Anyone with Equitas small finance bank "Elite" savings account do share your experience. Does initial funding mentioned on the website strictly followed or can be negotiated? Also if one manages to do initial funding is he required to maintain that all time or like weath management account of icici it can be withdrawn later without elite status getting downgraded.
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Elite Savings Account of Equitas
- Thread starter Nobody
- Start date
Sachin2008
TF Select
did you open elite?
I also need for fd only. How is ur experience do they downgrade?
No downgrade yet. They mention while opening sb acc, unless customer asks for it, we don't do downgrades. And for good reason. They are one of the oldest SFBs in India, but aren't the top SFB yet. They are looking for business still.
When you open FD, if the amount is >= 4L, they'll try to convince you to open their Elite acc. I suggest take it, if you can handle, since there's literally 0 charges & many benefits (full body health check-up, locker etc).
Sachin2008
TF Select
I will open an account with IP 5L then withdraw, and then do FD.
IS this work?
RajeshV
TF Premier
Why withdraw if you want to deposit?
Anyways, there's nothing for it to not 'work'. Won't be a problem.
funding of your FD can be done through the savings account you just opened with them. i think this is a fine approach, unless you have some reason not to do that.
and yes, after funding the FD your sb account will be having 0 bal. that's not an issue.
Sachin2008
TF Select
I will do fd of 1L only
if I open account with 5L and then withdraw 4 L
that's fine as well. if anyone bothers you for withdrawing (like your RM), tell them you can add funds during quarter ending, and if that's not sufficient you'll be happy to terminate the relationship with the bank.
i suggest you go like this. tell them you have 5L. and you want to create one FD each month (reason being expected hike in interest rates soon). i'll assume they'll beg you to take the elite account. you can act uninterested but accept it on condition that you won't be bothered to maintain balance in that acc. then they'll take a cheque of 5L and voila. your elite acc is opened & immediately you can create fd too.
later at your convenience you can withdraw funds (if you are just going to park it in another bank, i suggest keeping it in equitas as they give better rates for sb than any other bank)
