident FCNR (B) Deposit and the Equitas Explorer Savings Account. These are designed specifically to empower Non-Resident Indians (NRIs) and seafarers with flexible, secure, and digitally-driven banking solutions reflecting the needs of India’s global workforce.
- Equitas Small Finance Bank, one of India’s major Small Finance Banks (SFBs), crafted the FCNR (B) Deposit to address cross-border currency risk for Indians abroad. Available in USD, it allows NRIs to preserve their overseas earnings, offering tax‑free interest on returns, full repatriability of principal and interest, and ease of renewal, making it a strong wealth management tool.
- The Explorer Savings Account caters especially to seafarers, mariners, and Persons of Indian Origin (PIOs) working across oceans. Available in both Non-Resident External (NRE) and Non-Resident Ordinary (NRO) variants, the account offers features like a VISA Platinum Debit Card, ₹1 crore air accidental death insurance, ₹2 lakh home contents insurance, mandate-holder facility for relatives, and discounted locker rentals for account holders.
Main Point :- (i) With over 2.85 lakh Indian seafarers employed overseas (as per the Directorate General of Shipping, 2023) and more than 35.4 million NRIs globally, these product launches signify Equitas SFB’s focus on digital-first, customer-centric banking innovation for India’s diaspora. The bank highlights the importance of providing repatriable, high‑interest, and secure platforms for their growing global clientele.
(ii) Applicants need only maintain an Average Monthly Balance (AMB) of ₹1 lakh or a Total Relationship Value (TRV) of ₹10 lakhs to qualify for the Explorer Account. Documentation—such as passports, visas, or Continuous Discharge Certificates (CDC)—is streamlined to minimize friction for those in remote locations.
(iii) Murali Vaidyanathan, Senior President & Country Head (Branch Banking – Liabilities, Products & Wealth) at Equitas SFB, stated these offerings reflect the bank’s mission to empower underserved and niche segments with borderless, benefit-rich, and technology-led inclusive banking solutions.
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