ESAF Small Finance Bank functions as a specialised financial institution catering primarily to the needs of small and marginalised customers. As a small finance bank, it focuses on serving micro and small enterprises, low-income households, and individuals residing in rural and semi-urban regions of the country. ESAF Small Finance Bank focuses on catering to the financial needs of underserved segments within the population. They offer a wide range of banking and financial services, including savings accounts, fixed deposits, loans, remittances, and other customised banking products. Get exclusive information about ESAF Small Finance Bank FD rates, benefits, application process, and more.
About ESAF Small Finance Bank
ESAF Small Finance Bank, originally founded as an NGO in 1992, aims to promote sustainable upliftment of economically marginalised communities. Once known as ESAF Microfinance, this bank transitioned to become a small finance bank in March 2017. ESAF Small Finance Bank employs a team of 4,100 committed professionals and operates through a vast network of 575 banking outlets spread across 21 states and two union territories. The bank provides attractive ESAF Small Finance Bank FD interest rates, surpassing those offered by regular savings accounts. For regular customers, the interest rates range from 4.5% to 6.5%, depending on the chosen tenure, which can extend from 7 days to 10 years. Senior citizens enjoy an additional benefit of a 0.5% interest rate increase, thus receiving ESAF Bank FD interest rates ranging from 5% to 7%.
ESAF Small Finance Bank FD Rates
| Period | Rate of Interest effective from 14/04/2023 | |
| Normal Rate (%) | Rate for Senior Citizens (%) | |
| 7 days to 14 days | 4.00% | 4.50% |
| 15 days to 59 days | 4.50% | 5.00% |
| 60 days to 90 days | 5.00% | 5.50% |
| 91 days to 182 days | 5.25% | 5.75% |
| 183 days to 1 year | 6.00% | 6.50% |
| 1 year 1 day to less than 2 years | 8.00% | 8.50% |
| 2 years to less than 3 years | 8.50% | 9.00% |
| 3 years to less than 5 years | 6.75% | 7.25% |
| 5 years to 10 years | 6.25% | 6.75% |
ESAF NRO Fixed Deposit Interest Rates
| Period | Rate of Interest effective from 14/04/2023 |
| 7 days to 14 days | 4.00% |
| 15 days to 59 days | 4.50% |
| 60 days to 90 days | 5.00% |
| 91 days to 182 days | 5.25% |
| 183 days to 1 year | 6.00% |
| 1 year 1 day to less than 2 years | 8.00% |
| 2 years to less than 3 years | 8.50% |
| 3 years to less than 5 years | 6.75% |
| 5 years to 10 years | 6.25% |
ESAF Small Finance Bank NRE Fixed Deposit Interest Rates
| Period | Rate of Interest effective from 14/04/2023 |
| 1 year | 6.00% |
| 1 year 1 day to less than 2 years | 8.00% |
| 2 years to less than 3 years | 8.50% |
| 3 years to less than 5 years | 6.75% |
| 5 years to 10 years | 6.25% |
Fixed Deposit Schemes at ESAF Small Finance Bank
ESAF Small Finance Bank offers a range of fixed deposit options tailored to meet various financial needs. Let’s delve into the details of these FD schemes:
Regular Fixed Deposit Scheme
- Minimum investment: Depositors can start with as little as ₹1,000 and invest in multiples of ₹1,000.
- Maximum investment: No upper limit allows one to invest according to financial capacity.
- Tenure: One can choose a tenure ranging from 7 days to a maximum of 10 years, giving flexibility in the investment horizon.
- Interest payment: The bank pays interest on this scheme every quarter, providing a regular income stream.
- Monthly interest payout: Depositors can opt for monthly interest payouts at a discounted rate, enhancing liquidity.
- Senior citizen benefits: Senior citizens are entitled to higher interest rates on their deposits, making it an attractive option for retirees.
- Joint account: One can open a joint account, enabling shared investments with family members or partners.
- Overdraft or loan facility: The scheme provides the option to access an overdraft or obtain loans against fixed deposit, giving greater financial flexibility.
- Auto-renewal: FD can be set to auto-renew, ensuring funds grow without hassle.
- Reinvestment facility: One can reinvest their interest earnings to maximise returns.
- Multiple deposits: This scheme allows one to make multiple deposits, accommodating various financial goals.
- Premature closure: While premature closure is allowed, a penalty for withdrawals before maturity applies.
Hrudaya Deposit Scheme
- Minimum investment: The minimum investment required for this unique scheme is Rs. 1 lakh.
- Maximum investment: There’s no maximum cap, making it suitable for all investors.
- Tenure: One can invest for one year and beyond, aligning their investment with long-term financial objectives.
- Relationship banking: This scheme provides a personalised approach to banking, ensuring a tailored and enjoyable banking experience.
