Equitas Current Account – Features, Benefits & Application Guide

A Current Account is designed for businesses and professionals who require frequent banking transactions. Equitas Small Finance Bank offers a Current Account with minimum balance options to support entrepreneurs, freelancers, and small businesses in managing their finances seamlessly.

Let’s understand this with the example of Ananya, a Freelance Graphic Designer.

Ananya, a 32-year-old freelancer, works with multiple clients and receives payments from both Indian and international businesses. Initially, she had a regular savings account, but she faced issues with transaction limits and business-related banking needs.

Monthly Income & Expense Breakdown:

By switching to an Equitas Small Finance Bank Current Account, Ananya now enjoys a hassle-free banking experience, making quick transactions without worrying about minimum balance requirements or unnecessary charges, allowing her to focus on growing her business.

Types of Equitas Current Account With Their Features & Benefits

Equitas offers seven different types of Current Accounts, each designed to meet the needs of different businesses and professionals:

1. Wings Current Account - This is the Premium Current Account, designed specifically for growing businesses, offering a range of exclusive privileges to streamline financial transactions. It provides higher transaction limits, allowing businesses to handle large volumes of payments and deposits with ease. 

Raj, a wholesale electronics trader, uses the Wings Current Account to maximise his idle funds. When his balance exceeds ₹5,00,000, the extra amount is automatically converted into a 90-day FD, earning him interest effortlessly. When he needs urgent cash for a bulk purchase, he withdraws from the FD without any penalty.

Additionally, his VISA Platinum Business Debit Card gives him exclusive benefits on travel and dining, making his business trips more cost-effective. With these features, Raj efficiently manages his finances while enjoying premium privileges.

2. Trade-in Current Account - This account offers an advanced digital banking platform, providing seamless and secure online transactions, bulk payment processing, and real-time fund management, designed to support large-scale business entrepreneurs.

Priya, a textile exporter, chooses the Trade-In Current Account for its advanced digital banking, bulk payments, and real-time fund management. As a woman proprietor, she enjoys special benefits and gets six free multicity cheque books monthly for supplier payments.

With the Sweep In Sweep Out FD, her idle funds above ₹2,00,000 are converted into a 90-day FD, earning her interest while keeping funds accessible without withdrawal penalties. The nomination facility adds security to her business finances. This account helps Priya manage high-volume transactions smoothly while maximising her earnings.

3. Advance Current Account - The Advance Current Account is specifically designed for manufacturers, medium enterprises, and traders, offering a seamless banking experience to support their growing business needs. An advanced digital banking platform, it enables secure transactions, bulk payment processing, and real-time fund management. 

Arjun, a furniture manufacturer, chooses the Advance Current Account for its secure digital banking and bulk payment processing. With the Sweep In Sweep Out FD, any balance above ₹1,00,000 is converted into a 90-day FD, helping him earn interest while keeping funds accessible without withdrawal penalties.

He also benefits from free multicity chequebooks for supplier payments and the nomination facility for added security. This account helps Arjun efficiently manage transactions, optimise cash flow, and grow his business.

4. Business Prime Account - The Business Prime Account is the ideal banking solution for small and medium enterprises, contractors, and supply vendors, offering seamless financial management tailored to their business needs. 

Meera runs a small construction supply business and needs a reliable account for daily transactions. She chooses the Business Prime Account, which offers seamless financial management tailored to her needs.

As a woman proprietor, she enjoys special benefits and two free multicity chequebooks monthly for supplier payments. With an AMB of ₹20,000, the account remains cost-effective while providing essential banking services. The nomination facility ensures the security of her business funds.

This account helps Meera efficiently manage transactions, maintain cash flow, and grow her business hassle-free.

5. Business Account - The Business Prime Account is designed with special features to support the growth of small and smart businesses. It provides a seamless banking experience tailored to their unique needs. It offers cost-effective banking solutions, enabling entrepreneurs to manage transactions efficiently, maintain steady cash flow, and streamline payments.

For example, Rahul runs a small printing business and needs a cost-effective account for managing daily transactions. He chooses the Business Account, which helps him streamline payments, maintain cash flow, and handle transactions efficiently.

With an AMB of just ₹10,000, the account remains affordable while offering three free multicity chequebooks monthly, making supplier and client payments easy. The RuPay Debit Card allows him to manage business expenses conveniently, while the nomination facility ensures financial security.

This account helps Rahul focus on growing his business with seamless and efficient banking support.

