Equitas Bank SelfieSavings & SelfieFD

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Deal Lieutenant
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Anyone has any experience with this SelfieSavings/SeifieFD from Equitas Bank.
The interest rates looks attractive, but it seems after 1 year we need to do the KYC physically.
How is this possible if the bank doesnt have any branches in the state where the customer is residing.?

Recently i heard that kotak has introduced a full KYC verification which is done completely in digital form(including video chat i think).
Anyone has done this?

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Their FD is not covered under insurance, so in case bank fail no amount will be given. source personaly visited thier Branch 9 months back and Branch manager confirm me this.

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Mehtahitesh wrote:

Their FD is not covered under insurance, so in case bank fail no amount will be given. source personaly visited thier Branch 9 months back and Branch manager confirm me this.

How come that possible? Equitas is a Bank running as per the RBI guidelines rt?

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_One_Miller_ wrote:

Saying again, Stay away from Small finance banks.

Why did you says so?
SFB doesnt lend to coorporates, so what is the probability of a failure?
Also if everyone keeps max 5 lac investment(either as FD or savings) in a single SFB then they are safe even if the bank fails right?

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DealFinder wrote:

How come that possible? Equitas is a Bank running as per the RBI guidelines rt?

Might be they have not taken insurance , better you send them mail and confirm.

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Always keep an eye on gross npa and net npa and other ratios for banks if they are like axis bank or laxmi villas on that day itself withdraw immediately you cannot trust any bank nowadays

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Dimers after opening an account – Selfie maine le li aaj

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Mehtahitesh wrote:

Their FD is not covered under insurance, so in case bank fail no amount will be given. source personaly visited thier Branch 9 months back and Branch manager confirm me this.

Wrong info.

Deposit insurance is insurance for deposits held by customers in a bank. It is provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC). It includes commercial public banks and small finance banks.

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pranavcool wrote:

Always keep an eye on gross npa and net npa and other ratios for banks if they are like axis bank or laxmi villas on that day itself withdraw immediately you cannot trust any bank nowadays

Really? What’s with Axis Bank?

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Ramta_Jogi wrote:

Really? What’s with Axis Bank?

Its figures were damm too high in these npas so whoever looked at those were saved and those who forgot are the victims

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pranavcool wrote:

Its figures were damm too high in these npas so whoever looked at those were saved and those who forgot are the victims

What’s considered high NPA?

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Ramta_Jogi wrote:

Wrong info.

Deposit insurance is insurance for deposits held by customers in a bank. It is provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC). It includes commercial public banks and small finance banks.

You replied on my last year post and the information given by me personally obtained from bank at that time, and that time no detail mentioned in DICGC website, currently it’s updated.

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Mehtahitesh wrote:

You replied on my last year post and the information given by me personally obtained from bank at that time, and that time no detail mentioned in DICGC website, currently it’s updated.

Damn! Sorry! Didn’t see the time of post. Why do we even keep such old posts running?!

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kukdookoo wrote:

@DealFinder
aapne account khol liya is bank mein?

Nope as they dont have any branches nearby..dont think they have video kyc .

Missing