Equitas Small Finance Bank (Equitas SFB) said on Thursday that it had become the first SFB to offer its NRI customer segment the facility of opening an account online. The bank will also be the only one in the SFB space to have virtual relationship managers based on time zones, she said. The online account opening process for NRIs can be done through a smartphone or computer connected to the Internet. Applicants will need to send the documents by mail within 90 days of opening the account.

With this move, Equitas SFB increases the opportunities for its NRI account holders to manage their investments, deposits and earned income in India. Equitas’ net banking would also make it easier to invest in mutual funds and portfolio management services for NRI account holders.

Through banking alliances, Equitas SFB also offers online and offline money transfer services to its NRI clients at the best exchange rates, making it easy and easy to transfer their foreign income to India seamlessly.

Equitas SFB offers interest rates of 6.8% per annum on fixed deposits and 7% per annum on SB balances between Rs 1 lakh and Rs 2 crore for NRI accounts.