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ESAF Small Finance Bank Fixed Deposit

Updated 06 Dec 2023

ESAF Small Finance Bank, established with the intention to uplift economically marginalised society, has grown from its NGO roots in 1992 to becoming a full-fledged banking entity by 2017.

One of their key offerings to regular customers and senior citizens is the fixed deposit. This blog will guide you through the types of FDs offered, their benefits, features, and much more.

Types of FDs in ESAF Small Finance Bank

  • Regular Fixed Deposit scheme
  • Hrudaya Deposit Scheme
     

Benefits of Investing in ESAF Small Finance Bank Fixed Deposits

  • Period: The FD with ESAF Small Finance Bank ranges from 7 days to 10 years.
  • Convenient: Open hassle-free FD using online banking in a few minutes.
  • DICGC insurance: The amount invested with the bank is covered by Deposit Insurance and Credit Guarantee Corporation (DICGC) for the total sum of ₹5 lakhs.
  • Minimum amount: Fixed deposits with ESAF Small Finance Bank can be opened with a minimum investment of ₹1,000.
  • Preference to senior citizens: Additional 0.5% p.a. for senior citizens.
  • Nomination facility: Depositors can nominate beneficiaries for their ESAF Small Finance Bank FDs investments.

Features of ESAF Small Finance Bank FDs

Regular Fixed Deposit scheme:

  • Minimum investment: ₹1000 and in multiples of ₹1,000.
  • Maximum investment: No upper limit.
  • Scheme tenure: 7 days to 10 years.
  • The bank will pay the interest every quarter.
  • Senior citizens will get higher interest rates on their deposits.
  • Based on tenor, the interest rates range from 4% to 8% for the general public, and 4.5% to 9% for senior citizens.


Hrudaya Deposit Scheme:

  • Minimum investment: ₹1 lakh
  • Maximum investment: No upper limit.
  • Scheme tenure: 1 year and above.
  • Depositors have an opportunity to partake in the journey of serving the unbanked and under-banked segments of society.
  • Based on tenor, the interest rates range from 4% to 8% for the general public, and 4.5% to 9% for senior citizens. 

Eligibility Criteria

  • Resident Indian individuals (including minors)
  • Hindu Undivided Families (HUF)
  • Non-Resident Indians can apply for NRE and NRO term deposits.
     

Documents Required

Identity proofs:

  • Aadhaar card
  • Voter ID card
  • Passport
  • PAN card
  • NREGA job card
  • Driving licence

Address proofs:

  • Aadhaar card
  • Passport
  • Utility bills
  • Bank statement with a cheque

Proof of date of birth (for senior citizens):

  • Birth certificate
  • Voter ID card
  • PAN card
  • Aadhaar card
  • Passport
  • Government ID card
  • LIC policy document
  • Service discharge certificate, senior citizen card issued by Indian Railways or Indian Airlines

How to open an FD in ESAF Small Finance Bank

  • Visit the ESAF Small Finance Bank website and navigate to “Fixed Deposit Apply Online”.
  • Fill in your name, mobile phone number, email address, city name, PIN code, address, state, nearest branch, and account type.
  • Look for the fixed deposit option in the online portal.
  • Fill in all the required fields, such as the tenure, amount, nominee, and digital signatures and submit it along with all the requisite documents. It is recommended that you double-check all the information before submitting.
  • Make the payment via the net banking facility.
  • Save the receipt you get after the payment is over and keep it for future reference.

ESAF Small Finance Bank FD Premature Withdrawal

No interest would be paid by the bank for fixed deposits prematurely withdrawn before the completion of 7 days from the date of deposit.
The penalty for premature fixed deposit closure will apply according to the bank policies.
 

FAQs

  • What is the minimum and maximum tenure available for fixed deposits with ESAF Small Finance Bank?
     

The minimum tenure for regular fixed deposits in ESAF Small Finance Bank is 7 days, and the maximum tenure is 10 years.
 

  • What are the different FD schemes available with ESAF Small Finance Bank?
     

ESAF Small Finance Bank offers several schemes catering to different investment aims of customers. Some of the fixed deposit schemes this bank offers are the Regular Fixed Deposit Scheme and the Hrudaya Deposit Scheme. For NRIs, NRO Term Deposits and NRE Term Deposits.
 

  • Is the ₹5 lakhs DICGC insurance cover applicable on ESAF Small Finance Bank FD?
     

Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover applies to ESAF Small Finance Bank FD.
 

  • What are the documents required for opening a fixed deposit?
     

You must produce one proof of identity, one proof of residence, and one proof of date of birth if you are a senior citizen.
 

  • Can I withdraw my fixed deposit prematurely in case of an emergency?
     

Yes, you can withdraw your fixed deposit prematurely in an emergency. However, you might get a reduced interest rate as a penalty for premature withdrawal. You will not receive any interest if you break your FD before the minimum tenure.
 

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ESAF Small Finance Bank

Calculate ESAF Small Finance Bank FD Returns

₹1,00,000
6%
365
days
daysmonthsyears
Maturity Amount₹1,06,000

Understanding Fixed Deposit

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