ESAF Small Finance Bank FD Rates are carefully structured to cater to the diverse financial goals of it customers. Has different FD options for your financial goals, whether short or long-term.
(ESAF SFB) is a scheduled commercial bank in India, incorporated in 2015. It commenced banking operations on July 21, 2017.
ESAF SFB is a wholly-owned subsidiary of ESAF Microfinance and Investments Pvt. Ltd. (ESAF), which is a non-banking financial company (NBFC) with over 25 years of experience in the microfinance sector.
With over 700 branches spread across 21 states and 2 Union Territories in India ESAF Small Finance bank offers a wide range of banking products and services, including savings accounts, fixed deposits, loans, and microfinance.
ESAF SFB is committed to providing financial services to the underserved and unbanked sections of society. The bank’s mission is to “Bridge the Gap Between the Haves and the Have-Nots“.
In this article, we will go in detail about the FD rates and different schemes offered by the banks
Current FD Rates of ESAF Small Finance Bank
Let’s explore the FD rates of ESAF small finance bank. Interest rates vary slightly for Senior citizen than to regular citizen.So please go through it to understand FD rates of ESAF bank and plan your loan accordingly.
| Tenure | Regular | Senior Citizen
|
| 7 days to 14 days | 4.00% | 4.50% |
| 15 days to 45 days | 4.25% | 4.75% |
| 46 days to 90 days | 4.50% | 5.00% |
| 91 days to 180 days | 4.75% | 5.25% |
| 181 days to 364 days | 5.00% | 5.50% |
| 365 days to 60 months | 6.25% | 6.75% |
| 60 months to 84 months | 7.50% | 8.10% |
| 84 months to 1000 months | 8.00% | 8.60% |
Disclaimer: Please note that these rates are subject to change. You can check the latest rates on the ESAF Small Finance Bank website.
Besides the interest rate, you should also be well aware for the interest earnings and the maturity amount you would receive at the end of the FD deposit period.
Therefore, in order to calculate your FD maturity amount with ease, use a FD Calculator. Using on online fixed deposit calculator will help you check your maturity amount by adjusting the FD deposit period as per the interest slab offered by the bank.
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Types of ESAF Small Finance FD Schemes
ESAF Small Finance Bank offers a variety of fixed deposit (FD) schemes to meet the needs of different investors.
Here are some of the types of FD schemes offered by ESAF Small Finance Bank:
Regular FD:
The Regular FD offered by ESAF Small Finance Bank is a safe and secure investment option that offers a fixed interest rate for the entire tenure of the FD.
I discuss some additional features in the table given below:
| Feature | Details |
| Minimum deposit amount | ₹1,000 |
| Maximum deposit amount | ₹1 crore |
| Tenure | 7 days to 10 years |
| Interest rate | Fixed for the entire tenure of the FD |
| Interest payment | Monthly, quarterly, or yearly |
| Premature withdrawal | allowed, but there is a penalty |
| DICGC protection | Up to ₹5 lakh |
NRE FD:
NRE FD is a type of term deposit account that can be opened by Non-Resident Indians (NRIs) in Indian banks. The money deposited in an NRE FD is denominated in Indian rupees and the interest earned is not taxable in India.
Some of the common features are mentioned in the table below:
| Feature | Description |
| Account type | Non-Resident External (NRE) fixed deposit |
| Deposit currency | Indian rupees (INR) |
| Eligibility | NRIs (Non-Resident Indians) |
| Minimum deposit amount | INR 25,000 |
| Maximum deposit amount | INR 5 lakhs |
| Tenure | 1 year to 10 years |
| Interest rate | 6.80% per annum for 1 year to 3 years, 7.25% per annum for 4 years to 5 years, and 7.45% per annum for 6 years to 10 years |
| Taxability | Interest earned is not taxable in India |
| Premature withdrawal | May be allowed, but there may be a penalty |
| Auto-renewal | Available |
| Nomination facility | Available |
| Loan against FD | Available |
| Insurance coverage | DICGC insures deposits up to INR 5 lakhs |
If you are an NRI looking for a safe and secure investment option with competitive interest rates, NRE FDs with ESAF Small Bank rates can be a good option.
Let’s look into the next option available for NRIs who have a resident Indian account.
NRO FD:
An NRO FD (Non-Resident Ordinary Fixed Deposit) is a fixed deposit account that can be opened by Non-Resident Indians (NRIs) in Indian rupees. The funds for opening an NRO FD must be earned in India. The interest earned on an NRO FD is taxable in India.
Let’s look in to the salient features in the table given below:
| Features | Details |
| Account Type | Non-Resident Ordinary (NRO) |
| Minimum Investment | INR 25,000 |
| Maximum Investment | No maximum limit |
| Tenure | 7 days to 10 years |
| Interest Rate | 5.25% to 8.50% for general public, 5.75% to 9% for senior citizens |
| Interest Payment | Monthly, Quarterly, Half-yearly or Yearly |
| Premature Withdrawal | Permitted after 1year, with a penalty of 1% of the amount withdrawn |
| Nomination Facility | Available |
| Tax Treatment | Interest earned on NRO FD is taxable in India |
| Deposit Insurance | Deposit are insured by Deposit Insurance and Credit Guarantee Corporation(DICGC) up to INR 5 lakhs |
Note:Rates and tenure provided in the above table are effective as of 14th April, 2023.
