ESAF Small Finance Bank FD Interest Rates 2020

ESAF Bank Fixed Deposit Rates

Tenure FD Rates Senior Citizen FD Rates
7 days to 14 days 5.50% 6.00%
15 days to 59 days 5.50% 6.00%
60 days to 90 days 6.25% 6.75%
91 days to 181 days 6.75% 6.25%
182 days 6.00% 6.50%
Earn 8.05% on FD APPLY NOW
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ESAF Small Finance Bank FD

ESAF Small Finance Bank offers multiple fixed deposit options to their customers to park their surplus savings for a fixed tenure. A customer is required to make a deposit once into their FD account at the time of opening the account with the bank. The customer is not allowed to deposit more money and withdraw any money in the account during the tenure of the deposit. 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:

  • 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

ESAF Small Finance Bank Fixed Deposit Rates

FDs are attractive financial instruments for depositors looking for attractive returns and high safety. ESAF Small Finance Bank FD interest rates range from 5.50% p.a. to 7.50% 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 6.00% to 8.00% p.a.

Always, compare tenure wise FD rate of banks to choose the FD rate at which the bank offers the highest fixed deposit interest rate and if possible, opt for FD with highest interest rate. ESAF Small Finance Bank FD rates are the highest for the deposits with a tenure of 365 days to 727 days, wherein the FD rate of interest is 8.00% p.a

ESAF Small Finance Bank FD interest rates for long term deposits with tenure of 5 years to 3653 days offer good returns. ESAF Small Finance Bank fixed deposit rates for deposits with a tenure of 3653 days is 7.30%. Senior citizen are offered deposit rates of 7.80% p.a. for long termed FDs.

Important Factors of ESAF Small Finance Bank Fixed Deposit

ESAF Small Finance Bank offers best FD rate of 8.00% on term deposits for a tenure of 365 days to 727 days. The bank offers special interest rate on FD for senior citizens. Current ESAF Small Finance Bank FD rates for senior citizens range from 6.00% to 8.50%. Fixed Deposits rates of ESAF Small Finance Bank are a function of many factors such as monetary policies of RBI, economic growth rate, credit demand and liquidity position of the bank.

The factors affecting Fixed Deposit interest rates are as follows:

Policies Framed by RBI – As per RBI guidelines, the change in Cash Reserve Ratio (CRR) and repo rate affects the interest rate of all banking instruments including the fixed deposit.

Recession – Recession results in a decrease in the interest rate offered on fixed deposit. At the time of recession, RBI is forced to release the funds in the market which it achieves by lowering the rates on cash reserve of the banks and hence, providing them with additional liquidity. As a result of high liquidity and low credit demand, banks reduce the rates on FD.

Inflation – Inflation has a positive effect on a fixed deposit interest rate. Banks typically fix interest rates of FD in a manner that it is higher than the existing inflation rates. Hence, FD rates tend to be higher in a period of rising inflation.

Current State of Economy – Economic condition of the country is the major factor that affects the fixed deposit interest rate. In a booming economy, people need and are willing to take larger credit to meet their personal and business requirements. In periods of high credit demand, banks offer higher interest rate to garner more funds through fixed deposits.

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

ESAF Small Finance Bank FD 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 allows higher interest rate on larger deposits. ESAF Small Finance Bank offers deposit amount in the range of Rs. 1000 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 8.00% for deposit amount below Rs. 1 crore corresponding to a deposit tenure of years months days to years months days .
  • Interest Compounding Frequency - This determines the frequency at which interest is compounded. Compounding frequency can be monthly, quarterly, half yearly or annual frequency.

Illustration: : Mr. A opens a FD account of Rs. 1 lakh with a tenure of 7 Days at an interest rate of 5.50 %. In this case, the maturity amount at the end of 7 Days will be Rs. 100,000 which includes the principal of Rs. 1 lakh and interest of Rs. 0 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 interest on its fixed deposits.

FD in ESAF Small Finance Bank – 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 6.5% to 9%

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 during Coronavirus

RBI has announced a repo rate cut of 75 bps in response to coronavirus lockdown. In response to this rate cut, ESAF Small Finance Bank may reduce FD rates in the near future which could adversely impact the interests of fixed depositors.

FAQs on ESAF Small Finance Bank Fixed Deposit

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

You can earn a maximum interest of 8.00% 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 5.50% to 8.00%. Compared to this, the rate of senior citizens FD are in the range of 6.00% to 8.50%.

What is the tenure range for ESAF Small Finance Bank Fixed Deposit?

The tenure for ESAF Small Finance Bank Fixed Deposit ranges from 7 days to 10 years.

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 Rs. 1000 .

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

Current interest for FD in ESAF Small Finance Bank ranges between 5.50% - 8.00%. For senior citizens the interest rates ranges bweteen 6.00% - 8.50%.

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.

What is cumulative FD and traditional FD?

In cumulative FD the interest amount calculated each month is added with the principal balance to calculate the interest for next month. This means that each month’s interest amount becomes the part of the invested sum next month. However, in the case of traditional FD, the interest for each month is calculated on the originally invested sum, and it paid monthly as well.

*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