6. My Business Account - My Business Account is designed for businesses that operate both within the city and across the country. This account offers a wide range of features to facilitate seamless transactions regardless of your location. With no Average Monthly Balance (AMB) requirement and other valuable benefits, it's the ideal account for businesses seeking flexibility and efficiency.

7. Overdraft Against Deposit - Need instant funds for your business without breaking your Fixed Deposit? The Bank’s Overdraft Against Fixed Deposit allows you to access quick liquidity while your FD continues to grow, ensuring uninterrupted savings and financial stability.

For example, Vikram runs a wholesale distribution business and needs urgent funds to purchase inventory. Instead of breaking his Fixed Deposit, he opts for the Overdraft Against Deposit, allowing him to access funds while his FD continues to earn interest.

With no maintenance charges and a free cash deposit limit of ₹12,00,000 per month, Vikram manages his transactions efficiently. He also benefits from free cash pickup of up to ₹2,00,000 per day for high-limit overdrafts, ensuring smooth business operations.

This facility helps Vikram meet financial needs instantly without affecting his long-term savings.

Equitas Current Account Fees & Charges

Equitas Bank applies different fees & Charges across all its current account offerings, depending on the features and services provided. These charges may vary based on factors such as account type, transaction limits, cash deposit allowances, chequebook issuance, and additional banking services. 

Customers can choose an account that best suits their business needs while being aware of the associated costs. To know the fees & charges of Equitas Current Account, click here and go to the Current Account section and click on it, and then choose the particular Current Account to see the fees.

Eligibility Criteria for Equitas Current Account Opening

To open a current account with Equitas Small Finance Bank, you must be:

• Indian resident, 18 years or older
• Have valid KYC documents (identity & address proof)
• A PAN card is mandatory

Equitas Current Account Documentation Required

How to Open an Equitas Current Account Online?

Step 1: Go to the official website of Equitas Bank. In the navbar, click on the “Business” section.

Step 2: After clicking on it you will see a new interface where in the first bullet point, you will see “Current Account.” Scroll down and you will see a clickable “Current Accounts” button.

Step 3: Click on it. After clicking, you will see a new interface. Scroll down and you will see a variety of current accounts provided by Equitas Bank.

Step 4: Below every Equitas Current Account, there will be a button “Apply Now.” Click on it.

Step 5: After clicking on it, a new screen will appear where you have to fill in some of the important details like name, address, email, etc. Fill in all the details carefully.

Step 6: After filling in all the details, click on the “Submit” button down there. Your application form will be submitted then, and the bank will get in touch with you at the earliest.

How to Open an Equitas Current Account Offline?

To apply for an Equitas Bank Current Account offline, follow these steps:

1. Visit the Nearest Branch: Locate and visit your nearest Equitas Small Finance Bank branch.
2. Collect the Application Form: Request a Current Account Opening Form from the bank representative.
3. Fill out the Form: Provide your personal and business details accurately.
4. Submit Required Documents: Attach KYC documents, PAN card, and business-related proofs as per eligibility.
5. Verification Process: The bank will verify your documents and details.
6. Initial Deposit: Deposit the minimum balance as per the account type.
7. Account Activation: Upon successful verification, the bank will activate your current account and provide account details.

For quicker processing, you may contact customer support before visiting the branch.

Equitas Current Account vs Other Banks’ Current Account

Equitas Small Finance Bank provides a cost-effective, feature-rich current account, especially for small and medium businesses, with lower balance requirements, better free cash deposits, and special business-friendly benefits compared to other banks.

Conclusion 

Equitas Small Finance Bank offers a range of current accounts tailored to meet the diverse needs of businesses, from small enterprises to large corporations. With features like digital banking, automatic Sweep FD, free cheque books, and cash deposit benefits, these accounts provide flexibility, convenience, and financial stability. Whether you're a trader, manufacturer, or service provider, Equitas ensures seamless banking solutions to support your business growth.

FAQ’s

1. Who can open an Equitas Current Account?
   Any Indian resident, 18 years or older, with valid KYC documents and a PAN card can open an account.
   
   
2. What are the minimum balance requirements?
   The AMB (Average Monthly Balance) varies based on the account type, starting from ₹10,000.
   
   
3. Can I apply online for an Equitas Current Account?
   Yes, you can apply online via the Equitas Bank website or visit a branch for an offline application.
   
   
4. What documents are required for account opening?
   PAN card, identity & address proof, and business registration documents (if applicable).
   
   
5. Does Equitas Bank provide a business debit card?
   Yes, most current accounts come with a RuPay or Visa Business Debit Card with special offers.
   
   

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