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ESAF Small Finance Bank Fixed Deposit

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.

Types of ESAF Small Finance Bank Fixed Deposit

There are six types of FDs offered by ESAF Small Finance Bank:

  1. Regular Fixed Deposit
  2. Senior Citizen Fixed Deposit
  3. Tax Saver Fixed Deposit
  4. Hrudaya Deposit
  5. NRE Deposit
  6. NRO Deposit

FD Interest Rates Offered by ESAF 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No interest would be payable for Resident term deposits prematurely withdrawn before completion of a period of 7 days from the date of deposit.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 DepositNormal RateRate for Senior Citizens
7 - 14 days5.50%6.00%
15 - 59 days5.50%6.00%
60 - 90 days6.25%6.75%
91 days to 181 days6.75%7.25%
182 days6.00%6.50%
183 days to 363 days7.50%8.00%
364 days6.25%6.75%
365 days to 545 days8.25%8.75%
546 days6.25%6.75%
547 days to 727 days8.25%8.75%
728 days6.50%7.00%
729 days to 909 days8.00%8.50%
910 days6.50%7.00%
911 days to 1091 days8.00%7.00%
1092 days7.00%7.50%
1093 days to 1273 days7.30%7.80%
1274 days7.00%7.50%
1275 days -1455 days7.30%7.80%
1456 days7.00%7.50%
1457 days-1637 days7.30%7.80%
1638 days7.00%7.50%
1639 days-1819 days7.30%7.80%
1820 days7.00%7.50%
1821 days to 3652 days7.30%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 DepositRate of Interest effective from 01/09/2019
7 - 14 days5.50%
15 - 59 days5.50%
60 - 90 days6.25%
91 days to 181 days6.75%
182 days6.00%
183 days to 363 days7.50%
364 days6.25%
365 days to 545 days8.25%
546 days6.25%
547 days to 727 days8.25%
728 days6.50%
729 days to 909 days8.00%
910 days6.50%
911 days to 1091 days8.00%
1092 days7.00%
1093 days to 1273 days7.30%
1274 days7.00%
1275 days -1455 days7.30%
1456 days7.00%
1457 days-1637 days7.30%
1638 days7.00%
1639 days-1819 days7.30%
1820 days7.00%
1821 days to 3652 days7.30%

Interest Rates for Non Resident External (NRE) Term Deposits (Less than Rs. 200 lakhs)

Tenure of DepositRate of Interest effective from 01/09/2019
365 days to 545 days8.25%
546 days6.25%
547 days to 727 days8.25%
728 days6.50%
729 days to 909 days8.00%
910 days6.50%
911 days to 1091 days8.00%
1092 days7.00%
1093 days to 1273 days7.30%
1274 days7.00%
1275 days -1455 days7.30%
1456 days7.00%
1457 days-1637 days7.30%
1638 days7.00%
1639 days-1819 days7.30%
1820 days7.00%
1821 days to 3652 days7.30%

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.

How to apply for ESAF Bank Fixed Deposit?

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.

ESAF Bank Fixed Deposit Eligibility Criteria

Anyone above the age of 18 years can open an ESAF Bank Fixed Deposit.

Documents Required for ESAF Bank Fixed Deposit

The documents required for ESAF Bank Fixed Deposit are:

  1. PAN card
  2. Passport
  3. Birth certificate
  4. Voters ID
  5. School leaving certificate
  6. LIC policy
  7. Pension payment order
  8. ID card issued by Government authority/PSU/defence
  9. Senior citizens card issued by Indian Railways or Indian Airlines
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