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ESAF Small Finance Bank Fixed Deposit

ESAF Small Finance Bank FD Scheme

Last Updated 27th Nov 2020

ESAF Small Finance Bank fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 4.50% to 6.50%
Minimum Tenure 7 days
Maximum Tenure 10 years
Deposit Amount Rs. 1000
Maximum Deposit No limit
    Earn upto 6.95% on FD APPLY NOW

    ESAF Small Finance Bank FD

    ESAF Small Finance Bank is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 7 days to 10 years . Apart from that, ESAF Small Finance Bank FD offers regular returns on fixed deposit ranging between 4.50% to 6.50%. For senior citizens, the interest rates on fixed deposits range between 5.00% to 7.00%. In addition to that, ESAF Small Finance Bank fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of ESAF Small Finance Bank Fixed Deposit Schemes

    Different type of ESAF Small Finance Bank term deposit products offered to the investors are listed as follows:

    Regular Deposit

    Description:

    • ESAF Finance Bank FD provides an opportunity to the users to park their surplus for a fixed tenure. It offers attractive returns and high safety, thus becomes a viable Bank to bank on.
    • The facility of reinvestment option available.
    • The nomination facility is available.
    • Joint account is available.
    • Loan against FD available.
    • The option of Auto-Renewal available.
    • Option of premature closure

    Eligibility:

    • Indian residents and HUFs

    Benefits of ESAF Small Finance Bank FD

    ESAF Small Finance Bank fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are listed as follows:

    • Guaranteed returns: The best thing about ESAF Small Finance Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on fixed deposit is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, ESAF Small Finance Bank offers FD rates up to 6.50%. The interest rates offered on ESAF Small Finance Bank FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a FD with a FD provider with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, ESAF Small Finance Bank term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in FD scheme is not only a reliable investment option but can also act as an asset. This is because ESAF Small Finance Bank fixed deposit allows one to borrow a secured loan against ESAF Small Finance Bank FD. The Bank allows a loan up to 90-95% of the FD amount. The best part about ESAF Small Finance Bank loan against fixed deposit is that one does not need to break his or her FD to borrow the loan.
    • Flexible tenures: ESAF Small Finance Bank FD offers the investors the flexibility to choose the investment tenure as per their convenience. ESAF Small Finance Bank offers fixed deposit for a minimum tenure of up to a maximum tenure of 10 years . ESAF Small Finance Bank offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, ESAF Small Finance Bank fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs. 1000 . Apart from that, one can invest in the ESAF Small Finance Bank FD up to a maximum of No limit.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with ESAF Small Finance Bank means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from ESAF Small Finance Bank will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of ESAF Small Finance Bank fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for ESAF Small Finance Bank FD

    ESAF Small Finance Bank FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for ESAF Small Finance Bank FD

    ESAF Small Finance Bank fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    FAQs

    What is the loan against FD repayment tenure?

    ESAF Small Finance Bank offers the loan against FD facility to the FD investors with a repayment tenure of up to 10 years .

    What is the minimum investment for FDs under ESAF Small Finance Bank?

    ESAF Small Finance Bank FD can be availed with a minimum deposit of Rs. 1000 .

    What is the minimum amount for a fixed deposit in ESAF Small Finance Bank?

    The minimum amount required for a fixed deposit investment in ESAF Small Finance Bank fixed deposit is Rs. 1000 .

    What is the current interest rate on FD in ESAF Small Finance Bank?

    Currently, ESAF Small Finance Bank offers an interest rate ranging between 4.50% to 6.50% on its fixed deposits.

    What is the penalty for early withdrawal?

    The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in ESAF Small Finance Bank?

    ESAF Small Finance Bank fixed deposit can be opened with a minimum tenure of 7 days.


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