- Inclusive to NRIs: The Hrudaya Deposit Scheme is open to Non-Resident Indian individuals and Indian residents, fostering inclusivity.
- Serving the unbanked: Depositors have a chance to contribute to financial inclusion by being part of the bank’s mission to serve those who are unbanked or under-banked.
- Performance reports: Depositors will receive regular performance reports, ensuring they stay updated on the status of their investments.
- Borrower selection: Depositors can pick the borrower group, choose specific geographic areas, and allocate their deposit to a purpose of their choice, allowing them to align their investments.
Eligibility Criteria for Applying for an FD
ESAF Small Finance Bank offers fixed deposit opportunities to a diverse range of investors, providing a wide range of financial possibilities. The eligibility criteria for ESAF Small Finance Bank fixed deposits include:
- Resident Indian individuals: This category includes all resident Indian individuals, including minors. It means that both adults and minors are eligible to invest in fixed deposits offered by ESAF Small Finance Bank.
- Hindu Undivided Families: HUF, recognised as a separate entity under Hindu Law, is also eligible to invest in fixed deposits offered by ESAF Small Finance Bank.
- Non-Resident Indians: ESA Small Finance Bank provides exclusive term deposit options for Non-Resident Indians, including NRE and NRO term deposits.
Documents Needed for Applying for an FD
The necessary documentation for opening an FD account with ESAF Small Finance Bank includes:
- Identity verification: Options include a NREGA job card, passport, Permanent Account Number (PAN) card, Voter ID card, driving license, and Aadhaar card.
- Address confirmation: Acceptable documents comprise a bank’s latest statements and a cheque, an Aadhaar card, utility bills, and a passport.
- Date of birth confirmation: Valid proofs consist of a birth certificate, voter identity card, Permanent Account Number (PAN) Card, government identity card, Aadhaar card, service discharge certificate, passport, life insurance policy document, or a card issued by Indian railways or airlines for senior citizens.
Process of Applying for FD at ESAF Small Finance Bank
Method 1: In-Person Application
To begin a fixed deposit with ESAF Bank, visit the closest bank branch. Complete the application provided and furnish the necessary deposit and documents. The bank staff will assist you throughout the process.
Method 2: Online Application
If you prefer to apply online, follow these steps:
- Visit the official website of ESAF Small Finance Bank.
- Locate the “Fixed Deposit Apply Online” section.
- Fill out the online form with details, including name, mobile number, email address, city, PIN code, address, state, nearest branch, and account type.
- Look for the fixed deposit option within the online portal.
- Complete all mandatory fields specifying the FD tenure, deposit amount, nominee information, and provide a digital signature.
- Carefully review all the information to ensure accuracy.
- Proceed to pay through the bank’s online net banking facility.
- After completing the payment, save the receipt for records and future reference.
Benefits of Applying for FD at ESAF Small Finance Bank
Investing in ESAF Small Finance Bank fixed deposits offers several compelling benefits:
- Convenient online process: The entire process can be initiated online, saving investors valuable time and effort.
- DICGC insurance coverage: Deposit Insurance and Credit Guarantee Corporation provide insurance coverage for the funds invested in ESAF Small Finance Bank FDs, up to ₹5 lakhs.
- Flexible investment period: ESAF Small Finance Bank offers a variety of options ranging from 7 days to 10 years.
- Low minimum investment: With an ESAF Small Finance Bank FD, one can start investing with as little as ₹1,000.
- Senior citizens benefit: Senior citizens can receive an additional 0.5% per annum ESAF Bank FD rates, which can really make a difference for those who are retired or elderly and want to maximise their savings and income.
Conclusion
ESAF Small Finance Bank is a reliable institution that empowers individuals and communities by offering fixed deposit schemes. These schemes aim to foster financial growth and provide security. Whether you are an everyday investor or a senior citizen seeking to maximise savings, ESAF Small Finance Bank provides various opportunities to help achieve your financial goals.
ESAF Small Finance Bank FD Rates FAQs :-
ESAF Small Finance Bank offers a range of interest rates for senior citizen fixed deposits, starting from 4.5% and going up to 9% per annum, depending on the chosen investment duration.
ESAF Small Finance Bank provides fixed deposit tenures that span from a minimum of 7 days to a maximum of 9 years, 11 months, and 28 days.
ESAF Small Finance Bank offers an interest rate of 8.5% per annum for general citizens and an enhanced rate of 9% for senior citizens on their fixed deposits.
ESAF Small Finance Bank offers an impressive interest rate of 6% per annum for their 1-year fixed deposit scheme.
ESAF Small Finance Bank provides a competitive interest rate of 6.25% per annum for a 5-year fixed deposit scheme.
