Equitas broker Accounts

equitas Account Types & Opening Guide 2025: Complete Comparison and Registration Steps

Part 1: equitas Account Types Explained

Equitas Small Finance Bank offers a variety of account types tailored to meet the diverse needs of its customers. Below is an overview of the available account types:

1. Savings Account

• Minimum Deposit Requirement: ₹10,000 (waived if FDs worth ₹50,000 or above are held)
• Interest Rate: Up to 7.50% p.a. based on the balance slab.
• Key Features:
• Zero balance option available.
• Free ATM transactions.
• Online banking and mobile banking facilities.
• Target User Profile: Individuals looking for a safe place to save money with interest benefits.
• Trading Instruments Available: Not applicable.

2. Current Account

• Minimum Deposit Requirement: Varies by type (e.g., Wings Current Account has higher limits).
• Key Features:
• Designed for businesses and professionals.
• Unlimited transactions with no minimum balance requirement.
• Various types tailored for specific business needs.
• Target User Profile: Small businesses, freelancers, and entrepreneurs.
• Trading Instruments Available: Not applicable.

3. Zero Balance Account

• Minimum Deposit Requirement: None.
• Key Features:
• No maintenance charges.
• Free transactions at ATMs.
• Ideal for low-income individuals or those with irregular income.
• Target User Profile: Individuals seeking basic banking services without the burden of maintaining a minimum balance.
• Trading Instruments Available: Not applicable.

4. Fixed Deposit Account

• Minimum Deposit Requirement: ₹10,000.
• Interest Rate: Up to 7.50% p.a.
• Key Features:
• Flexible tenures ranging from 7 days to 10 years.
• Premature withdrawal options available.
• Target User Profile: Individuals looking to earn higher interest on their savings.
• Trading Instruments Available: Not applicable.

5. NRI Accounts (FCNR & Explorer Accounts)

• Minimum Deposit Requirement: Varies based on account type.
• Key Features:
• Designed for Non-Resident Indians.
• FCNR accounts allow deposits in foreign currency.
• Target User Profile: NRIs looking to manage their finances in India.
• Trading Instruments Available: Not applicable.

Account Type Comparison Table

Part 2: Detailed equitas Account Features

Account Features Comparison

Advantages and Disadvantages of Each Account Type

Savings Account

• Advantages:
• High-interest rates.
• Flexible withdrawal options.
• Online banking facilities.
• Disadvantages:
• Minimum balance requirement.
• Limited transaction capabilities.

Current Account

• Advantages:
• Unlimited transactions.
• Tailored for business needs.
• No minimum balance requirement.
• Disadvantages:
• Higher fees for certain transactions.
• Not suitable for personal banking.

Zero Balance Account

• Advantages:
• No maintenance charges.
• Ideal for low-income individuals.
• Free ATM transactions.
• Disadvantages:
• Limited features compared to other accounts.
• May not earn high interest.

Fixed Deposit Account

• Advantages:
• Higher interest rates.
• Safe investment option.
• Flexible tenures.
• Disadvantages:
• Penalties for premature withdrawal.
• Limited liquidity.

NRI Accounts

• Advantages:
• Foreign currency deposits.
• Tailored services for NRIs.
• Disadvantages:
• Complex documentation.
• Limited features compared to local accounts.

Part 3: equitas Account Registration Requirements

Eligibility Criteria

• Age Requirements: Must be at least 18 years old.
• Geographic Restrictions: Available to residents of India and NRIs.
• Prohibited Countries: Specific countries may be restricted based on regulatory guidelines.
• Identity Verification Documents Needed:
• PAN card.
• Aadhar card or any government-issued ID.
• Proof of Residence Requirements: Utility bills or bank statements.
• Additional Documentation for Professional Accounts: Business registration documents.

KYC/AML Compliance Procedures

• Customers must complete KYC (Know Your Customer) procedures, which include identity verification and proof of residence.
• AML (Anti-Money Laundering) policies require banks to monitor transactions and report suspicious activities.

Verification Time Frames

• Account verification typically takes 1-3 business days, depending on the completeness of the submitted documents.

Part 4: Step-by-Step equitas Account Opening Guide

Step-by-Step Registration Process

1. Visit the Website: Go to the official Equitas Small Finance Bank website.
2. Click Registration: Find and click on the account registration link.
3. Personal Information Entry: Fill in your personal details such as name, contact information, and address.
4. Choose Account Type: Select the type of account you wish to open.
5. Set Trading Preferences: Specify your preferences for account features.
6. Document Upload: Upload the required identity and residence proof documents.
7. Account Verification: Wait for the bank to verify your documents.
8. Fund Your Account: Once verified, deposit funds into your account to start using it.

Desktop vs Mobile Registration Differences

• The registration process is similar on both platforms, but the mobile version may have a more simplified interface.

Common Registration Issues and Solutions

• Issue: Document upload failure.
• Solution: Ensure documents are in the correct format and size.
• Issue: Verification delays.
• Solution: Contact customer support for assistance.

Average Account Approval Time

• Typically, account approval takes 1-3 business days.

How to Upgrade/Downgrade Account Types

• Customers can request upgrades or downgrades by contacting customer service or through online banking options.

Part 5: equitas Demo Account Guide

Demo Account Features and Benefits

• Provides a risk-free environment to practice trading.
• Access to virtual funds for trading.
• Helps users familiarize themselves with the trading platform.

How to Open a Demo Account

• Visit the Equitas website and follow the demo account registration process.

Demo Account Limitations

• Limited to virtual trading only; cannot be used for real transactions.
• May have a time limit on usage.

Virtual Balance Amount

• Typically, demo accounts come with a virtual balance of ₹1,000,000.

Demo vs Live Account Differences

• Demo accounts use virtual funds, while live accounts require real money deposits.

Duration/Expiry of Demo Accounts

• Demo accounts usually remain active for a specified period, often 30 days.

Part 6: equitas Islamic Account Details

Islamic Account Availability

• Equitas does not currently offer Islamic or swap-free accounts.

Eligibility Requirements

• Not applicable as Islamic accounts are not available.

Differences from Standard Accounts

• Not applicable as Islamic accounts are not available.

How to Apply for Islamic Account

• Not applicable as Islamic accounts are not available.

Restrictions or Special Conditions

• Not applicable as Islamic accounts are not available.

FAQs – equitas Account Types & Opening

1. What account types does equitas offer？

• Equitas offers Savings Accounts, Current Accounts, Zero Balance Accounts, Fixed Deposit Accounts, and NRI Accounts.

1. What is the minimum deposit for each account type？

• Savings Account: ₹10,000; Current Account: Varies; Zero Balance Account: None; Fixed Deposit Account: ₹10,000; NRI Accounts: Varies.

1. How long does equitas account verification take？

• Account verification typically takes 1-3 business days.

1. Does equitas offer demo accounts？

• Yes, Equitas offers demo accounts for practice trading.

1. Can I have multiple account types with equitas？

• Yes, customers can open multiple account types as per their needs.

1. Does equitas offer Islamic/swap-free accounts？

• No, Equitas does not currently offer Islamic or swap-free accounts.

1. What documents do I need to open an equitas account？

• PAN card, Aadhar card or government-issued ID, and proof of residence.

1. Can I change my account type after registration？

• Yes, you can request to upgrade or downgrade your account type through customer service.