ESAF Small Finance Bank FD Interest Rates
Fixed deposits (FDs) are a popular and safe way to invest money, offering a guaranteed return over a set period. ESAF Small Finance Bank, known for its focus on innovation and making financial services accessible, offers various FD plans for different types of customers, including residents, senior citizens, and NRIs. They provide FD interest rates designed to be attractive while ensuring your money is secure. Since January 1, 2024, ESAF Small Finance Bank has been offering improved returns with updated FD interest rates, showcasing their ability to adapt to market changes.
Shifting focus to the ESAF FD rates for Resident and NRO accounts, ESAF Small Finance Bank provides competitive interest rates in a variety of tenures. These rates are designed to cater to both short-term and long-term investment needs.
ESAF FD Rates for Resident/Non-Resident Ordinary (NRO) Accounts
Rate of Interest Effective from 01/01/2024:
| Deposit Tenure | Interest Rates |
| 7 days to 14 days | 4.00% |
| 15 days to 59 days | 4.50% |
| 60 days to 90 days | 5.00% |
| 91 days to 182 days | 5.25% |
| 183 days to 1 year | 6.00% |
| 1 year 1 day to less than 2 years | 7.75% |
| 2 years to less than 3 years | 8.25% |
| 3 years to less than 5 years | 6.75% |
| 5 years to 10 years | 6.25% |
These rates provide investors with flexible options depending on their liquidity needs and investment horizons.
Turning our attention to Non-Resident External (NRE) accounts, ESAF Small Finance Bank offers competitive interest rates, making it an appealing choice for NRIs looking to invest in India. NRE FDs are particularly attractive due to their tax-free interest earnings.
Also Read: Bank of Baroda FD Interest Rates 2024
FD Rates for Non-Resident External (NRE) Accounts
Rate of Interest Effective from 01/01/2024:
| Deposit Tenure | Interest Rate |
| 1 year | 6.00% |
| 1 year 1 day to less than 2 years | 7.75% |
| 2 years to less than 3 years | 8.25% |
| 3 years to less than 5 years | 6.75% |
| 5 years to 10 years | 6.25% |
These rates offer NRIs a secure investment option and provide attractive returns, especially in the medium term.
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Next, explore the ESAF FD rates specifically designed for senior citizens. ESAF Small Finance Bank offers preferential interest rates to provide extra financial security during retirement years.
Also Read: Unity Small Finance Bank FD Rates 2024
ESAF FD Rates for Senior Citizens
Rate of Interest Effective from 01/01/2024:
| Deposit Tenure | Interest Rates |
| 7 days to 14 days | 4.50% |
| 15 days to 59 days | 5.00% |
| 60 days to 90 days | 5.50% |
| 91 days to 182 days | 5.75% |
| 183 days to 1 year | 6.50% |
| 1 year 1 day to less than 2 years | 8.25% |
| 2 years to less than 3 years | 8.75% |
| 3 years to less than 5 years | 7.25% |
| 5 years to 10 years | 6.75% |
The additional 0.5% interest for senior citizens ensures they receive better returns, helping them manage inflation and sustain their lifestyle during retirement.
As we get into the types of fixed deposit schemes offered, ESAF Small Finance Bank FD rates provide several options tailored to meet the specific needs of its diverse customer base.
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Types of ESAF Small Finance FD Schemes
When considering fixed deposit options, it’s important to choose a scheme that aligns with your financial goals. ESAF Small Finance Bank offers a range of FD schemes, each designed to satisfy the unique requirements of its clients. The various ESAF Small Finance FD schemes available are listed below:
| Features | Regular ESAF Fixed Deposit Scheme | Hrudaya ESAF Fixed Deposit Scheme |
| Eligibility | General Customers | Focused on unbanked and under-banked segments |
| Tenure | 7 days to 10 years | 1 year and above |
| Minimum Investment | ₹1,000 | ₹1 lakh |
| Interest Payment | Quarterly | Not Specified |
| Special Benefit | Higher interest rates for senior citizens | – |
| Interest Rates | – | General Public: 4% to 8%Senior Citizens: 4.5% to 9% |
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To promote financial inclusion, the NRE and NRO ESAF Fixed Deposit Schemes are designed to encourage non-resident Indians and NRIs with earnings in India to invest more securely and beneficially.
