ESAF SFB Hikes Interest Rates On Fixed Deposits (W.e.f. 13th May 2022)

ESAF Small Finance Bank (SFB), which is insured by the DICGC, has increased interest rates on fixed deposits under Rs 2 crore. The bank has made this announcement today on 13th May 2022 and following the revision the bank has hiked interest rates on deposits maturing in 2 years to 3 years.

ESAF Small Finance Bank FD Rates

The bank had been giving a 6% interest rate on deposits maturing in 1 year 1 day to less than 2 years, but after the modification, the interest rate was raised to 6.6 per cent, a 60 basis point increase. Previously, the interest rate on deposits maturing in two years to less than three years was 6.75 per cent, but it has now been increased by 50 basis points to 7.25 per cent. Except for these two tenors, the bank has kept the interest rate on the remainder of the tenors constant.

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	5.50%	6.00%
1 year 1 day to less than 2 years	6.60%	7.10%
2 years to less than 3 years	7.25%	7.75%
3 years to less than 4 years	5.75%	6.25%
4 years to less than 5 years	5.75%	6.25%
5 years to 10 years	5.25%	5.75%
Rate of Interest effective from 13/05/2022. Source: Bank Website