Formerly established as a non-banking finance company, ESAF commenced its operations as one of the significant Indian small finance banks in 2017. The bank has a notable presence in unbanked and underbanked areas, with establishments of more than 700 banking outlets across different states and union territories of India. The ESAF Small Finance Bank is known for offering a host of banking and financial services in India, with high-yielding fixed deposit schemes being one of them. Before we dive into more details of such schemes, let's explore the latest to ESAF Small Finance Bank FD rates.

Features and Benefits of ESAF Small Finance Bank FD Interest Rate

Here is a list of features and benefits you can avail by investing in ESAF Small Finance Bank FD schemes of varying interest rates.

• ESAF Small Finance Bank offers with a flexible FD tenure ranging from 7 days to 10 years.
• The bank enables its customers to book an FD scheme, without any hassle, through its online website.
• Investors depositing an amount of up to ₹5 lakhs in the FD schemes of this bank enjoy an insurance cover by Deposit Insurance and Credit Guarantee Corporation (DICGC).
• The bank allows depositors to avail the high-yielding interest rates by making a minimum investment of ₹1,000.
• It offers an additional 0.50% rate to senior citizens over the regular interest.
• The bank provides a wide range of other benefits, such as multiple interest payout options and facilities such as nomination options, overdraft against FD, part withdrawal and FD auto-renewal flexibility.

How to Book ESAF Small Finance Bank FD?

An individual or entity has to book an FD account before availing the high-yielding ESAF Bank FD rates and the above-mentioned benefits. The following is a step-by-step guide you need to follow in order to do so.

• Visit the official website of ESAF Small Finance Bank https://www.esafbank.com/.
• On the top menu, find the ‘Deposits’ option under the ‘Products’ tab.
• Choose the 'Fixed Deposit' option.
• Click on the ‘Read More’ tab under ‘Fixed Deposit’.
• Scroll down and find the ‘Fixed Deposit Apply Now’ tab and click on it. The following page will display a FD account opening form.
• Fill up the form by providing the necessary details such as your particulars and specify the type of fixed deposit you want to avail.
• Attach all the required documents with the form and submit it.
• Make the payment of the deposit amount via the bank's net banking facility.

Upon successful booking of the FD account, the bank will issue an FD receipt. 

Documents Required to Book ESAF Small Finance Bank FD

While opening an FD account, an applicant has to submit a few documents. Here is a list of all such documents that you need to provide to avail ESAF Bank FD interest rates.

• PAN Card
• Passport-size photograph of the applicant(s)
• Filled in FD account opening form. 
• Identity proof – Aadhaar card, Voter ID, driving licence, etc. 
• Address proof – Voter ID card, PAN card, Aadhaar card, passport, etc. 
• Age proof – birth certificate, school passing/graduation certificate.
• Bank account details – account number, IFSC code, and branch name. 

Eligibility to Open ESAF Small Finance Bank FD

Listed below are the eligibility criteria that one needs to fulfil in order to open an FD account and avail ESAF FD interest rates.

• Applicant Type: Indian residents, Non-indian residents, Senior citizens, Hindu Undivided Families (HUFs), Proprietary Firms, Partnership Firms, Limited Liability Partnerships (LLP), etc. 
• Age (applicable for individual applicants): Should be above 18 years of age. Minors under guardianship can open an FD account with ESAF Small Finance Bank. 

Types of ESAF Small Finance Bank FD Schemes

Let’s discover the different types of FD schemes with varying ESAF Small Finance Bank interest rates that you can avail in 2023 as a secured investment.

1. ESAF Regular Fixed Deposit Scheme

This is the standard fixed deposit scheme of ESAF Small Finance Bank, applicable to all eligible entities. It is ideal for risk-averse investors, letting them earn interest every quarter. However, you can also apply for a monthly payment of interest at a discounted rate under the ESAF Regular Fixed Deposit scheme.

• Minimum Deposit: ₹1,000 and multiples of ₹1,000 thereafter
• Maximum Deposit: No maximum limit
• Tenure: 7 days to 10 years
• Interest Rate: 2.75% to 8.00% for general citizens and 3.25% to 8.50% for senior citizens (for deposits less than ₹300 lakhs)
• Eligibility: Indian residents and senior citizens

2. ESAF Hrudaya Deposit Scheme

ESAF Hrudaya Deposit Scheme is a special social deposit scheme, primarily formulated to provide secure investment options to the lowest strata of the society. This scheme comes up with a premature facility option, allowing depositors to easily withdraw their FD investment anytime.

• Minimum Deposit: ₹1 lakh
• Maximum Deposit: No limit specified
• Tenure: 1 year to 10 years
• Interest Rate: 7.25% to 8.00% for general citizens and 7.75% to 8.50% for senior citizens
• Eligibility: Resident and Non-Resident Indian individuals and senior citizens

3. Non-Resident Ordinary (NRO) Term Deposit Scheme

Non-Resident Ordinary (NRO) Term Deposit Scheme provides attractive interest rates starting from a minimum tenure of 7 days. The only downside of this scheme is that these rates are only applicable to new deposits of ESAF Bank while existing deposits can avail such rates on renewal.

• Minimum Deposit: No limit specified
• Maximum Deposit: No limit specified
• Tenure:  7 days to 10 years
• Interest Rate: 2.75% to 8.00% (for deposits less than ₹300 lakhs)
• Eligibility: NRIs (Non-Resident Indians)

4. Non-Resident External (NRE) Term Deposit Scheme

Unlike the NRO FD scheme, the tenure of this scheme starts from 1 year and above. However, the deposits made under this scheme are tax-free, while allowing NRIs to convert their foreign earnings into Indian currency value.

• Minimum Deposit: No limit specified
• Maximum Deposit: No limit specified
• Tenure: 1 to 10 years
• Interest Rate: 4.75% to 8.00% (for deposits less than ₹300 lakhs)
• Eligibility: NRIs (Non-Resident Indians)

If you are looking for a safe investment option in 2026, look no further than the above-mentioned attractive FD schemes with varying ESAF FD rates. However, verify all the interest rates with a bank representative and thereafter proceed to invest since the FD rates are subject to change.