- Fixed Deposit
- ESAF Small Finance Bank
- ESAF Small Finance Bank Fixed Deposit
ESAF Small Finance Bank Fixed Deposit
5.75%
Interest for 3 years
ESAF Small Finance Bank FD Interest Rates January 2023
| Tenure | Normal Citizen FD Rate | Senior Citizen FD Rate |
|---|---|---|
| 7 days - 14 days | 4% | 4.5% |
| 15 days - 2 months | 4.5% | 5% |
| 2 months 1 day - 3 months | 5% | 5.5% |
| 3 months 1 day - 6 months 1 day | 5.25% | 5.75% |
| 6 months 2 days - 1 year | 5.5% | 6% |
| 1 year 1 day - 1 year 11 months 29 days | 7.25% | 7.75% |
| 1 year 11 months 30 days - 2 years 8 months 24 days | 7.5% | 8% |
| 2 years 8 months 25 days - 2 years 8 months 25 days | 8% | 8.5% |
| 2 years 8 months 26 days - 2 years 11 months 29 days | 7.5% | 8% |
| 2 years 11 months 30 days - 4 years 11 months 29 days | 5.75% | 6.25% |
| 4 years 11 months 30 days - 9 years 11 months 28 days | 5.25% | 5.75% |
Note: All interest rates shown below are as on 9th Jan 2023
About ESAF Small Finance Bank FD
ESAF Small Finance Bank (formerly known as ESAF Microfinance) was founded as a small finance bank in March 2017. It has a balance sheet size of Rs. 9,470 Cr as on 31st March 2020. It recorded a profit of Rs 190 cr in FY20
4% - 8%
FD Rate
4.5% - 8.5%
FD Rate for Seniors
₹ 1000
Minimum Deposit
₹ 2 Crores
Maximum Deposit
-
Lock-in
-
FD Tenure
-
Loan against FD
NA
CRISIL Rating
ESAF Small Finance Bank FD Returns Based on Investment Amount
| Investment Amount | For 3 years with interest of 5.75% | For 5 years with interest of 5.25% |
|---|---|---|
| ₹ 50,000 | ₹ 59,389 | ₹ 64,972 |
| ₹ 1 lakh | ₹ 118,778 | ₹ 129,943 |
| ₹ 2 lakh | ₹ 237,556 | ₹ 259,886 |
| ₹ 5 lakh | ₹ 593,891 | ₹ 649,716 |
| ₹ 10 lakh | ₹ 1,187,782 | ₹ 1,299,432 |
Compare ESAF Small Finance Bank Fixed Deposit Returns with Top Banks
Use FD calculator to change values and compare your returns from top banks.
| Maturity Amount | ₹ 105,641 | ₹ 108,139 |
| Total Investment Amount | ₹ 100,000 | ₹ 100,000 |
| Total Interest Gained | ₹5,641 | ₹ 8,139 |
Compare ESAF Small Finance Bank Fixed Deposit Rates with Top Banks
| Bank Name | FD Interest Rates |
|---|---|
| 7.85% - 8.8% | |
| 5.75% - 6.25% | |
| 7% - 7.75% | |
| 7% - 7% | |
| 7.2% - 7.95% | |
| 6.25% - 6.75% | |
| 6.5% - 7% | |
| 6.25% - 6.75% | |
| 5.3% - 5.55% | |
| 5.2% - 5.7% |
Calculate ESAF Small Finance Bank FD Returns
₹ 100,000
Total Investment
5,641
Wealth Gained
₹ 105,641
Maturity Amount
The flexible & tax efficient alternative to FDs.
ESAF Small Finance Bank offers higher fixed deposit interest rates than their savings account. The rate of interest ranges between 4.5% to 6.5% for regular citizens for a tenure of 7 days to 10 years. Also, senior citizens get an additional 0.5% on their ESAF Small Finance term deposit investments, and the interest rates range between 5% and 7%. This article covers ESAF Small Finance Bank term deposits and the FD interest rates in detail.
Features of ESAF Small Finance Bank FD
ESAF Small Finance Bank fixed deposit schemes offer better returns than a savings bank account. Following are the key features of ESAF Bank fixed deposits:
- Tenure: The ESAF Small Finance Bank FD account tenure ranges between 7 days to 10 years. Once invested, one cannot change the tenure of the ESAF Small Finance Bank FD investment. However, they can opt for premature withdrawal. They can also close the existing ESAF Small Finance Bank FD and start a new FD with the desired tenure.
