RBI-approved North East Small Finance Bank, a subsidiary of RGVN Microfinance, serves as the sole North-Eastern Small Finance Bank. With over 155 branches across nine states, it focuses on rural financial inclusion, supported by investments from entities like SIDBI Venture Capital and Ratan Tata. Its offerings span savings, deposits, loans, cards, mutual funds, and digital services like North East Finance Bank Net Banking and Mobile Banking.
The different types of products and services provided by the North East Small Finance Bank are:
- North East Finance Bank Deposits
- North East Finance Bank Loans
- North East Finance Bank Cards
- North East Finance Investment Options
- North East Finance Bank Banking Services
The following categories are covered under North East Small Finance Bank Deposit Accounts:
Savings Account is mainly to inculcate a saving habit. You can deposit as well as withdraw funds from this account. The bank provides various types of savings accounts as given below:
|Type of Account
|Regular Savings Account
|Individuals, families, as well as children can open the account Minimum balance: Rs. 500 in rural areas, Rs. 1000 in semi-urban areas and Rs.1500 in urban are as North East Finance Bank Net Banking and Mobile banking facility
|Premium Savings Account
|Minimum quarterly average balance: Rs. 25000
|Unlimited free ATM transactions at NESFB ATMsFree NEFT/RTGS funds transfer
|TASC Savings Account
|Minimum QAB: Rs. 1.00 lacUnlimited free DDs
|employees of Corporates, SME business houses, and other institutions are eligibleZero minimum balance3 Free DDs in a month.No debit card chargesFree e-statementDoorstep bankingFree SMSPersonalised Debit Cards
|Institutional Savings Account
|Trust, Clubs, Associations, Societies, NGOs and Educational Institutions are eligibleNo minimum balance Free DDs Free SMS alerts and doorstep bankingFree outstation cheque collection facility up to 5 a month
|Basic Savings Bank Deposit Account-Small
|No elaborate KYC processThe maximum permitted balance in the account is Rs. 50000/-The maximum deposit into the account in a year should not exceed Rs. 1.00 lac
|No minimum balance requiredNo account opening chargesNo debit card chargesFree SMS alerts and doorstep banking
|Basic Savings Bank Deposit Account
|No cap on cash transactions
These accounts are meant for business purposes and can be opened by business enterprises or individuals engaged in business activities. Only business transactions are permitted in these accounts. The different types of current accounts are:
|Type of Account
|General Current Account
|Quarterly minimum balance: Rs. 2500 in rural areas and Rs. 5000 in semi-urban and urban areasFree debit card
|Plus Current Account
|Quarterly minimum balance: Rs. 5000 in rural areas. Rs. 10000 in semi-urban and urban areasUnlimited free transactions at NESFB ATMsFree SMS Alerts and debit card
|For Self Help Groups with 10 to 15 members Will be in the name of office bearers Zero balance account No processing charges for loans up to Rs. 25000/- per member Free SMS alerts Doorstep banking
Funds invested under fixed deposits will earn a higher rate of interest. The features of the fixed deposit are:
|Type of Account
|Period: 7 days to 120 days North East Finance Bank FD rates: 3% to 8.25% depending on the amount and period of deposit North East Finance Bank FD rates for senior citizens: 50% above the normal rate. Interest payout to savings account either monthly or quarterly Auto-renewal facility Part withdrawal permitted Free SMS and Doorstep Banking A loan against deposit permitted
|Period: 6 months to 10 yearsInvestment in fixed monthly instalments.A loan against deposit permittedFree SMS alert and doorstep banking
|For daily wagers and small business owners generating daily incomeDaily instalments in multiples of Rs. 50Minimum deposit: Rs.50Period: 12 months to 36 monthsNo penalty for skipped instalmentsLoan up to 80% of deposit permitted.
The bank provides various loans to cater to its customer’s requirements:
|Type of Loan
|Purpose: For the construction of a houseAmount: Rs. 5.00 lacs to Rs. 25 lacsTenure: 5 to 10 years
|Eligibility: NBFCS for microfinancing lendingAmount: Rs. 10 croresTenure: 2 years to 10 years
|Eligibility: Micro businesses Amount: Rs. 49999/-Period: 6 months to 3 yearsRepayment is to be done online
|Unnati Plus Business Loan
|To micro businessesAmount: Rs. 2.00 lacsTenure: 1 to 5 years
|Home Improvement loan
|For furnishing your existing propertyAmount: Rs. 3 lacsTenure: 12 months to 60 months
|To salaried individuals to meet urgent fund requirementsAmount: Rs. 1.00 lac to Rs. 100 lacsTenure: 1 year to 5 years
Mutual Fund is one investment option provided by the bank. The bank offers various schemes under mutual funds of the following fund houses:
- Nippon India Mutual Fund
- HDFC Mutual Fund
- ICICI Mutual Fund
- DSP Mutual Fund
- Mahindra Manulife Mutual Fund
The NESFB provides the following services
- Internet and Mobile Banking Services. You can access these services 24 x 7 and conduct online fund transfers to NESFB accounts and other bank accounts. You can also avail of other services like downloading account statements, balance enquiry, generating mini statements, requesting cheque books, opening accounts online, etc.
- Doorstep banking facility for cash deposit/withdrawal, cheque deposit, demand drafts, account opening, etc. will be provided.
- RuPay Debit Card: Issued to a savings account and current account customers for online and offline transactions.
For any queries call the North East Finance Bank Customer Care number 1800-121-1905 or send an email to firstname.lastname@example.org.
North East Small Finance Bank FAQ’s:-
The rate of interest for the Savings Account of the bank will be 6% up to Rs. 1.00 lakh and 0.25% above the normal rate for balances above Rs. 1.00 lakh.
It is better to operate the account regularly. If you do not operate the account for more than 2 years, the account will become dormant.
Yes. You can activate the dormant account by giving a written request along with self-attested KYC documents copies.
Yes. For cash transactions above Rs. 50000/- PAN will be required.
No introduction is required to open an account with NESFB.