ESAF Small Finance Bank (ESAF SFB) has revised interest rates on its fixed deposit scheme which are in effect from 01.08.2021. For a flexible tenure of 7 days to 10 years, one can open a fixed deposit account in ESAF SFB with a minimum deposit amount of Rs 1000 and in multiples above the min. amount: INR 1000/-. The bank offers a quarterly payout option and monthly. The bank also offers a range of options on fixed deposits such as reinvestment option, nomination, joint account option, overdraft or loan against FD, auto-renewal facility, multiple amount deposit options, premature closure of account with an applicable penalty, TDS certificate, additional interest rates to senior citizens and much more. Here are the latest interest rates on fixed deposits of an amount of less than Rs 2 Cr of ESAF SFB.
ESAF Small Finance Bank Regular FD Rates
The most current interest rates for Resident Term Deposits are mentioned below (Less than Rs.200 lakhs).
|7 days to 14 days||4.00%|
|15 days to 59 days||4.50%|
|60 days to 90 days||5.25%|
|91 days to 181 days||5.50%|
|183 days to 363 days||6.00%|
|365 days & 366 days||6.25%|
|367 days to 545 days||6.00%|
|547 days to 727 days||6.00%|
|729 days to 909 days||6.00%|
|911 days to 1091 days||6.00%|
|1093 days to 1273 days||5.75%|
|1275 days -1455 days||5.75%|
|1457 days-1637 days||5.75%|
|1639 days-1819 days||5.75%|
|1821 days to 3653 days||5.25%|
|Source: Bank Website|
ESAF Small Finance Bank FD Rates For Senior Citizens
The interest rates for new resident term deposits and renewal of existing resident term deposits made by elderly persons are listed below.
|Period||Rate for Senior Citizens|
|7 days to 14 days||4.50%|
|15 days to 59 days||5.00%|
|60 days to 90 days||5.75%|
|91 days to 181 days||6.00%|
|183 days to 363 days||6.50%|
|365 days & 366 days||6.75%|
|367 days to 545 days||6.50%|
|547 days to 727 days||6.50%|
|729 days to 909 days||6.50%|
|911 days to 1091 days||6.50%|
|1093 days to 1273 days||6.25%|
|1275 days -1455 days||6.25%|
|1457 days-1637 days||6.25%|
|1639 days-1819 days||6.25%|
|1821 days to 3653 days||5.75%|
|Source: Bank Website|
- Above discussed interest rates are applicable on both fresh and renewal of term deposits.
- Tax deduction at source from the interest paid on Resident term deposits will be applied in accordance with income tax laws.
- The minimum and maximum tenure period range from 7 days to 3653 days.
- Premature withdrawals of resident term deposits before the end of a 7-day period from the date of deposit will result in no interest being granted.
- Resident term deposits will be subject to a penalty for early closure, as per the regulations.
- The above interest rates apply to Resident Recurring Deposits as well, according to the bank.
- To know about the interest rates on deposits of Rs 200 lakhs and more, customers can contact their respective bank branch.
- Regarding applicable interest rate on premature withdrawal, ESAF SFB has mentioned on its website that "The interest rate applicable on premature closure of Resident term deposits will be the rate of interest for the original/contracted tenor of the deposit or the rate of interest which was applicable at the time of opening of the deposit, for the tenor for which the deposit has remained with the bank whichever is lower, subject to penalty for premature closure."