Equitas Small Finance Bank Launches FCNR Deposits and Explorer Savings Account for NRIs and Seafarers

Equitas Small Finance Bank (SFB) has announced the launch of two specialized banking products: the Foreign Currency Non-Resident FCNR (B) Deposit and the Equitas Explorer Savings Account. These offerings are uniquely crafted to cater to the needs of Non-Resident Indians (NRIs) and Indian seafarers, reflecting the bank’s strong commitment to innovative and inclusive banking.

According to the Directorate General of Shipping, over 2.85 lakh Indian seafarers work on international waters, while more than 35 million NRIs reside across the globe. Understanding the unique financial needs of these communities, Equitas SFB is offering tailor-made solutions that promise ease, safety, repatriability, and tax efficiency.

FCNR (B) Deposits: Tax-Free and Fully Repatriable

The Equitas FCNR (B) Deposit, currently available in USD, empowers NRIs to hedge against currency fluctuations and enjoy tax-free interest earnings in India. These deposits are fully repatriable, offer competitive interest rates, and come with zero foreign exchange risk—making them a wise choice for global wealth management. The solution enables easy renewals and seamless account management, providing peace of mind for NRIs managing income from abroad.

Explorer Savings Account: Banking Built for the High Seas

The newly launched Equitas Explorer Savings Account caters to NRIs and Persons of Indian Origin (PIOs) working in the merchant navy, foreign shipping companies, and oil rigs. Available in NRE and NRO variants, this account includes an International VISA Platinum Debit Card (NRE), ₹1 crore air accident insurance, ₹2 lakh home content insurance, and a mandate holder facility for resident relatives in India.

Customers also benefit from a 25% discount on locker rentals, Attractive forex remittance rates, and Simple onboarding using a passport, visa, or Continuous Discharge Certificate (CDC).

Accounts can be opened with either an Average Monthly Balance (AMB) of ₹1 lakh or a Total Relationship Value (TRV) of ₹10 lakhs, ensuring flexibility for various customer profiles. “We understand the unique challenges faced by the seafaring and global NRI community,” said Murali Vaidyanathan, Senior President & Country Head – Branch Banking, Equitas SFB. “With these new products, we’re offering a borderless banking experience—rich in benefits and tailored to our customers’ life journeys.”

Equitas SFB’s new offerings signal a broader strategy focused on financial inclusion, especially for underserved or niche customer groups. Through technology-first, customer-centric innovations, the bank is strengthening its position as a new-age financial institution that empowers individuals wherever they are in the world.