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ESAF Small Finance Bank FD Interest Rates

ESAF Small Finance Bank FD Rates 2021

Last Updated 27th Nov 2020

ESAF Small Finance Bank is one of most reliable FD providers amongst a number of FD providers in the market. ESAF Small Finance Bank FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to the FD interest rate, the highest rate offered on ESAF Small Finance Bank FD is 6.50%. Latest ESAF Small Finance Bank FD interest rate for senior citizens, on the other hand ranges between 5.00% to 7.00%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 4.50% 5.00%
15 days to 59 days 5.00% 5.50%
60 days to 90 days 5.75% 6.25%
91 days to 181 days 6.00% 6.50%
182 days 5.50% 6.00%
Earn upto 6.95% on FD APPLY NOW

ESAF Bank Fixed Deposit Features

ESAF Small Finance Bank FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than 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: 4.50% p.a. to 6.50% p.a.
  • Senior Citizens FD Rate: 5.00% to 7.00% p.a.
  • Highest Interest Rate: As per today’s rate, ESAF Small Finance Bank’s highest interest rate on FD is 6.50% 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 Best FD Plan

We need to compare tenure wise latest FD rate of ESAF Small Finance Bank to choose the tenure at which it provides the highest interest rate. ESAF Small Finance Bank FD rates are best for the deposits with a tenure of 6 months 3 days to 1 year 11 months 2 days, wherein the current FD rate of interest is 6.50% p.a

If one is looking to invest in short term deposits with ESAF Small Finance Bank, FD interest rates range from 4.50% p.a. to 6.50% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term ESAF Small Finance Bank FD rates for senior citizens range from 5.00% to 7.00% p.a.

If one is looking to invest in long term deposits, ESAF Small Finance Bank FD interest rates with tenure of 5 years to 3653 days are a good choice with interest rates on deposits with a tenure of 3653 days at 5.50%. Senior citizens are offered special rates from bank with highest deposit rates of 6.00% p.a. on long term FDs.

Fixed Deposits of ESAF Small Finance Bank have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in ESAF Small Finance Bank are:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% payable to the senior citizens
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

Documents required to open Fixed Deposit Account in ESAF Small Finance Bank

  • Identity proof
  • Proof of Residence
  • Passport size photograph

ESAF Small Finance Bank Fixed Deposit Rates – Premature Withdrawal

Premature closure of Term Deposit with ESAF Small Finance Bank is along with the lower interest rate of than the contracted rate. 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.

Loan against Fixed Deposit ESAF Small Finance Bank

ESAF Small Finance Bank offers loan 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 5.5% to 7.5%

FD Account Opening Process at ESAF Small Finance Bank

To open a Fixed Deposit account in ESAF Small Finance Bank, you can visit the official website and login to your account. Choose Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the ESAF Small Finance Bank FD after reading the terms and conditions.

Nomination Facility on ESAF Small Finance Bank FD

ESAF Small Finance Bank offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a ESAF Small Finance Bank fixed deposit. 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

FAQs

What is the highest FD rate for ESAF Small Finance Bank?

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

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 4.50% to 6.50%. Compared to this, the rate of senior citizens FD are in the range of 5.00% to 7.00%.

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

Current interest for FD in ESAF Small Finance Bank ranges between 4.50% - 6.50%.

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.

Can I deposit additional amount in my FD account?

No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

Who is eligible for opening an FD account in ESAF Small Finance Bank?

All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

What documents are required to open an FD account in ESAF Small Finance Bank?

The documents required to open an FD account in ESAF Small Finance Bank includes Identity proof, Proof of Residence , Passport size photograph.

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

  • 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 a FD account online in ESAF Small Finance Bank?

Yes, you can submit your application for opening a FD account on the website of ESAF Small Finance Bank. After submitting the application, you will be contacted by the bank’s representative for 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 with the 6.50%. For ESAF Small Finance Bank FD the number of years in which your FD will get doubled is; 72/6.50 = 11


*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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