ESAF Small Finance Bank provides an effective scheme for FD deposit, where you can earn a good interest rate and contribute to the unbanked segment of the society which is Hrudaya Deposit
Hrudaya Deposit:
The Hrudaya Deposit is a social deposit scheme offered by ESAF Small Finance Bank. The funds raised through the scheme are used to finance the activities of ESAF Small Finance Bank’s microfinance and rural development initiatives.
By investing in a Hrudaya Deposit, you are helping to support the development of the unbanked and under banked segments of the society, like rural farmers, fishermen, vegetable vendors and many others..
Some basic feature are given in the table below:
| Feature | Details |
| Account type | Fixed Deposit |
| Minimum Investment | INR 1,00,000 |
| Maximum Investment | No maximum limit |
| Tenure | 1 year and above |
| Interest Rates | 8.50% for General Public, 9% for senior citizen |
| Interest Payment | Quarterly |
| Premature Withdrawal | Not permitted |
| Nomination Facility | Available |
| Tax Treatment | Interest earned on Hrudaya Deposit is taxable |
| Deposit Structure | Deposits are insured by Deposit Insurance and Credit Guarantee Corporation (DICGC) up to INR 5 lakhs |
The interest rate is fixed for the entire period and nomination facility is available allowing the depositor to name a nominee who will receive the proceeds of the FD.
You can also choose to open a joint FD with another person. The interest rate on joint FDs is the same as the interest rate on regular FDs.
While choosing an FD scheme, consider the following factors:
- The tenure of the FD.
- The interest rate.
- The tax benefits.
- Your risk appetite.
- Your liquidity needs.
Compare FD schemes offered by different banks before you make a decision. Let’s go ahead and read about some additional benefits of FD.
Benefits of ESAF Small Finance Bank FD
FDs are the safest options to invest money for the long term. ESAF bank FD rates make them the most popular choice, when it comes to savings and investment.
With allowing their investors to earn good money they have many other benefits, some of which are discussed below:
- Fixed interest rate: The interest rate is fixed for the entire tenure of the deposit, so you know exactly how much money you will earn.
- High interest rates: ESAF Small Finance Bank FD rates are competitive, helping you earn a good return on your investment.
- Flexible tenure: You can choose the tenure of your FD, from 7 days to 10 years, to suit your needs.
- Easy withdrawal: You can withdraw your FD before maturity, but you may have to pay a penalty.
- Nomination facility: You can name a nominee for your FD, who will receive the proceeds in the event of your death.
- Tax benefits: The interest earned on FDs is taxable, but you may be able to claim deductions and exemptions to reduce your tax liability.
- Safety: Deposits in ESAF Small Finance Bank are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to INR 5 lakhs.
Eligibility Criterias For ESAF FD:
Eligibility criteria act as a guide to everyone who is starting their ESAF FD. Be part of ESAF small finance bank fd rates as they offer simple eligibility requirements.. Given below are some eligibility criteria for opening an FD account with ESAF Small Finance Bank:
- You must be a resident of India.
- You must be a natural person.
- You must have a PAN card.
- You must have a bank account with ESAF Small Finance Bank.
Note: The minimum investment amount for an FD account with ESAF Small Finance Bank is INR 1,000. The maximum investment amount depends on the tenure of the deposit.
ESAF Small Finance Bank vs Other Banks’ FD Rates
If you are looking for a safe and secure investment option with competitive interest rates, then ESAF Small Finance Bank FDs interest rates is something you cannot miss. They prove to be a good and safe option for all financial enthusiasts. ESAF Small Finance Bank offers competitive interest rates on its FDs.
The interest rates are comparable to the interest rates offered by top 10 banks in India.
| Bank | Interest Rate (p.a.) |
| ESAF Small Finance Bank | 7.00% (General Public) |
| Equitas Small Finance Bank | 8.25% (General Public) |
| Ujjivan Small Finance Bank | 8.35% (General Public) |
| State Bank of India | 7.40% (General Public) |
| HDFC Bank | 7.10% (General Public) |
| ICICI Bank | 7.00% (General Public) |
| Kotak Mahindra Bank | 7.00% (General Public) |
| Axis Bank | 6.90% (General Public) |
| Punjab National Bank | 6.80% (General Public) |
ESAF Small Finance Bank is a relatively new bank, but it has been growing rapidly in recent years.
The bank has a strong focus on financial inclusion and has been working to provide banking services to the underserved segments of the population.
ESAF is coming up as a good option in the Indian banking market. With special offers for deposits for NRIs, they are building a really promising platform to invest in.
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FAQs
Q. Is ESAF RBI approved?
A. Yes, ESAF is RBI approved. It is a small finance bank licensed by the Reserve Bank of India (RBI) under Section 22 (1) of the Banking Regulation Act, 1949.
Q. What is the FD interest rate in ESAF Bank?
A. For 5-10 years interest rate sums up to 7.00%, for the general public. However, senior citizens are eligible for an additional interest rate of 0.50%.
Q.Is ESAF safe for FD?
A. Yes, ESAF Small Finance Bank is safe for FD.
Q. Is ESAF Bank good or bad?
A. Individual experiences define whether ESAF Small Finance Bank is good or bad.