ESAF Small Finance Bank FD Interest Rate
ESAF Small Finance Bank Fixed Deposit Interest RatesNote: All interest rates are updated as of 30 Jan 2024
|For General Citizen (p.a)
|For Senior Citizen (p.a)
|7 days to 14 days
|15 days to 59 days
|60 days to 90 days
|91 days to 182 days
|183 days to 1 year
|1 year 1 day to less than 2 years
2 years to less than 3 years
|3 years to less than 5 years
|5 years to 10 years
Types of ESAF Small Finance Bank Fixed Deposits
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.
Pros of investing in ESAF Small Finance Bank Fixed 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.
Cons of investing in ESAF Small Finance Bank Fixed Deposit
- 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.
ESAF Small Finance Bank FD Eligibility Criteria
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
Documents Required for ESAF Small Finance Bank FD Account
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
How to Open an FD with 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 Fixed Deposit Premature Withdrawal
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 implications on ESAF Small Finance Bank FD
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.
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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