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ESAF Bank Fixed Deposit Interest Rates

FD Interest Rate in ESAF Small Finance Bank 2021

Last Updated 26th Oct 2021

When it comes to the FD interest rate, the highest rate offered on ESAF Small Finance Bank FD is 6.25%. Latest ESAF Small Finance Bank FD interest rate for senior citizens, on the other hand, ranges between 4.50% to 6.75%.You can earn up to ₹ 31,250 per lakh by investing some money in a fixed deposit account.

Time Duration FD Interest Rates Today Current FD Interest Rates for Senior Citizen
7 days to 14 days 4.00% 4.50%
15 days to 59 days 4.50% 5.00%
60 days to 90 days 5.25% 5.75%
91 days to 181 days 5.50% 6.00%
182 days 5.00% 5.50%
Earn upto 6.95% on FD APPLY NOW

ESAF Bank Fixed Deposit Features

ESAF Small Finance Bank FDs are one the best investment options available for depositors who are looking to invest in a fixed income instrument and earn higher returns than the savings account. Key Features of ESAF Small Finance Bank Fixed Deposit are:

  • Deposit Amount : ESAF Small Finance Bank FD can be opened with an amount as a low ₹ 1,000 to up to No limit.
  • FD Tenure : Ranges between 7 days to 727 days.
  • Interest Rate Range : 4.00% p.a. to 6.25% p.a.
  • Senior Citizens FD Rate : 4.50% p.a to 6.75% p.a.
  • Highest Interest Rate : As per today’s rate, ESAF Small Finance Bank’s highest interest rate on FD is 6.25% offered for a tenure of 727 days.
  • Safety of ESAF Small Finance Bank Deposits : ESAF Small Finance Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD : ESAF Small Finance Bank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto- Renewal Facility : Available
  • Nomination Facility : Available
  • Popular FD Schemes : Regular Deposit

ESAF Small Finance Bank FD Interest Rates Today

Interest rates on ESAF Small Finance Bank deposits are updated regularly by the Government of India. The following are updated ESAF Small Finance Bank FD interest rates 2021:

Tenure Interest Rate
7 days to 14 days 4.00%
15 days to 59 days 4.50%
60 days to 90 days 5.25%
91 days to 181 days 5.50%
182 days 5.00%
183 days to 363 days 6.00%
364 days 5.25%
365 days to 545 days 6.25%
546 days 5.00%
547 days to 727 days 6.25%
728 days 5.25%
729 days to 909 days 6.00%
910 days 5.25%
911 days to 1091 days 6.00%
1092 days 5.25%
1093 days to 1273 days 5.75%
1274 days 5.25%
1275 days to 1455 days 5.75%
1456 days 5.25%
1457 days to 1637 days 5.75%
1638 days 5.25%
1639 days to 1819 days 5.75%
1820 days 5.25%
1821 days to 3653 days 5.25%

ESAF Small Finance Bank FD Rates for Senior Citizens

With an aim to attract senior citizens above the age of 60 years to invest in the fixed deposits, ESAF Small Finance Bank offers a higher interest rate to senior citizens than the general public. Fixed deposit interest rates for senior citizens in ESAF Small Finance Bank 2021 are as follows:

Tenure Interest Rate for senior citizens
7 days to 14 days 4.50%
15 days to 59 days 5.00%
60 days to 90 days 5.75%
91 days to 181 days 6.00%
182 days 5.50%
183 days to 363 days 6.50%
364 days 5.75%
365 days to 545 days 6.75%
546 days 5.25%
547 days to 727 days 6.75%
728 days 5.75%
729 days to 909 days 6.25%
910 days 5.75%
911 days to 1091 days 6.50%
1092 days 5.75%
1093 days to 1273 days 6.25%
1274 days 5.75%
1275 days to 1455 days 6.25%
1456 days 5.75%
1457 days to 1637 days 6.25%
1638 days 5.75%
1639 days to 1819 days 6.25%
1820 days 5.75%
1821 days to 3653 days 5.75%

ESAF Small Finance Bank Fixed Deposit Rates – Premature Withdrawal

You can close your ESAF Small Finance Bank FD account prematurely, however ESAF Small Finance Bank charges a penalty of for premature withdrawal. Also, The penal provisions for premature closure on ESAF Small Finance Bank FD are subject to change from time to time and may also vary with deposit schemes.

