Innovative banking solutions tailored for India’s global diaspora and maritime workforce, offering enhanced flexibility, security, and cross-border financial empowerment
Mumbai/Chennai, July 24, 2025: Equitas Small Finance Bank, one of India’s leading small finance banks, has announced the launch of two specialized products aimed at serving the evolving financial needs of Non-Resident Indians (NRIs) and maritime professionals. The Foreign Currency Non-Resident (Bank) [FCNR (B)] Deposit and the Equitas Explorer Savings Account have been designed to empower India’s global workforce with seamless, secure, and benefit-rich banking experiences.
With over 2.85 lakh Indian seafarers navigating international waters (as per Directorate General of Shipping, 2023) and 35.4 million NRIs spread across the globe, Equitas SFB’s dual offering reflects a deep commitment to financial inclusion, innovation, and customer-centricity.
FCNR (B) Deposit: Tax-Free, Fully Repatriable Wealth Management in USD
Recognizing the need to hedge currency and protect wealth against foreign exchange volatility, Equitas has introduced the FCNR (B) Deposit, currently available in US Dollars. This product allows NRIs to manage global earnings with confidence and ease, offering:
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Attractive interest rates on USD deposits
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Tax-free interest income in India
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Full repatriation of principal and interest
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No foreign exchange risk
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Seamless renewals and maturity options
This deposit is an ideal long-term wealth management tool for NRIs seeking stable, compliant, and rewarding investment avenues without compromising convenience or safety.
Equitas Explorer Savings Account: Designed for Seafarers and NRIs on the Move
Targeting NRIs and Persons of Indian Origin (PIOs) employed with foreign shipping companies, merchant navy, or oil rigs, the Equitas Explorer Savings Account is available in both NRE and NRO variants. It comes packed with exclusive features designed for life at sea:
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International VISA Platinum Debit Card (NRE)
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₹1 crore air accidental death insurance cover
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Home contents insurance up to ₹2 lakhs (covering burglary and fire)
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Mandate holder facility for resident relatives
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Attractive remittance rates (inward & outward)
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25% discount on annual locker rentals
Opening the account is hassle-free with simplified documentation, including a passport, visa or Continuous Discharge Certificate (CDC), and merchant navy declaration. Customers can maintain either an Average Monthly Balance (AMB) of ₹1 lakh or a Total Relationship Value (TRV) of ₹10 lakhs to enjoy the benefits.
Customer-Centric Innovation at the Core
“At Equitas, we understand the unique challenges faced by the seafaring and global NRI community in managing their finances while constantly on the move,”
said Murali Vaidyanathan, Senior President & Country Head – Branch Banking – Liabilities, Products & Wealth, Equitas SFB.
“With the Equitas Explorer Savings Account and FCNR (B) Deposit, we are offering a world-class banking experience that is borderless, benefit-rich, and built entirely around the customer’s life journey.”
These offerings are part of Equitas SFB’s mission to serve underserved and niche communities with innovative, relevant, and secure banking solutions that prioritize customer experience, accessibility, and long-term value.
About Equitas Small Finance Bank
Equitas Small Finance Bank is among India’s largest SFBs, known for its inclusive banking philosophy and focus on bridging the financial gap across diverse customer segments. The bank offers a wide array of products for individuals, SMEs, corporates, and micro-entrepreneurs—especially those with limited access to traditional banking.
Driven by a vision to support aspirations at the grassroots and beyond, Equitas continues to build a robust platform powered by technology, personalization, and product innovation.
To learn more, visit: www.equitasbank.com
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