Latest ESAF FD Rates - Book ESAF Bank FD Online in Feb 2024

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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.

Minimum Deposit	₹1,000
Maximum Deposit	No limit
Minimum Tenure	7 days
Maximum Tenure	10 years
Interest Rates	4.00% to 9.00% (including interest rates for senior citizens)
Lock-in Period	No limit specified
Senior Citizen	4.50% to 9.00% (for deposits below ₹200 lakhs)
General Citizen	4.00% to 8.50% (for deposits below ₹200 lakhs)

Table of Contents

ESAF Small Finance Bank FD Rates – February 2024

Tenure	General Citizen	Senior Citizen

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 offeres 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.

Step 1: Visit the official website of ESAF Small Finance Bank https://www.esafbank.com/.
Step 2: On the top menu, find the ‘Deposits’ option under the ‘Products’ tab.
Step 3: Choose the ‘Fixed Deposit’ option.
Step 4: Click on the ‘Read More’ tab under ‘Fixed Deposit’.
Step 5: Scroll down and find the ‘Fixed Deposit Apply Now’ tab and click on it. The following page will display a FD account opening form.
Step 6: Fill up the form by providing the necessary details such as your particulars and specify the type of fixed deposit you want to avail.
Step 7: Attach all the required documents with the form and submit it.
Step 8: 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: 4.00% to 8.50% for general citizens and 4.50% to 9.00% for senior citizens (for deposits less than ₹200 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: 8.00% to 8.50% for general citizens and 8.50% to 9.00% 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: 4.00% to 8.50% (for deposits less than ₹200 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: 6.00% to 8.50% (for deposits less than ₹200 lakhs)
Eligibility: NRIs (Non-Resident Indians)

If you are looking for a safe investment option in 2023, 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.

FAQs

How much interest will I get with a ₹2 crore NRE deposit?

You need to visit the nearest branch and consult a bank representative for details regarding the prevailing interest rates on a ₹2 crore NRE deposit.

Is there any penalty for premature closure of NRE and NRO fixed deposits of ESAF Small Finance Bank?

Yes, the ESAF Small Finance Bank charges a penalty for premature closure of NRE and NRO fixed deposit accounts.

Is interest earned from NRE and NRO fixed deposit schemes of ESAF Bank taxable?

All NRI investors enjoy tax exemptions upon investing in the NRE FD scheme of ESAF Bank. However, the interest earned from NRO fixed deposits is taxable as per the rules of Income Tax.

Can I change my tenure of Regular FD in ESAF Bank?

No, you cannot change your tenure of Regular FD in ESAF Bank. However, you can do a premature closure and reinvestment and book another FD as per your preferred tenure.

What additional benefits are there in the Regular FD scheme of ESAF Bank?

Besides high-yielding interest rates, ESAF Bank provides a diverse range of additional benefits. Some of these are nomination facility, issuance of TDS certificate, multiple amount deposit and auto-renewal options.

Can I apply for a joint account facility under the Regular ESAF FD scheme?

Yes, all eligible entities can apply for a joint account facility from ESAF Bank under the Regular FD scheme.

What is the highest interest rate on FD payable by ESAF Bank?

In the case of general citizens, the highest interest rate payable by ESAF Bank is 8.50% for investing in its Regular FD scheme, having a tenure of 2 to 3 years. The bank provides an additional 0.50% interest to senior citizens for making the same investment.

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