ESAF SFB Hikes Interest Rates On FDs, Now Offers Up To 9% To Senior Citizens

ESAF Small Finance Bank (SFB) hikes the interest rates on fixed deposits below Rs 2 crore. According to the FSAF SFB's official website, the new interest rates are applicable from April 14, 2023.

Currently, the bank offers interest rates on deposits with maturities ranging from 7 days to 10 years. After the hike, the bank currently provides interest rates between 4% to 8.50% for the general public and 4.50% to 9% for senior citizens on resident term deposits. The hiked rates apply to both new Resident Term Deposits and renewals of existing resident term deposits.

The bank offers above 8% interest on the maturity period of 1 year 1 day to less than 2 years and 2 years to 3 years. For the maturity period of 1 year 1 day to less than 2 years, the bank now provides 8% interest to the general public and 8.50% interest to senior citizens. While for deposits maturing of 2 years to less than 3 years, the bank offers highest interest rate of 8.50% to the general public and 9% to senior citizens.

Rate of Interest on Deposits Less Than Rs 2 Crore effective from 14 April 2023

Period	Normal Rate (%)	Rate for Senior Citizens (%)
7 days to 14 days	4.00%	4.50%
15 days to 59 days	4.50%	5.00%
60 days to 90 days	5.00%	5.50%
91 days to 182 days	5.25%	5.75%
183 days to 1 year	6.00%	6.50%
1 year 1 day to less than 2 years	8.00%	8.50%
2 years to less than 3 years	8.50%	9.00%
3 years to less than 5 years	6.75%	7.25%
5 years to 10 years	6.25%	6.75%

Source - esafbank.com

Please Note - Penalty for premature closure will be applicable for Resident term deposits, as per rules.