Biznextindia : Equitas Small Finance Bank announces the launch of ASBA facility on its Internet Banking, Mobile Banking and UPI interface for its customers. ASBA (Applications Supported by Blocked Amount) is a process required by India’s Stock Market Regulator SEBI for applying to IPOs, FPOs etc. Equitas Bank continues to create a seamless banking experience for its customers, as they can now directly participate in primary markets through the facility. With ASBA facility, customers can avail the benefit of high savings account interest until the date of allotment of shares. Notably, the facility blocks the bank account for application money and when entire IPO process is complete, the account is debited only to the extent of payment required for final allotment. For this entire time – customers enjoy the benefit of high Savings Account Interest Rate offered by the Bank on entire amount. The blocked amount is also considered while calculating the average monthly balances (AMB). ASBA facility is available at no cost and does not need one to submit any kind of physical documents to activate.
Equitas’ ASBA feature provides customers with several salient benefits, all whilst prioritizing convenience, security as well as enhancing overall usage experience. While ‘Demat account’ is a pre-requisite for making IPO applications, Equitas Bank has a ready answer for those who could be investing in Share Market for the first time in their lives. In association with Aditya Birla Money Limited, Bank provides the facility of instant Trading cum Demat Account which can be activated digitally in a matter of few minutes.
“We firmly believe that the future growth plans of the Bank and the well-being of its customers are inexorably interlinked, and they need to reinforce each other. Post our 3-in-1 account launch, we are continuously working to offer our customers the very best of modern banking, with users now being able to enjoy daily interest while the amount is blocked, through the ASBA feature. The move will also significantly help retail and HNI investors. With contactless banking becoming the need of the hour and omnichannel delivery critical to future readiness, our continued investments towards building world-class digital assets have become a key differentiator. The incorporation of the ASBA feature in the mobile application reflects our efforts towards the path of financial inclusion, increasingly leveraging the power and reach of digital technologies and optimal business growth through collaborations” Mr. Murali Vaidyanathan, Senior President and Country Head –Branch Banking – Liabilities, Products & Wealth, Equitas Small Finance Bank Limited, said.