Nomination Facility on ESAF Small Finance Bank FD

ESAF Small Finance Bank also offers a nomination facility on Fixed Deposit to claim the amount in case of the depositor's death. You can file the details of only 1 nominee when opening an ESAF Small Finance Bank FD account. The nominee has to submit his/her identification proof at the time of claim.

ESAF Small Finance Bank Fixed Deposit Scheme

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

Who is eligible?

  • Indian residents and HUFs

Earn upto ₹ 31,250 Per Lakh on ESAF Small Finance Bank Fixed Deposit?

To earn ₹ 31,250 per lakh on an online FD for 60 months:-

  • Investment Amount - ₹ 1,00,000
  • FD Interest Rate - 6.25%
  • Tenure - 60 months
  • Calculation formula - Simple interest
  • Interest Payout - ₹ 31,250
  • FD Maturity Amount - ₹ 1,31,250

Note: Before investing in a fixed deposit account, you must compare the FD rates offered by different financial institutions. This way, you can earn the maximum returns.

Documents Required to Open Fixed Deposit Account in ESAF Small Finance Bank

  • Identity proof
  • Proof of Residence
  • Passport size photograph
  • Age proof (Birth certificate, matriculation certificate, etc,)
  • Passport size photographs
  • Bank A/c details

FD Account Opening Process at ESAF Small Finance Bank

To open an ESAF Small Finance Bank Fixed Deposit, follow the steps as mentioned below:

  • Visit the official website of ESAF Small Finance Bank and log in to your FD account.
  • From the menu, choose the Fixed Deposit option, the Type of FD you want to open and click on proceed.
  • Enter the deposit amount and select the ‘Senior Citizen’ option if you are above 60.
  • Now, choose the deposit tenure and interest payout frequency.
  • Finally, click on Submit to open the ESAF Small Finance Bank FD after reading the terms and conditions.

Loan Against Fixed Deposit ESAF Small Finance Bank

ESAF Small Finance Bank offers loans up to 0% against its own deposit. Note that ESAF Small Finance Bank will not give you loan against FD of any other bank. ESAF Small Finance Bank offers Loan against FD at the rate of 5% to 7.25%

FAQs

What is the highest fixed deposit interest rate for ESAF Small Finance Bank?

You can earn a maximum interest of 6.25% on ESAF Small Finance Bank fixed deposit deposits for a tenure of 10 months.

Are there any special rates for senior citizens FD of ESAF Small Finance Bank?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 4.00% to 6.25%. Compared to this, ESAF Small Finance Bank senior citizens FD are in the range of 4.50% to 6.75%.

What are the current ESAF Small Finance Bank FD interest rates 2021?

Current interest for FD in ESAF Small Finance Bank ranges between 4.00% - 6.25%. for different tenure.The highest rate is offered on a tenure 6.75 months/years. For senior citizens the interest rates ranges bweteen 4.50% - 6.75%.

Is there any minimum amount that I have to give for opening a Fixed Deposit with ESAF Small Finance Bank?

The minimum deposit amount required to book an FD with ESAF Small Finance Bank is ₹ 1,000 and there is no limit for maximum amount.

Did ESAF Small Finance Bank increase FD rates in 2021?

No, ESAF Small Finance Bank has reduced its Fixed Deposit rates by upto 0.75%. The best rate on ESAF Small Finance Bank FD has been cut to 6.25% from 7.00% earlier. The fixed deposit rates of ESAF Small Finance Bank are now in the range of 4.00% to 6.25% with effect from 03 Aug, 2021.

Is it possible to change the tenure of my existing fixed deposit account with ESAF Small Finance Bank?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with ESAF Small Finance Bank without their PAN card

  • Your TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

Can a customer open an FD account online in ESAF Small Finance Bank?

Yes, you can submit your application for opening an FD account on the website of ESAF Small Finance Bank. After submitting the application, you will be contacted by the bank’s representative for the further process, which includes filling an application process and submitting KYC documents.

In how many years FD will double in ESAF Small Finance Bank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 the 6.25%. For ESAF Small Finance Bank FD the number of years in which your FD will get doubled is; 72/6.25 = 12

What is the interest of 1 lakh in the ESAF Small Finance Bank?

The interest on ESAF Small Finance Bank fixed deposit depends on the tenure of the FD for which it is deposited. The highest interest rate is 6.25% for tenure and banks offer senior citizens little more, which is 6.75%.


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