ESAF Small Finance Bank FD Interest Rate

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.
• The monthly interest payout is also available at discounted value.
• Senior citizens will get higher interest rates on their deposits.
• Joint account facilities are available.
• Overdraft or loan against fixed deposit facility is also available.
• The auto-renewal facility is available. 
• A reinvestment facility is also available.
• Multiple amount deposit facility is also available in this FD scheme.
• Premature closure is allowed. However, you are required to pay a penalty for premature withdrawals.

Hrudaya Deposit Scheme

ESAF Small Finance Bank has developed a unique approach to delivering affordable financial services to its members through Hrudaya Deposits.

• Minimum investment: ₹1 lakh
• Maximum investment: No upper limit.
• Scheme tenure: 1 year and above.
• A relationship banking facility is also available.
• This scheme is open for both Indian residents and Non-Resident Indian individuals.
• Depositors have an opportunity to partake in the journey of serving the unbanked and under-banked segments of society.
• Performance reports of the funds will be delivered to depositors at regular intervals.
• You have the freedom to select the group of borrowers, choose your geography, and select the purpose for which you want to map your deposit.

• 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. 

• Not dynamic: Interest rates on FD are not dynamic. So, it fails to overcome the risk of inflation. 
• Fixed rate: Fixed deposits offer a fixed rate on the investment. Hence, you cannot benefit from higher returns in cases of increased market interest rates.

The following people are eligible for investing in ESAF Small Finance Bank fixed deposits:

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

You will require the following documents for opening an FD account in ESAF Small Finance Bank:

• Identity proof: Aadhaar card, Voter ID card, passport, PAN card, NREGA job card and driving licence.
• Proof of residence: Aadhaar card, passport, utility bills and bank statement with a cheque.
• Proof of date of birth: Birth certificate, voter ID card, PAN card, Aadhaar card, passport, government ID card, LIC policy document and service discharge certificate, senior citizen card issued by Indian Railways or Indian Airlines

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:

• 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.
• The interest applicable for premature closure of fixed deposits will be either the interest rate for the original tenure of the deposit or the rate applicable at the time of deposit opening as per the tenure for which the deposit has remained with the bank.

Tax Deducted at Source (TDS)

• TDS will be deducted from the interest accrued on the FDs if the interest is more than ₹40,000 (₹50,000 for senior citizens) in a given financial year. 
• For Resident customers, if you have submitted your PAN card details, the deduction will be 10% per year on the interest. The bank will deduct 20% of TDS annually without a PAN card.