ESAF Small Finance Bank began as an NGO in 1992, with the aim and vision of the sustainable and holistic transformation of the economically marginalised society. ESAF Small Finance Bank received the final nod from the Reserve Bank of India in November 2016. ESAF Small Finance Bank began functioning as a banking entity on March 10, 2017.
As on March 31, 2022, ESAF Small Finance Bank has 4100 employees. This bank has 575 banking outlets spread over 21 states and 2 union territories.
|Tenure||For General Citizens (p.a.)||For Senior Citizens (p.a)|
|7 days to 14 days||4%||4.5%|
|15 days to 59 days||4.5%||5%|
|60 days to 90 days||5%||5.5%|
|91 days to 182 days||5.25%||5.75%|
|183 days to 1 year||6%||6.5%|
|1 year 1 day to less than 2 years||8%||8.5%|
|2 years to less than 3 years||8.5%||9%|
|3 years to less than 5 years||6.75%||7.25%|
|5 years to 10 years||6.25%||6.75%|
|Note: All interest rates are updated as of 21st May 2023|
Regular Fixed Deposit scheme
Hrudaya Deposit Scheme
ESAF Small Finance Bank has developed a unique approach to delivering affordable financial services to its members through Hrudaya Deposits.
The following people are eligible for investing in ESAF Small Finance Bank fixed deposits:
You will require the following documents for opening an FD account in ESAF Small Finance Bank:
You can open an FD with ESAF Small Finance Bank by visiting the nearest bank branch, filling in the application form, and submitting it with the requisite documents and deposit. However, to apply online, here are the steps that you have to follow:
Step 1: Visit the ESAF Small Finance Bank website and navigate to “Fixed Deposit Apply Online”.
Step 2: You will be shown a form that you will have to fill up to proceed further. Fill in your name, mobile phone number, email address, city name, PIN code, address, state, nearest branch and account type.
Step 3: Look for the fixed deposit option in the online portal.
Step 4: 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.
Step 5: Make the payment via the net banking facility.
Step 6: Save the receipt you get after the payment is over and keep it for future reference.
ESAF Small Finance Bank allows premature withdrawal on callable fixed deposits. Here are the rules and regulations of the bank regarding premature withdrawal of fixed deposits:
Tax Deducted at Source (TDS)
The minimum tenure for regular fixed deposits in ESAF Small Finance Bank is 7 days, and the maximum tenure is 10 years.
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.
Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover applies to ESAF Small Finance Bank FD.
You must produce one proof of identity, one proof of residence and one proof of date of birth if you are a senior citizen.
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.
Disclaimer: The calculator and the results of the same are based on information inputted by you and extracted from third party sources. The information on this page is for illustrative purposes only and does not amount to any investment advice or recommendation. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. The information displayed on this page does not constitute an invitation to invest in any product nor is it a promise of performance. Interest rates are not updated in real time and you are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions.