ESAF Small Finance Bank FD Rates
About ESAF Small Finance Bank
The new era social bank, ESAF Small Finance Bank (ESAF SFB), continues to revolutionize the banking experience for all stakeholders, particularly focused on broadening the banking horizon to include new unbanked/underbanked areas, but we also serve as a bank for all, with locations in urban, semi-urban, rural, and rural unbanked areas. ESAF began as a non-governmental organization (NGO) in 1992, with a greater vision of long-term, comprehensive transformation of the impoverished and disenfranchised. The success of Grameen Bank in Bangladesh validated the goal of ESAF’s founder, Shri. K. Paul Thomas.
He started Micro Enterprises Development (MED) services in 1995, which led to the founding of ESAF Microfinance and Investments Pvt. Ltd. in 2008, emphasizing the necessity of financial inclusion in the holistic economic development of the poor and disenfranchised. ESAF Microfinance and Investments Pvt. Ltd. was one of the first to establish a formal and structured type of lending by forming mutually trusted groups at the village level, which not only provided financial stability but also reinforced the concept that “our countries underprivileged are trustworthy.”
Features of ESAF Small Finance Bank FD Rates
- ESAF Small Finance Bank FD can be opened with an amount as a low ₹ 1,000 to up to No limit.
- FD Tenure ranges between 7 days to 727 days.
- The interest rate range is from 4.00 percent p.a. to 6.25 percent p.a.
- Senior Citizens FD rate ranges from 4.50 percent p.a to 6.75 percent p.a.
- As per today’s rate, ESAF Small Finance Bank’s highest interest rate on FD is 6.25 percent offered for a tenure of 727 days.
- ESAF Small Finance Bank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
- ESAF Small Finance Bank provides loans against FD to help its depositor meet their liquidity requirements without breaking the FD.
ESAF Small Finance Bank FD Interest Rates 2021
Tenure |
Interest rate p.a.(General Public) |
Interest rate p.a.(Senior citizens) |
7 days to 14 days
|
4.50%
|
5.90%
|
15 days to 59 days
|
5.00%
|
5.50%
|
60 days to 90 days
|
5.75%
|
6.25%
|
91 days to 181 days
|
6.00%
|
6.50%
|
182 days
|
5.50%
|
6.00%
|
183 days to 363 days
|
6.50%
|
7.00%
|
364 days
|
5.75%
|
6.25%
|
365 days to 545 days
|
6.50%
|
7.00%
|
546 days
|
5.25%
|
5.75%
|
547 days to 727 days
|
6.50%
|
7.00%
|
728 days
|
5.50%
|
6.00%
|
729 days to 909 days
|
6.25%
|
6.75%
|
910 days
|
5.50%
|
6.25%
|
911 days to 1091 days
|
6.25%
|
6.75%
|
1092 days
|
5.50%
|
6.00%
|
1093 days to 1273 days
|
6.00%
|
6.50%
|
1274 days
|
5.50%
|
6.00%
|
1275 days to 1455 days
|
6.00%
|
6.50%
|
1456 days
|
5.50%
|
6.00%
|
1457 days to 1637 days
|
6.00%
|
6.50%
|
1638 days
|
5.50%
|
6.00%
|
1639 days to 1819 days
|
6.00%
|
6.50%
|
1820 days
|
5.50%
|
6.00%
|
1821 days to 3652 days
|
5.50%
|
6.00%
|
Eligibility of ESAF Small Finance Bank FD
The regular fixed deposit scheme by the ESAF Small Finance Bank is available to:
- Individual Indian residents
- Hindu Undivided Families (HUFs)
Documents required for opening FD in ESAF Small Finance Bank
- Application Form (properly filled and duly signed)
- Account details of the linked bank account (bank A/c statement, canceled cheque, etc.)
- PAN card or Form 60/61
- Address proof (Aadhaar, voter’s ID card, driving license, utility bills, etc.)
- Passport-sized photograph of the depositor
- Additional documents for senior citizens like Pension payment order, Birth certificate, Defence ID card/ Govt. ID cards, Senior citizen cards issued by Indian Railways/Indian Airlines, etc.
How to Calculate ESAF Small Finance Bank FD Rates
Individuals can also calculate FD rates in IDFC First Bank. This is important to ensure that you gain more from your investment made through an FD. When it comes to the IDFC First Bank, the FD can be opened for an amount as low as INR 1,000. The minimum time period for the FD is 7 days.
The FD rates in IDFC First Bank can be calculated through two methods, including simple interest and compound interest. The FD rates in IDFC First Bank might even be calculated by using both of these methods depending on the tenure and the amount of deposit. A calculator can be used to get the FD rates in IDFC First Bank.
Factors Affecting ESAF Small Finance Bank FD Rates
There are multiple factors that can have an effect on the FD rates at ESAF Small Finance Bank. Some of these factors are:
- The rate of inflation
- Prevailing liquidity scenario in India
- Conditions of demand and supply
- Anticipation of a lending rate cut
- Falling call rates
- Plummet in the Bank’s fund costs
FAQs:
Is it possible to open an ESAF Small Finance Bank FD account online?
Yes, you can apply for an FD via the ESAF Small Finance Bank's website. You will be contacted by a bank representative for the next steps, which include filling out an application and submitting KYC papers after you complete your application.
Is it possible to extend the term of my existing ESAF Small Finance Bank fixed deposit account?
No, once a fixed deposit account is opened, it is not possible to change the tenure specified. You can, however, close your existing fixed deposit account and start a new one for the duration you want.
What is the highest rate of interest paid on a fixed deposit at ESAF Small Finance Bank?
In an ESAF Small Finance Bank fixed deposit, you can earn up to 6.25 percent interest.
What are the impacts of opening a savings account without a PAN?
Customers who open an FD account with ESAF Small Finance Bank without a PAN card face the following problems:
TDS will be deducted at a rate of 20% rather than 10% as required under section 206AA.
The Income Tax Department will not give you a TDS credit.
There will be no TDS certificate issued.
Form 15G/H and other exemption certificates will be invalidated, and a penalty TDS will be imposed.
