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This Small Finance Bank Revises Interest Rates On Resident, NRO & NRE Deposits

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The two most tempting aspects of investing in small finance banks' fixed deposit schemes are that they provide higher interest rates than major private and public sector banks, and your deposits are also insured by the DICGC. These two considerations can make you think of investing in fixed deposits of small finance banks. While we are on the subject of small finance banks let me remind you that ESAF Small Finance Bank (ESAF SFB) has revised its interest rates on Resident, Non-Resident Ordinary (NRO) and Non-Resident External (NRE) Term Deposits of less than Rs 2 Cr. The new rates are effective as of December 20, 2021, according to the bank's official website.

 

ESAF Small Finance Bank Resident Term Deposit Interest Rates

ESAF Small Finance Bank Resident Term Deposit Interest Rates

Following the most revision, ESAF SFB is now offering an interest rate of 4.00% to 5.25% to the general public and 4.50% to 5.75% to senior citizens on their deposits of less than Rs 2 Cr maturing in 7 days to 3653 days. On term deposits maturing in 365 days and 366 days, the bank is now offering the highest rate of 6.50 percent to the general public and 7% to senior citizens. The following are the bank's current interest rates for Resident Term Deposits, effective as of December 20, 2021. The below-listed rates are applicable for Recurring Deposits also.

TenorNormal Rate (%)Rate for Senior Citizens (%)
7 days to 14 days4.00%4.50%
15 days to 59 days4.50%5.00%
60 days to 90 days5.25%5.75%
91 days to 181 days5.50%6.00%
182 days5.00%5.50%
183 days to 363 days5.75%6.25%
364 days5.25%5.75%
365 days & 366 days6.50%7.00%
367 days to 545 days6.00%6.50%
546 days5.00%5.50%
547 days to 727 days6.00%6.50%
728 days5.25%5.75%
729 days to 909 days6.25%6.75%
910 days5.25%5.75%
911 days to 1091 days6.25%6.75%
1092 days5.25%5.75%
1093 days to 1273 days5.75%6.25%
1274 days5.25%5.75%
1275 days -1455 days5.75%6.25%
1456 days5.25%5.75%
1457 days-1637 days5.75%6.25%
1638 days5.25%5.75%
1639 days-1819 days5.75%6.25%
1820 days5.25%5.75%
1821 days to 3653 days5.25%5.75%
Source: Bank Website

ESAF Small Finance Bank Non-Resident Ordinary (NRO) Term Deposits Interest Rates
 

ESAF Small Finance Bank Non-Resident Ordinary (NRO) Term Deposits Interest Rates

The interest rates on Non-Resident Ordinary (NRO) Term Deposits of less than Rs 2 Cr have also been changed by the bank. On NRO deposits maturing in 7 days to 3653 days, the bank is presently giving the following interest rates.

TenorRate of Interest effective from 20/12/2021
7 days to 14 days4.00%
15 days to 59 days4.50%
60 days to 90 days5.25%
91 days to 181 days5.50%
182 days5.00%
183 days to 363 days5.75%
364 days5.25%
365 days & 366 days6.50%
367 days to 545 days6.00%
546 days5.00%
547 days to 727 days6.00%
728 days5.25%
729 days to 909 days6.25%
910 days5.25%
911 days to 1091 days6.25%
1092 days5.25%
1093 days to 1273 days5.75%
1274 days5.25%
1275 days -1455 days5.75%
1456 days5.25%
1457 days-1637 days5.75%
1638 days5.25%
1639 days-1819 days5.75%
1820 days5.25%
1821 days to 3653 days5.25%
Source: Bank Website

ESAF Small Finance Bank Non-Resident External (NRE) Term Deposits Interest Rates

ESAF Small Finance Bank Non-Resident External (NRE) Term Deposits Interest Rates

The interest rates on Non-Resident External (NRE) Term Deposits of less than Rs 2 Cr have also been adjusted by ESAF Small Finance Bank. The bank is now guaranteeing the highest rate of 6.50 percent on NRE deposits maturing in 365 and 366 days, after the most recent modification. The bank's current interest rates on NRO deposits maturing in 365 days to 3653 days are listed below.

TenorRate of Interest effective from 20/12/2021
365 days & 366 days6.50%
367 days to 545 days6.00%
546 days5.00%
547 days to 727 days6.00%
728 days5.25%
729 days to 909 days6.25%
910 days5.25%
911 days to 1091 days6.25%
1092 days5.25%
1093 days to 1273 days5.75%
1274 days5.25%
1275 days -1455 days5.75%
1456 days5.25%
1457 days-1637 days5.75%
1638 days5.25%
1639 days-1819 days5.75%
1820 days5.25%
1821 days to 3653 days5.25%
Source: Bank Website

Story first published: Wednesday, December 22, 2021, 12:19 [IST]
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