TLDR: Equitas Small Finance Bank has launched new financial products, FCNR (B) Deposits and the Equitas Explorer Savings Account, specifically tailored for Non-Resident Indians (NRIs) and seafarers.
Equitas Small Finance Bank, one of India’s largest SFBs, has announced the launch of its Foreign Currency Non-Resident FCNR (B) Deposit and the Equitas Explorer Savings Account—two specialized offerings tailored to meet the evolving financial needs of Non-Resident Indians (NRIs) and seafarers respectively. With over 2,85,454 Indian seafarers and maritime professionals working across international waters (as per the Directorate General of Shipping, 2023) and more than 35.4 million NRIs worldwide , this dual product launch reflects Equitas SFB’s commitment to delivering flexible, secure, and tech-enabled banking solutions for India’s expanding global workforce.
Hedging currency is a fundamental need for most NRIs, and holding savings in dollars is a smart way to preserve and grow wealth across borders—especially by securing favorable exchange rates. The bank’s FCNR (B) Deposit—currently available in USD—offering NRIs a robust wealth management tool designed to grow global earnings with ease. FCNR (B) provides rewarding interest rates, tax-free interest income on earnings in India, and full repatriation of both principal and interest. With no foreign exchange risk, hassle-free renewals, and the ability to maximize FCNR earnings, Equitas FCNR (B) Deposit ensure seamless wealth growth for global customers—without compromising on convenience, security, or regulatory compliance.
The bank has launched the Equitas Explorer Savings Account—a specially designed banking solution for NRIs and Persons of Indian Origin (PIOs) working in foreign shipping companies, merchant navy, and oil rigs. Available in both Non-Resident External (NRE) and Non-Resident Ordinary (NRO) variants, this account caters to the unique needs of seafarers with features such as a International VISA Platinum Debit Card (NRE), ₹1 crore air accidental death insurance cover, home contents insurance up to ₹2 lakhs against burglary and fire, and mandate holder facility for close resident relatives in India. Customers can also enjoy attractive rates on inward/outward remittances and a 25% discount on annual locker rentals. With a simplified documentation process—including passport, visa or Continuous Discharge Certificate (CDC), and merchant navy declarations—individuals can open an Explorer Account by maintaining either an Average Monthly Balance (AMB) of ₹1 lakh or a Total Relationship Value (TRV) of ₹10 lakhs.
“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 solutions reflect our mission to empower underserved and niche segments with innovative, need-based products.”
The introduction of financial products catering specifically to this cohort reflects Equitas SFB’s focus on customer-first innovation and its commitment to financial inclusion for all Indians—wherever they are. With these launches, Equitas SFB continues to expand its footprint in niche banking, offering tailored solutions through a mix of technology, personalization, and product innovation.
