ESAF Bank Saving Account

Last Updated 19th May 2020

ESAF Small Finance Bank Savings Account Interest Rate India Jul 2020

ESAF Small Finance Bank Regular Saving Account
Interest Rate Upto Rs. 99,999 : 4.00%
Rs. 1 Lakh to Rs.10 Lakh : 6.50%
Above Rs. 10 Lakh : 7.00% annually Check Best Schemes
Minimum Account Balance Rs. 1000
Debit Card Classic and platinum debit card
  • Fund Transfer, Standing Instruction, ECS, facilities available.
  • Average quarterly balance should be minimum Rs. 2,000
  • Minimum initial payment should be Rs. 1,000

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ESAF Bank Online Saving Account

ESAF (Evangelical Social Action Forum ) Microfinance was established on 11 March, 1992 in the city of Thrissur in Kerala. ESAF Microfinance is the first bank in Kerala to get a banking license after independence. It became a small finance Bank on 10 March 2017. The main objectives of the Bank are financial inclusion, helping SHGS, and weaker sections of the society.ESAF deals with microcredit, insurance and other services.

Saving Account in ESAF Bank – Benefits

You get the following benefits while opening Savings Account with ESAF Bank

Nomination facility Yes
Passbook facility Yes
Chequebook facility Yes
Issuance of Debit Card Yes
Internet Banking Yes
Mobile Banking Yes
Fund Transfer Yes
DD Pay Orders Yes

ESAF Bank Saving Account – charges

Balance non maintenance charges : NIL
ATM Charges: The first 3 transactions (inclusive of financial and non-financial) in 6 metro locations in a month will be without any charge. Similarly, the first five transactions (inclusive of financial and non-financial)in all other locations in a month will be free

ESAF Bank Savings Account

ESAF Small Finance Bank offers an interest rate of 4.00% - 7.00% p.a. ESAF Small Finance Bank also offer accounts to meet the specific requirements of salaried, women, kids and senior citizens.

Product Name Minimum Age Minimum Balance Required
Regular Saving Account 18 Rs. 1000
Premium saving account 18 Rs. 10, 000
Pradhan Mantri Jan Dhan Yojana (PMJDY) 10 Nil
Senior Citizen Saving Account 60 Rs. 1000
Mahila Saving Account 18 Rs. 100
Student Saving Account 10 Rs. 100
Selfe Savings N.A N.A
Elite N.A N.A
Edge N.A N.A
Basic and Small saving account N.A N.A
My saving account N.A N.A

ESAF Bank Savings Account Products

Regular Saving Account

ESAF Regular Savings account pays a modest interest rate, and its reliability makes it an excellent option for parking cash one wants for short-term needs.

Resident Indians of 18 years of age and above.

Features of Regular Saving Account

  • Fund Transfer, Standing Instruction, ECS, facilities available.
  • Average quarterly balance should be minimum Rs. 2,000
  • Minimum initial payment should be Rs. 1,000

Debit Card Offered : Classic and platinum debit card

Cash Withdrawal Limit : Rs. 50,000

Balance Non Maintenance Charges : NIL

Premium saving account

ESAF premium saving account offers savings vehicle for high net worth individuals coupled with security.

Resident Indians of 18 years of age and above

Features of Premium saving account

  • Minimum initial payment should be Rs. 10000
  • Average quarterly balance should be minimum Rs. 10000
  • Fund Transfer, Standing Instruction, ECS, facilities available.

Debit Card Offered : Classic and platinum debit card

Cash Withdrawal Limit : Rs. 50,000

Balance Non Maintenance Charges : NIL

Pradhan Mantri Jan Dhan Yojana (PMJDY)

ESAF Pradhan Mantri Jan Dhan Yojana (PMJDY) is aimed at financial inclusion and simplifies banking for people seeking basic facilities.

Resident Indians between age group 10 years to 65 years

Features of Pradhan Mantri Jan Dhan Yojana (PMJDY)

  • No initial deposit required
  • Insurance cover available

Debit Card Offered : Classic and platinum debit card

Cash Withdrawal Limit : Rs 50,000

Balance Non Maintenance Charges : NIL

Senior Citizen Saving Account

ESAF senior citizen account is a saving scheme for senior citizens. It provides doorstep facility, convenience, and amazing banking experience.

Resident Indians aged above 60 years

Features of Senior Citizen Saving Account

  • Minimum initial payment should be Rs. 1000
  • Average quarterly balance should be minimum Rs. 2,000

Debit Card Offered : Classic and platinum debit card

Cash Withdrawal Limit : Rs. 50,000

Balance Non Maintenance Charges : NIL

Mahila Saving Account

ESAF Mahila saving account offers saving vehicle for women coupled with security, easy liquidity and attractive returns for their funds.

Women above 18 years of age

Features of Mahila Saving Account

  • Minimum initial payment should be Rs. 100
  • Average quarterly balance Average quarterly balance should be minimum Rs. 1,000
  • Fund Transfer, Standing Instruction, ECS, facilities available.

Debit Card Offered : Classic and platinum debit card

Cash Withdrawal Limit : Rs. 50,000

Balance Non Maintenance Charges : NIL

Student Saving Account

Student saving account is a savings account for students. It aims at helping students in achieving their education and career aspirations.

Individual in the age group of 10 to 25 years.

Features of Student Saving Account

  • Minimum initial payment should be Rs. 100
  • Average quarterly balance should be minimum Rs. 1,000
  • Facility of joint account holder and nomination

Documents Required

ESAF Small Finance Bank requires the following documents to open a Savings Account

  • KYC documents and photograph

Frequently Asked Questions on ESAF Small Finance Bank Savings Account

How much interest is charged by ESAF Bank on Savings Account?

ESAF Bank offers an interest rate of 4.00% to 7.00% on Savings Account.

What is the minimum amount required for opening Savings Account in ESAF Small Finance Bank ?

The minimum amount required for opening Savings Account in ESAF Bank is Rs. 1000.

What are the balance non - maintenance Charges on ESAF Bank Savings Account?

The Balance Non Maintenance Charges on Savings Account by ESAF Bank are NIL.

What are the ESAF Small Finance Bank ATM Transaction charges on Savings Account?

ESAF Bank ATM Transaction charges on Savings Account are The first 3 transactions (inclusive of financial and non-financial) in 6 metro locations in a month will be without any charge. Similarly, the first five transactions (inclusive of financial and non-financial)in all other locations in a month will be free.

How does ESAF Bank calculate interest charged on Savings Account?

Interest on Savings Account is calculated on Quarterly basis. The following formula is used by ESAF Small Finance Bank to calculate interest on Savings Account.

Monthly interest=Amount (Daily balance)*(No of days)* Interest/Days in the year

Does ESAF Small Finance Bank offer Debit Card to the account holder?

Yes, various Debit Cards are offered, differing according to the product. Some of the popular savings account products of ESAF Small Finance Bank with the type of debit card offered are listed in the table below.

Regular Saving Account Classic and platinum debit card
Premium saving accountClassic and platinum debit card
Pradhan Mantri Jan Dhan Yojana (PMJDY)Classic and platinum debit card
Senior Citizen Saving Account Classic and platinum debit card
Mahila Saving AccountClassic and platinum debit card

Interest rate on all ESAF Small Finance Bank deposits products listed in the table above is 4.00% to 7.00%

What is the withdrawal limit of the account?

The withdrawal limit offered in ESAF Small Finance Bank is Rs. 50,000

What is the eligibility criteria to open a savings account in ESAF Small Finance Bank
  • Resident Indians of 18 years of age and above.
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