- Minimum and Maximum Deposit Amount: The minimum amount of deposit for ESAF Bank FDs is INR 1,000. Also, there is no limit on the maximum investment amount for ESAF Small Finance Bank term deposits.
- Interest Rate: ESAF Small Finance Bank FD rates range between 4.5% and 6.5% for regular citizens. The tenure range is seven days to 10 years.
- Preferential Interest Rate: ESAF Bank offers a preferential interest rate for senior citizen depositors. Also, the ESAF Bank fixed deposit rates for senior citizens range between 5% to 7%.
- Nomination Facility: Depositors can also nominate beneficiaries for their ESAF Bank FDs.
- Auto-Renewal: ESAF Small Finance Bank provides an auto-renewal facility for deposits.
- Convenience: Opening and managing ESAF Small Finance Bank fixed deposit investments is easy and also convenient through their online portal.
- Safety: Under the Deposit Insurance Scheme of RBI, DICGC insures all ESAF Bank fixed deposits up to INR 5,00,000.
- Additional Payments: It is not possible to deposit any additional amount in an existing ESAF Bank FD. However, one can always invest in a fresh ESAF Bank FD with an additional amount.
- Premature withdrawal: ESAF Small Finance Bank allows premature withdrawal of fixed deposits. However, these withdrawals attract a penalty on the contracted interest rate. Also, the penalty varies as per the bank norms.
Eligibility
Following are the individuals that are eligible to invest in ESAF Small Finance Bank FDs.
- Resident individuals (including minors)
- HUFs
- Individuals need not have ESAF Small Finance Bank savings accounts to open a fixed deposit account.
Documents required
To open a fixed deposit account with ESAF Bank, one needs the following documents.
- FD account application form
- Proof of identity (Passport, Aadhar Card, Voter ID, Birth Certificate, PAN Card, and Driving License)
- Residence Proof (Passport, Aadhar Card, Utility Bills, Bank Statement with Cheque)
- Proof of date of birth (Birth certificate, PAN Card, Voter ID, LIC Policy, Aadhar Card, Service Discharge Certificate)
- Senior citizen card issued by Indian Railways or Indian Airlines
Tax and TDS
Investment in ESAF Small Finance Bank FDs does not qualify for tax saving under Section 80C of the Income Tax Act, 1961. However, the interest that one earns on their ESAF Bank fixed deposit investments is taxable. The tax rate is as per the depositor’s income tax slab rates. Furthermore, ESAF Small Finance Bank deducts a TDS of 10%. This is when the interest income exceeds INR 40,0000 (INR 50,000 for senior citizens). Moreover, The TDS rate will be 20% if the PAN Card details aren’t submitted to ESAF Small Finance Bank.
Furthermore, one can determine, whether the interest income from the ESAF Bank term deposit is above or below the TDS threshold limit. They can use the fixed deposit calculator available online. Also, one can determine and compute their tax liability using the Income Tax Calculator. Scripbox’s Income Tax Calculator is available online. It also helps in estimating tax liability from ESAF Small Finance FD investment for free.
Loan against FD and Overdraft
ESAF Small Finance Bank investors can take a loan against their FDs. Therefore, one doesn’t have to break the FD to meet their liquidity requirements. Also, the interest rate on loan varies between 5.5%-7.5%.
Investors can take loans such as business loan, student loan, personal loans, etc., against ESAF Small Finance Bank FD. Also, one can work out their loan EMI using the loan EMI calculator. Furthermore, the loan EMI calculator works as a house loan EMI calculator, and a business loan EMI calculator. One can also use it as a personal loan EMI calculator, and a vehicle loan EMI calculator. The investor can also use the EMI calculator in multiple scenarios to compare the results. They only have to change the input variables. Such as personal loan interest rate, and business loan interest rate. They can also change house loan interest rate and vehicle loan interest rate.
Pan Card
A PAN card is mandatory to open an ESAF Small Finance Bank FD account. Also, there are few implications for not disclosing PAN details to ESAF Small Finance Bank. The TDS rate for non-disclosure of PAN will be 20% instead of the usual 10%, as per the regulations of section 206AA. Moreover, the ESAF Small Finance Bank will not issue any TDS certificate. Furthermore, all the exemption certificates, like Form 15G and Form 15H, will be invalid.
