Besides facilities covered by the bank, the savings account will give access to flawless integration with UPI to ease out the process of transfer of funds and bill payments.
Addressing the launch event, Anuj Kacker, co-founder Freo, said, “People have the power to analyse their spending patterns and take small steps that can help them build and bolster their credit score with just a little help. All our features are designed to achieve this purpose and provide users with the freedom to spend without fear and give them the added convenience to meet all of their aspirations.”
In order to retrieve the credit benefits, proper credit scores need to be maintained by the users, in order to ascertain their financial credibility and default ratio. However, everyone could not get qualified to mould a credit history by taking a credit card or a loan from a bank. Thus, Freo bank has developed the savings account set-up to override the qualification crisis.
According to Vaibhav Joshi, chief digital officer, Equitas Small Finance Bank, the partnership with Freo will help elevate the future of financial services by reaching out to the youth, families and business people across India and introduce them to a new way to the bank via app-based banking solutions.