5.75%
Interest for 3 years
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
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
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 |
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 |
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% |
₹ 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.
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.
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.
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.
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.