Investment Amount
Maximum – No Limit | Tenure
Maximum – 3653 days | Interest Rate*
Maximum – 6.25% |
Minimum – ₹ 1,000
Minimum – 7 days
Minimum – 4.00%ESAF Small Finance Bank (SFB) has come with a one-for-all fixed deposit scheme which is designed to provide term deposit options for customers at large. This is a regular deposit scheme which has multiple features to help customers keep their money safe while letting it grow at pre-specified FD rates.
Refer to the table below for the updated ESAF bank fixed deposit interest rates along with the features and benefits of the scheme.
Domestic Term Deposit Interest Rates
nterest Rates for Resident Term Deposits (Less than Rs.200 lakhs)
| Period | Rate of Interest effective from 02/05/2021 | |
|---|---|---|
| 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 | 5.25% | 5.75% |
| 91 days to 181 days | 5.50% | 6.00% |
| 182 days | 5.00% | 5.50% |
| 183 days to 363 days | 6.00% | 6.50% |
| 364 days | 5.25% | 5.75% |
| 365 days & 366 days | 6.25% | 6.75% |
| 367 days to 545 days | 6.00% | 6.50% |
| 546 days | 5.00% | 5.50% |
| 547 days to 727 days | 6.25% | 6.75% |
| 728 days | 5.25% | 5.75% |
| 729 days to 909 days | 6.00% | 6.50% |
| 910 days | 5.25% | 5.75% |
| 911 days to 1091 days | 6.00% | 6.50% |
| 1092 days | 5.25% | 5.75% |
| 1093 days to 1273 days | 5.75% | 6.25% |
| 1274 -1455 days | 5.25% | 5.75% |
| 1275 days -1455 days | 5.75% | 6.25% |
| 1456 days | 5.25% | 5.75% |
| 1457 days-1637 days | 5.75% | 6.25% |
| 1638 days | 5.25% | 5.75% |
| 1639 days-1819 days | 5.75% | 6.25% |
| 1820 days | 5.25% | 5.75% |
| 1821 days to 3653 days | 5.25% | 5.75% |
Notes: Interest rates are effective from 1st August 2021
ESAF Bank Fixed Deposit Scheme – Features & Benefits
The following are the important details about the scheme which will help the customers understand how the scheme works:
| Particulars | Details |
| Tenure | 7 days – 120 months |
| Min. Deposit Amount | Rs. 1,000 (in same multiples thereafter, e.g. Rs. 5,000, Rs, 6,000, Rs. 50,000, etc.) |
| Interest Payout | Quarterly Monthly (at discounted interest rates) |
| Rates for Senior Citizens | Extra 0.5% over the standard interest rates |
| Premature Withdrawal | Available |
| Features |
|
ESAF FD – Premature Withdrawal Facility
Depositors can opt to withdraw funds from their fixed deposit account before the maturity date in times of need. This exercise is termed as premature withdrawal. Important points highlighting this facility are:
- Deposits to be maintained for a minimum 7 days from the date of booking to receive the accrued interest
- The bank shall levy a certain penalty on premature withdrawal
- Interest shall be calculated on the lower of two options mentioned below:
- Contracted rate of interest (at which FD was booked initially)
- Rate of interest for the tenure for which the FD was active with the bank
ESAF Bank FD Calculator
Before investing in a fixed deposit with ESAF Small Finance Bank, customers must check the maturity amount using the ESAF FD calculator online at Paisabazaar.com. Furnish simple details including the principal amount (deposit amount), FD tenure and the applicable ESAF FD rates.
Eligibility Criteria – Who can apply?
The regular fixed deposit scheme by the ESAF Small Finance Bank is available to:
- Individual Indian residents
- Hindu Undivided Families (HUFs)
Documents Required
To open a fixed deposit scheme with the bank, the following documents/details may be asked by the applicant:
- Application Form (properly filled and duly signed)
- Account details of the linked bank account (bank A/c statement, cancelled cheque, etc.)
- PAN card or Form 60/61
- Address proof (Aadhaar, voter’s ID card, driving license, utility bills, etc.)
- Passport-sized photograph of the depositor
- Additional documents for senior citizens (any one of the following)
- Pension payment order
- Birth certificate
- Defence ID card/ Govt. ID card
- Senior citizen cards issued by Indian Railways/Indian Airlines
How to apply for ESAF Fixed Deposits?
To apply for an ESAF Bank regular fixed deposit, customers must collect the abovementioned documents and visit a nearby branch. A bank’s representative shall help them complete the application and depositing process.
For those who have internet banking services activated, they may log in to their account and request for FD application there itself.
Frequently Asked Questions (FAQs)
What is the highest ESAF FD rate available?
Currently, the bank is giving a maximum of 6.25% interest rate for tenures of 365 days & 366 days.
How much extra interest can a senior citizen earn?
ESAF Small Finance Bank allows 0.5% extra interest rates to senior citizens (60 years or above).
What if I don’t have a PAN card?
Customers who do not have a PAN card or have lost it, they can submit Form 60/61, properly filled and duly signed, to apply for ESAF Bank fixed deposit scheme.
Does the ESAF Bank give fixed deposit option to NRIs?
Yes. The bank offers its NRI customers to apply for FD. Call at +91 4877 – 123 622, 123 623 or write to nrihelpdesk@esafbank.com for details.