Formerly known as ESAF Microfinance, ESAF Small Bank is an Indian small finance bank providing banking services to urban, semi urban, rural and rural unbanked areas. Before becoming a bank, ESAF was a non-banking finance company and microfinance institution (NBFC-MFI), licensed by the Reserve Bank of India (RBI) and headquartered in Thrissur city of Kerala. ESAF, is an acronym for Evangelical Social Action Forum. Note: All information has been sourced from the official website of ESAF Small Finance Bank.
There are six types of FDs offered by ESAF Small Finance Bank:
Interest Rates for Resident Term Deposits (Less than Rs. 200 lakhs).
Rates of interest are subject to revision periodically.
No interest would be payable for Resident term deposits prematurely withdrawn before completion of a period of 7 days from the date of deposit.
The mentioned rates of interest are applicable for Resident Recurring Deposits also.
| Tenure of Deposit | Normal Rate | Rate for Senior Citizens |
|---|---|---|
| 7 - 14 days | 5.50% | 6.00% |
| 15 - 59 days | 5.50% | 6.00% |
| 60 - 90 days | 6.25% | 6.75% |
| 91 days to 181 days | 6.75% | 7.25% |
| 182 days | 6.00% | 6.50% |
| 183 days to 363 days | 7.50% | 8.00% |
| 364 days | 6.25% | 6.75% |
| 365 days to 545 days | 8.25% | 8.75% |
| 546 days | 6.25% | 6.75% |
| 547 days to 727 days | 8.25% | 8.75% |
| 728 days | 6.50% | 7.00% |
| 729 days to 909 days | 8.00% | 8.50% |
| 910 days | 6.50% | 7.00% |
| 911 days to 1091 days | 8.00% | 7.00% |
| 1092 days | 7.00% | 7.50% |
| 1093 days to 1273 days | 7.30% | 7.80% |
| 1274 days | 7.00% | 7.50% |
| 1275 days -1455 days | 7.30% | 7.80% | 1456 days | 7.00% | 7.50% |
| 1457 days-1637 days | 7.30% | 7.80% |
| 1638 days | 7.00% | 7.50% |
| 1639 days-1819 days | 7.30% | 7.80% |
| 1820 days | 7.00% | 7.50% |
| 1821 days to 3652 days | 7.30% | 7.80% |
Interest Rates for Non Resident Ordinary (NRO) Term Deposits (Less than Rs. 200 lakhs)
Rate of interest applicable for NRO term deposits of Senior Citizens is the same as above.
The above rates of interest are applicable for NRO Recurring Deposits also.
| Tenure of Deposit | Rate of Interest effective from 01/09/2019 |
|---|---|
| 7 - 14 days | 5.50% |
| 15 - 59 days | 5.50% |
| 60 - 90 days | 6.25% |
| 91 days to 181 days | 6.75% |
| 182 days | 6.00% |
| 183 days to 363 days | 7.50% |
| 364 days | 6.25% |
| 365 days to 545 days | 8.25% |
| 546 days | 6.25% |
| 547 days to 727 days | 8.25% |
| 728 days | 6.50% |
| 729 days to 909 days | 8.00% |
| 910 days | 6.50% |
| 911 days to 1091 days | 8.00% |
| 1092 days | 7.00% |
| 1093 days to 1273 days | 7.30% |
| 1274 days | 7.00% |
| 1275 days -1455 days | 7.30% |
| 1456 days | 7.00% |
| 1457 days-1637 days | 7.30% |
| 1638 days | 7.00% |
| 1639 days-1819 days | 7.30% |
| 1820 days | 7.00% |
| 1821 days to 3652 days | 7.30% |
Interest Rates for Non Resident External (NRE) Term Deposits (Less than Rs. 200 lakhs)
| Tenure of Deposit | Rate of Interest effective from 01/09/2019 |
|---|---|
| 365 days to 545 days | 8.25% |
| 546 days | 6.25% |
| 547 days to 727 days | 8.25% |
| 728 days | 6.50% |
| 729 days to 909 days | 8.00% |
| 910 days | 6.50% |
| 911 days to 1091 days | 8.00% |
| 1092 days | 7.00% |
| 1093 days to 1273 days | 7.30% |
| 1274 days | 7.00% |
| 1275 days -1455 days | 7.30% |
| 1456 days | 7.00% |
| 1457 days-1637 days | 7.30% |
| 1638 days | 7.00% |
| 1639 days-1819 days | 7.30% |
| 1820 days | 7.00% |
| 1821 days to 3652 days | 7.30% |
Rate of interest applicable for NRE term deposits of Senior Citizens is the same as above. The minimum tenor for NRE term deposits is 365 days. The above rates of interest are applicable for NRE Recurring Deposits also.
You can apply for ESAF Bank Fixed Deposit at the nearest bank branch or visit the official website of the bank to open one online.
Anyone above the age of 18 years can open an ESAF Bank Fixed Deposit.
The documents required for ESAF Bank Fixed Deposit are:
