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ESAF Bank FD Calculator

ESAF Small Finance Bank Fixed Deposit Interest Calculator

Last Updated 25th Jun 2021

ESAF Small Finance Bank FDs have tenures ranging from 1 year to 1 year 5 months with maximum rate of interest of 6.50%. Interest rates for senior citizens are higher than the normal rates and ranges upto 7.00%.

Tenure Rates Maturity Amount for ₹ 1 Lakh
7 days to 14 days 4.00% to 4.50% ₹ 1,00,077 - ₹ 1,00,173
15 days to 59 days 4.50% to 5.00% ₹ 1,00,185 - ₹ 1,00,808
60 days to 90 days 5.25% to 5.75% ₹ 1,00,863 - ₹ 1,01,418
91 days to 181 days 5.50% to 6.00% ₹ 1,01,371 - ₹ 1,02,997
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ESAF Small Finance Bank Fixed Deposit Calculator

ESAF Small Finance Bank fixed deposit calculator helps you to calculate maturity value of your deposited amount at the interest rate offered compounded at quarterly. The amount of fixed deposits, interest rates on FD, deposit tenure and compounding frequency of interest together determine the maturity amount of the FD at the end of the tenure.

  • Deposit amount – This is the initial amount deposited by a customer in ESAF Small Finance Bank. Bank may allow higher interest rate on larger deposits. ESAF Small Finance Bank offers deposit amount in the range of 1,000 to No Limit.
  • Rate of Interest - Interest rate is the rate charged by the bank on your fixed deposit. ESAF Small Finance Bank offers a higher rate of interest on fixed deposits of longer tenure and lower interest rate on deposits of less than a year. Highest interest rate offered by ESAF Small Finance Bank is 6.50% for deposit amount Below Rs. 2 crores corresponding to a deposit tenure of 1 year to 1 year 5 months.
  • Period of deposit - Bank offers low interest rate for short tenure FDs and higher interest rate for long tenure FDs. Bank offers a rate of 4.00% for a 1 year FD and a rate of 6.50% for a 1 year 5 months FD.
  • Interest Compounding Frequency - This determines the frequency at which interest is compounded. Compounding frequency can be monthly, quarterly, half yearly or annual frequency.
  • TDS applicability and TDS rate
    • Illustration: Mr. A opens a FD account of ₹ 1,00,000 with a tenure of 7 days at an interest rate of 4.00%. In this case, the maturity amount at the end of 7 days will be ₹ 1,00,671 which includes the principal of ₹ 1,00,000 and interest of ₹ 671 is earned on the principal amount during the period. Similarly, you can calculate the interest and maturity amount for higher tenures by using FD calculators.

      ESAF Small Finance Bank calculates quarterly interest on its fixed deposits. You can also opt for tax saving scheme to save tax on fixed deposit.

ESAF Small Finance Bank Fixed Deposit Interest Calculator – Interest Payment Options

  • In a periodic interest payout option, ESAF Small Finance Bank would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
  • In case you opt for a ESAF Small Finance Bank cumulative deposit, on maturity you would get a credit for the principal and interest earned net of TDS.
  • Calculate the FD maturity amount using the FD calculator.

FD Maturity Calculator

The interest earned on a fixed deposit in ESAF Small Finance Bank depends on the deposit amount, interest applicable, deposit tenure and the type of interest calculation frequency. Interest on ESAF Small Finance Bank FD can be calculated monthly, quarterly, half-yearly and annually. The interest rates for senior citizens are higher than normal rates of ESAF Small Finance Bank FD.

Suppose if you make an investment of ₹ 1,00,000 in ESAF Small Finance Bank FD for a 5-year tenure at an interest rate of 6.50% for depositors below 60 years and 7.00% for senior citizens. The maturity amount for this deposit amount is ₹ 1,38,042 and the total interest earned is ₹ 38,042 for below 60 years age citizens. However, the interest earned for senior citizens is ₹ 41,478 which is higher. The maturity schedule of ESAF Small Finance Bank FD for 5 years is explained below in the table –

Maturity Schedule for ₹ 1,00,000 FD at 6.50% for Citizens below 60 years and at 7.00% for Senior Citizens for 5 years

Year Citizens below 60 Years of Age Senior Citizens above 60 Years
Interest Earned Closing Balance Interest Earned Closing Balance
2021 ₹ 3,276 ₹ 1,03,276 ₹ 3,531 ₹ 1,03,531
2022 ₹ 6,878 ₹ 1,10,154 ₹ 7,440 ₹ 1,10,971
2023 ₹ 7,336 ₹ 1,17,490 ₹ 7,974 ₹ 1,18,945
2024 ₹ 7,825 ₹ 1,25,315 ₹ 8,547 ₹ 1,27,492
2025 ₹ 8,346 ₹ 1,33,661 ₹ 9,161 ₹ 1,36,653
2026 ₹ 4,379 ₹ 1,38,040 ₹ 4,825 ₹ 1,41,478

ESAF Small Finance Bank FD Calculator Formula

Along with online FD Calculator, you can use the formula to do the mathematical calculation of the maturity amount and interest earned on ESAF Small Finance Bank FD.

A = P (1 + r/n) ^ n*t
In the above formula –

  • A - Amount received on maturity
  • P – Deposit amount
  • r - Annual interest rate
  • n - Number of times the interest is compounded
  • t is Investment tenure

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What is the highest interest earned on ESAF Small Finance Bank fixed deposit?

You can earn a maximum interest of 6.50% on ESAF Small Finance Bank fixed deposit.

How is ESAF Small Finance Bank FD interest calculated?

The formula to calculate interest on ESAF Small Finance Bank FD is
A = P(1+r/n)^nt
Here: A = Maturity amount
P = Invested amount
r = Interest rate as decimal
n = number of times interest is compunded
t = tenure of deposit
However, you can use online FD calculator to estimate the value of interest earned on the deposited amount.

How many years FD will double in ESAF Small Finance Bank?

The growth of ESAF Small Finance Bank FD depends on the rate of interest and tenure. There is a method called Rule 72, which computes the number of years it will take to double one’s amount invested in ESAF Small Finance Bank FD. Now to apply the rule, one needs the rate of interest we get on FD. Let’s say the interest offered on FD is 6.95%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/6.95 = 10.36. So it will take a little more than 14 years for one’s investment to get doubled in ESAF Small Finance Bank.

What are the minimum and maximum amounts that I can invest in an ESAF Small Finance Bank FD?

The minimum investment limit in ESAF Small Finance Bank Fixed deposit account is ₹ 1,000 and there is no maximum investment limit on FD.

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