Also Read: IDBI Bank FD Interest Rates 2024
NRE and NRO ESAF FD Schemes
Choosing the right fixed deposit scheme is important for managing your finances as an NRI. ESAF Small Finance Bank offers two specific types of FD options—NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts—to meet the needs of Non-Resident Indians (NRIs). These programs are designed to provide NRIs with the best possible returns on their savings while offering secure and attractive interest rates. Here are ESAF Small Finance Bank’s NRE and NRO FD schemes:
| Feature | NRE ESAF Fixed Deposit Scheme | NRO ESAF Fixed Deposit Plan |
| Eligibility | Non-resident Indians | NRIs depositing their earnings in India |
| Tenure | In line with the standard FD program | Adjustable, similar to a standard FD scheme |
| Interest Rates | Competitive and tax-free | Comparable to those for resident accounts |
| Special Benefit | Offers tax-free interest, attracting NRI investments |
With tenure flexibility as a bonus, the NRO scheme offers NRIs a safe means to manage and increase their income in India.
Also Read: Understanding Shriram Finance FD Interest Rates
ESAF Small Finance Bank’s FD Features
When evaluating a fixed deposit, it’s necessary to recognize the features that distinguish one plan from another. ESAF Small Finance Bank offers a variety of FD features designed to cater to different financial needs and goals. These features ensure that customers can benefit from flexible terms, competitive interest rates, and reliable returns on their investments. Below are some of the key features of ESAF Small Finance Bank’s Fixed Deposits:
- Flexible Tenures: Clients can match their investments with their financial objectives by selecting tenures that span from 7 days to 10 years.
- Minimum Investment: A broad spectrum of clients can access regular FDs with the bank’s low ₹1,000 minimum investment threshold. A more considerable minimum investment of ₹1 lakh is needed for the Hrudaya scheme.
- Interest Payment: Investors receive a regular income stream from the quarterly interest payment. Senior citizens get better returns because they receive higher rates. Seniors receive an extra 0.5% interest annually.
- Nomination Facility: Depositors may designate beneficiaries to guarantee a seamless transfer of funds in the event of the depositor’s passing.
- DICGC Insurance: DICGC Insurance bolsters investment protection, insuring deposits up to ₹5 lakhs.
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ESAF Small Finance Bank’s FD rates are an attractive investment option due to their numerous benefits and potential disadvantages highlighted here.
Advantages and Disadvantages of ESAF Small Finance Bank FDs
It’s fundamental to carefully consider the benefits and drawbacks of each option when choosing where to invest your money. Due to their security and consistent returns fixed deposits (FDs) are a popular option however just like any financial product FDs have pros and cons of their own. An in-depth examination of the benefits and drawbacks of purchasing FDs from ESAF Small Finance Bank is provided here:
Advantages of ESAF Small Finance Bank FDs
- Appealing Interest Rates: ESAF Small Finance Bank guarantees strong returns on investment by providing competitive interest rates across a range of FD schemes.
- Safety and Security: ESAF FD rates are a safe investment choice because the Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance covers deposits up to ₹5 lakhs.
- Flexibility: Customers can customize their investments to match their financial needs by choosing from various schemes and tenure options.
- Senior Citizen Advantages: Seniors benefit from higher interest rates, which guarantee sufficient returns and help them better manage their finances during retirement.
- Convenience: ESAF Small Finance Bank’s simple online application and management system allows customers to open, manage, and close their FDs from the comfort of their homes.
Also Read: Bandhan Bank FD Interest Rates 2024
Disadvantages of ESAF Small Finance Bank FDs
- Early Withdrawal Penalties: Fixed deposit holders who withdraw their money before it matures may be subject to penalties, which could lower their actual returns on investment.
- Taxation: Customers in higher tax brackets may see a decrease in their net returns due to the taxation of interest earned on fixed deposits.
- Higher Minimum Investment: The Hrudaya ESAF Fixed Deposit Scheme has a higher minimum investment requirement than other schemes, so it may not be appropriate for all investors.
Conclusion
ESAF Small Finance Bank provides a large selection of FD rates and plans to meet the needs of different clientele groups, such as locals, non-resident individuals, and senior citizens. ESAF FD rates offer dependable and appealing investment opportunities with flexible tenures, competitive interest rates, and extra benefits for senior citizens. Targeting the unbanked and underbanked population, the Hrudaya ESAF Fixed Deposit is one of the bank’s specialized schemes demonstrating its commitment to financial inclusion.
Potential investors should, however, consider factors such as taxes and penalties for early withdrawals before investing. For those seeking a safe and reliable investment to safeguard their financial future, ESAF Small Finance Bank’s FD rates are generally a good option.
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