Business briefs

Kids can deposit their own pocket money into the account and watch their savings grow with best-in-class interest rates, Equitas SFB said.Murali Vaidyanathan, Senior President Country Head, Equitas Small Finance Bank, said, ENJOI as an idea is built to allow growing kids to understand the power of savings and start their financial journey with our bank.

Equitas Small Finance Bank Limited is set to launch kids savings account called ENJOI on the occasion of Father's Day on June 19.

ENJOI will allow kids of 0-18 years to open savings account under the supervision of their parents. Minors aged 10 years and above will also get an option for personalised debit card, Equitas SFB said on Thursday.

The account offers best-in-class 7 per cent interest for savings balances between Rs 5-Rs 2 crore. Upon written consent from parents, minors aged 10 and above can also avail self-operating account with limited transaction limits, the bank said.

The account offers flexibility to choose the mode of savings either as savings account, balance starting as low as Rs 1,000; RD (Recurring Deposit) for Rs 500 monthly; FD (Fixed Deposit) for Rs 10,000. Kids can deposit their own pocket money into the account and watch their savings grow with best-in-class interest rates, Equitas SFB said.

Murali Vaidyanathan, Senior President & Country Head, Equitas Small Finance Bank, said, ''ENJOI as an idea is built to allow growing kids to understand the power of savings and start their financial journey with our bank. ''The habits and culture, taught at young age, stays with us in a long run. By inculcating the habit of saving early, with ENJOI, we are empowering the kids with the power of compounding by starting to save early,'' he added.