ESAF Small Finance BankFixed Deposit Schemes
Following are the types of fixed deposit scheme offered by ESAF Small Finance Bank:
1. ESAF Regular Fixed Deposit
- Tenure: 7 days to 10 years
- Minimum Deposit Amount is INR 1,000 and thereafter in multiples of INR 1,000.
- Interest: ESAF Small Finance Bank offers preferential interest to senior citizen depositors and also for deposits above INR 1 crore.
- Interest Payout: Monthly or Quarterly. However, for monthly payouts, the interest payout is on discounted value.
- Reinvestment Option: Available
- Nomination Facility: Available
- Joint Account Holding: Available
- Loan/ Overdraft Facility: Available. Therefore, the account holders need not worry about breaking their FDs.
- Option to deposit multiple amounts: Available
- Premature Withdrawal: Available, however, is subject to applicable penalties.
- TDS Certificate: Available
2. ESAF Hrudaya Deposit
The Hrudaya Deposit is a unique social deposit product that stands for a social cause. The scheme offers affordable financial services to account holders. Also, Hrudaya scheme engages with the lowest strata of the society and can extend the engagement to other social classes. Furthermore, depositors have the opportunity to serve the unbanked and under banked segments of society. Moreover, the scheme offers the freedom to select the group of borrowers, geography, and the purpose for which the deposit is made.
- Tenure: Up to 2 years
- Minimum Deposit Amount: INR 15,00,000
- Premature Withdrawal: Not permitted
- Online Banking: Available. Therefore, one can invest at their convenience and leisure.
Does the ESAF Small Finance Bank offer Recurring Deposits?
Yes, ESAF Small Finance Bank provides a recurring deposit scheme. Also, the Recurring deposit scheme allows investors to build up their small savings. These small investments help the investor to meet their goals upon maturity.
- Tenure: 6 months to 10 years
- Minimum Deposit Amount: INR 100 and in multiples of it thereafter
- Instalment Frequency: Monthly
- Interest: ESAF Small Finance Bank offers preferential interest to senior citizens. However, no preferential FD rates for deposits above INR 1 crore.
- Nomination Facility: Available
- Joint Account Holding: Available
- Loan/ Overdraft Facility: Available. Therefore, the account holders need not worry about breaking their deposits.
- Late payment of Penalty: Allowed, however, charges are applicable for it.
- Premature Withdrawal: Available, however, is subject to applicable penalties.
- TDS Certificate: Available
Frequently Asked Questions
ESAF Small Finance Bank FD rates range between 4.5% and 6.5% for regular citizens and between 5% – 7% for senior citizens for a tenure of 7 days to 10 years. The FD rates of ESAF Small Finance Bank are higher than their savings account. Moreover, senior citizens get a higher rate of interest of 0.5% on their ESAF Small Finance Bank FDs. The interest can be withdrawn quarterly or at the time of maturity, as per the investor’s choice.
The highest interest rate for ESAF Bank FD is 6.5% for a regular investor for the tenure of 1, 1.4 and 2 years. For senior citizens, the highest interest rate is 7%. Returns from ESAF Small Finance Bank fixed deposits can be calculated using the fixed deposit calculator.
Fixed Deposits are investments that guarantee returns in the form of interest. Hence investors can consider investing in ESAF Small Finance Bank FD.
For varying tenures, different small finance banks offer different interest rates on FDs. Hence investors have to check which bank offers the good interest against the desired tenure and choose the one which has the highest interest rate. However, FD rates alone cannot determine which fixed deposit is good for investment. Other factors like premature withdrawals, loan against FDs, interest payments, compounding frequency etc also have to be considered while choosing a FD.
All bank FDs are insured by the Deposit Insurance Scheme of RBI. Furthermore, the insurance is up to INR 5 lakhs. Hence small finance bank FDs are safe.
choosing a FD.
Are small finance banks FD safe?
All bank FDs are insured by the Deposit Insurance Scheme of RBI. Furthermore, the insurance is up to INR 5 lakhs. Hence small finance bank FDs are safe.
Which bank FD rate is high in 2020?
In India, in 2020, Bajaj Finance, Jana Small Finance Bank, Yes Bank and also DCB Bank offer high interest rates on FDs for varying tenures.