• Fixed Deposit
  • ESAF Small Finance Bank
  • ESAF Small Finance Bank Fixed Deposit
ESAF Small Finance Bank Fixed Deposit

ESAF Small Finance Bank Fixed Deposit

PrivateNA 
DICGC

6.75%

Interest for 3 years

ESAF Small Finance Bank FD Interest Rates 2024

TenureNormal Citizen FD RateSenior Citizen FD Rate
7 days - 14 days4%4.5%
15 days - 1 month 28 days4.5%5%
1 month 29 days - 2 months 29 days5%5.5%
2 months 30 days - 5 months 29 days5.25%5.75%
5 months 30 days - 1 year6%6.5%
1 year 1 day - 1 year 11 months 27 days7.75%8.25%
2 years - 2 years 11 months 27 days8.25%8.75%
3 years - 4 years 11 months 26 days6.75%7.25%
4 years 11 months 27 days - 9 years 11 months 26 days6.25%6.75%

Note: All interest rates shown above are as on 6th Mar 2024

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

ESAF Small Finance Bank FD

4% - 8.25%

FD Rate

4.5% - 8.75%

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 AmountFor 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

Compare ESAF Small Finance Bank Fixed Deposit Returns with Top Banks

Use FD calculator to change values and compare your returns from top banks.

vs
Utkal Grameen Bank FD
ESAF Small Finance Bank FD
ESAF Small Finance Bank FD
Maturity Amount 1,06,168 1,06,697
Total Investment Amount₹ 1,00,000₹ 1,00,000
Total Interest Gained6,168 6,697

Compare ESAF Small Finance Bank Fixed Deposit Rates with Top Banks

Bank NameFD Interest Rates
Utkal Grameen Bank FD
6.5% - 7%
Punjab and Sind Bank FD
6% - 6.5%
Saptagiri Grameena Bank FD
7.5% - 8%
Dakshin Bihar Gramin Bank FD
5.6% - 5.6%
Karnataka Gramin Bank FD
6.85% - 7.35%
Kerala Gramin Bank FD
6.75% - 7.25%
Baroda Gujarat Gramin Bank FD
6.75% - 7.25%
Yes Bank FD
7.3% - 8%
Union Bank of India FD
6.5% - 7%
Dhanlaxmi Bank FD
6.5% - 7%

Calculate ESAF Small Finance Bank FD Returns

1,00,000

Total Investment

6,168

Wealth Gained

1,06,168

Maturity Amount

Explore Debt Funds, instead!

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

Explore Fixed Deposits By Banks

Frequently Asked Questions

What is the highest ESAF Small Finance Bank FD rate today?

The highest ESAF Small Finance Bank FD rates for general citizens is 8.25% p.a. and 8.75% p.a. for senior citizens.

What is the highest interest rate on ESAF Small Finance Bank 1 year FD scheme?

The highest interest rate on ESAF Small Finance Bank 1 year FD scheme is 6% p.a.

What is ESAF Small Finance Bank FD scheme interest rate for 5 years?

6.25% p.a is the interest rate for 5 years on ESAF Small Finance Bank FD scheme.

How many years FD will double in ESAF Small Finance Bank?

To know in how many years ESAF Small Finance Bank Bank FD will double, we can follow the 72 rule. We have to divide 72 by the interest rate, and the result will be the number of years ESAF Small Finance Bank Bank FD will double. The current highest ESAF Small Finance Bank FD interest rate is 8.25% so investors will double the investment in 8.73 years. Similarly, senior citizen depositors will double their FD investment in 8.23 years, where the highest FD rate for senior citizens is 8.75%.

What is ESAF Small Finance Bank FD minimum deposit amount?

The minimum investment in ESAF Small Finance Bank FD is INR 1,000. However, there is no limit on the maximum amount of investment in ESAF Small Finance Bank FD.

What is senior citizen fixed deposit interest rates in ESAF Small Finance Bank?

The senior citizen fixed deposit interest rates in ESAF Small Finance Bank range between 4.5% to 8.75% p.a. for an available minimum and maximum investment duration.

What are the available FD tenures in ESAF Small Finance Bank?

ESAF Small Finance Bank FD tenure ranges from 7 days to 9 years 11 months 26 days

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?

You can check ESAF Small Finance Bank FD balance either online or offline mode. For online mode, log in to the ESAF Small Finance Bank internet banking portal. Alternatively, you can visit the nearest ESAF Small Finance Bank bank to update your passbook for FD balance enquiry.

How many FDs can be opened in ESAF Small Finance Bank?

There is no restriction on the number of FDs you can open with ESAF Small Finance Bank.