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ESAF Bank Savings Account Interest Rates

ESAF Bank Savings Account Interest 2022

Last Updated 17th Dec 2021

Saving Account Interest Rate
Regular Saving Account 4.00% - 7.00%
Premium saving account 4.50% - 7.00%
Pradhan Mantri Jan Dhan Yojana (PMJDY) 4.00% - 7.00%
Senior Citizen Saving Account 4.00% - 7.00%
Mahila Saving Account 4.50% - 7.00%
Student Saving Account 4.00% - 7.00%
Selfe Savings 4.00% - 7.00%
Elite 4.00% - 7.00%
Edge 4.00% - 7.00%
Basic and Small saving account 4.00% - 7.00%
My saving account 4.00% - 7.00%
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ESAF Bank Bank Savings Accounts Interest Rate

ESAF Small Finance Bank offers an interest rate ranging upto 7.00% on the minimum average balance maintained in the savings account. It calculates the interest rate on savings bank accounts on a daily basis. However, the interest is paid to the account holders every quarter. With ESAF Small Finance Bank Savings Account youth and minors can get additional benefits on their Savings Account. ESAF Small Finance Bank also offers attractive benefits like mobile and internet banking services, free Debit Card and customised savings account depending on different customer profiles.

Features and Benefits

ESAF Small Finance Bank Savings Account helps you to save money by providing interest on your idle money deposited in the savings accounts. The rate of interest on ESAF Small Finance Bank Savings Account varies as per the Savings Account product. Some of the key features and benefits of ESAF Small Finance Bank savings account are:

  • It offers interest rates upto 7.00% p.a. You can easily access ESAF Small Finance Bank Savings Account anywhere through a large network of branches and ATMs .
  • If you want to transfer funds from ESAF Small Finance Bank Savings account to any other bank account, you can do it through modes such as RTGS , IMPS, NEFT and UPI facilities.
  • To maintain an ESAF Small Finance Bank Savings account, you require a minimum balance of Rs. 1,000.
  • ESAF Small Finance Bank personalized account number and cheque book enhances security and ensures your money is safe.
  • You can get SMS Alerts and e-statement facilities with ESAF Small Finance Bank Savings Account.
  • With the Auto Sweep Facility of ESAF Small Finance Bank, your account can be linked to a Multi Option Deposit MOD account.

ESAF Bank Savings Account Rates

Saving Account Interest Rate Minimum Balance
Regular Saving Account 4.00% - 7.00% Rs. 1,000
Premium saving account 4.50% - 7.00% Rs. 10, 000
Pradhan Mantri Jan Dhan Yojana (PMJDY) 4.00% - 7.00% NIL
Senior Citizen Saving Account 4.00% - 7.00% Rs. 1,000
Mahila Saving Account 4.50% - 7.00% Rs. 100
Student Saving Account 4.00% - 7.00% Rs. 100
Selfe Savings 4.00% - 7.00% N.A
Elite 4.00% - 7.00% N.A
Edge 4.00% - 7.00% N.A
Basic and Small saving account 4.00% - 7.00% N.A
My saving account 4.00% - 7.00% N.A

Eligibility & Documentation Required for Opening Savings Account in ESAF Small Finance Bank

To open a savings account in ESAF Small Finance Bank, you need to fulfill the following eligibility criteria:

  • You need to have valid KYC Documents.
  • You can open a savings account singly or jointly.

Documents Required

You can open a savings account with prescribed application form and minimum KYC documents, which are mentioned below:

  • Application Form with attested photographs
  • Proof of identity- Passport, Voter ID card, PAN Card, Govt./Defence ID card, Driving Licence etc.
  • Proof of current address- Credit Card Statement, Salary slip, Electricity Bill/Telephone Bill, ration card etc.

How is ESAF Small Finance Bank Savings Account Interest Rate Calculated?

As per the RBI mandate, ESAF Small Finance Bank calculates saving account rate on average balances in the account on a daily basis. The interest can however be paid monthly, annually or quarterly. The following formula is used by ESAF Small Finance Bank to calculate interest on Savings Bank Account on the basis of daily balance in the account

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

Compare Savings Account Interest Rates of All Banks

ESAF Bank Savings Account Products

  • Regular Saving Account : ESAF Small Finance Bank offers interest rates ranging between 4.00% to 7.00% on Regular Saving Account .You can open a Regular Saving Account in ESAF Small Finance Bank by depositing Rs. 1,000 amount as minimum balance.
  • Premium saving account : If you have deposited your excess funds in a Premium saving account, you can get interest at 4.50% to 7.00% on your account. This account can be opened by anyone with a minimum age of 18.
  • Pradhan Mantri Jan Dhan Yojana (PMJDY) : ESAF Small Finance Bank provides interest rates ranging between 4.00% to 7.00% on Pradhan Mantri Jan Dhan Yojana (PMJDY). The minimum balance requirement to open this account is NIL.
  • Senior Citizen Saving Account : You can get interest at 4.00% and 7.00% respectively on Senior Citizen Saving Account in ESAF Small Finance Bank. The account can be opened in ESAF Small Finance Bank by depositing Rs. 1,000 amount.The debit card available for this account are Classic and platinum Debit Card).
  • Mahila Saving Account : If you have deposited your excess funds in a Mahila Saving Account, you can get interest at 4.50% to 7.00% on your account.
  • Student Saving Account : You can get interest at 4.00% to 7.00% in Student Saving Account. This account can be opened in ESAF Small Finance Bank by depositing a minimum amount of Rs. 100 after an age of 10.
  • Selfe Savings : The interest that you can earn on Selfe Savings is in the range of 4.00% to 7.00% respectively.
  • Elite : ESAF Small Finance Bank provides interest rate at 4.00% to 7.00% on Elite . Further, to open this Saving Account, the minimum balance requirement is . .

FAQs

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

As per the current rates, ESAF Small Finance Bank offers maximum interest rate of 7.00% on Savings Account. ESAF Small Finance Bank provides this interest on the minimum balance maintenance of Rs. 1,000. The interest rate may however vary across the ESAF Small Finance Bank savings account product.

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

The minimum amount required for opening a Savings Account in ESAF Small Finance Bank is Rs. 1,000.

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

The Balance Non Maintenance Charges on Savings Account by ESAF Small Finance Bank are NIL.The minimum balance requirement in ESAF Small Finance Bank savings account is Rs. 1,000.

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

ESAF Small Finance Bankcharges ATM Transaction 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.This charge may further depend upon the savings account product of ESAF Small Finance Bank and the debit card types offered with the bank.

How does ESAF Small Finance 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, ESAF Small Finance Bank offer Debit Cards to the account holders 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

What is the withdrawal limit of the account?

You can withdraw money from your savings account for a maximum Rs. 50,000 times in a month. Withdrawals over and above this limit may impose charges and may lead to deductions from your savings 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?

To open a savings account in ESAF Small Finance Bank you need to fulfill the following eligibility criteria:

  • Resident Indians of 18 years of age and above.
  • You must have your basic KYC done

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