Interest for 3 years
|Tenure||Normal Citizen FD Rate||Senior Citizen FD Rate|
|7 days - 14 days||4%||4.5%|
|15 days - 1 month 29 days||4.5%||5%|
|1 month 30 days - 2 months 29 days||5%||5.5%|
|2 months 30 days - 5 months 29 days||5.25%||5.75%|
|5 months 30 days - 11 months 30 days||6%||6.5%|
|1 year - 1 year 11 months 29 days||8%||8.5%|
|1 year 11 months 30 days - 2 years 11 months 29 days||8.5%||9%|
|2 years 11 months 30 days - 4 years 11 months 28 days||6.75%||7.25%|
|4 years 11 months 29 days - 9 years 11 months 28 days||6.25%||6.75%|
Note: All interest rates shown above are as on 4th May 2023
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% - 8.5%
4.5% - 9%
FD Rate for Seniors
₹ 2 Crores
Loan against FD
|Investment Amount||For 3 years with interest of 6.75%||For 5 years with interest of 6.25%|
|₹ 50,000||₹ 61,188||₹ 68,286|
|₹ 1 lakh||₹ 1,22,377||₹ 1,36,573|
|₹ 2 lakh||₹ 2,44,753||₹ 2,73,146|
|₹ 5 lakh||₹ 6,11,883||₹ 6,82,865|
|₹ 10 lakh||₹ 12,23,766||₹ 13,65,730|
Use FD calculator to change values and compare your returns from top banks.
|Maturity Amount||₹ 1,06,168||₹ 1,07,763|
|Total Investment Amount||₹ 1,00,000||₹ 1,00,000|
|Total Interest Gained||₹6,168||₹ 7,763|
|Bank Name||FD Interest Rates|
|DBS Bank FD||7.5% - 8%|
|Jammu And Kashmir Grameen Bank FD||6.5% - 7%|
|Central Bank of India FD||6.25% - 6.75%|
|IDBI Bank FD||6.5% - 7%|
|Madhyanchal Gramin Bank FD||5.3% - 5.8%|
|Mizoram Rural Bank FD||6.5% - 6.5%|
|Axis Bank FD||7% - 7.75%|
|Bangiya Gramin Vikash Bank FD||6.25% - 6.75%|
|Bandhan Bank FD||7.25% - 7.75%|
|LIC Housing Finance FD||7.75% - 8%|
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.
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:
Following are the individuals that are eligible to invest in ESAF Small Finance Bank FDs.
To open a fixed deposit account with ESAF Bank, one needs the following documents.
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.
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.
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.
Following are the types of fixed deposit scheme offered by ESAF Small Finance Bank:
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.
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.
What is the highest ESAF Small Finance Bank FD rate today?
What is the highest interest rate on ESAF Small Finance Bank 1 year FD scheme?
What is ESAF Small Finance Bank FD scheme interest rate for 5 years?
How many years FD will double in ESAF Small Finance Bank?
What is ESAF Small Finance Bank FD minimum deposit amount?
What is senior citizen fixed deposit interest rates in ESAF Small Finance Bank?
What are the available FD tenures in ESAF Small Finance Bank?
What is ESAF Small Finance Bank FD ROI for 10 lakh deposit for 1 year?
The interest from the ESAF Small Finance Bank FD calculator for 10 lakh deposit for 1 year will be INR 61,678. The maturity value will be INR 10,61,678. You can use Scripbox’s FD Calculator to determine the maturity value of your investment.
How to check the fixed deposit balance in ESAF Small Finance Bank?
How many FDs can be opened in ESAF Small Finance Bank?