ESAF SFB hikes FD rates, senior citizens earn up to 8.50% on a tenor of 999 days

3 min read . Updated: 15 Dec 2022, 04:28 PM IST Vipul Das

For deposits maturing in 999 days, ESAF Small Finance Bank (SFB) is giving a maximum interest rate of 8.50% for senior citizens and 8.00% for non-senior citizens. (iStock) — For deposits maturing in 999 days, ESAF Small Finance Bank (SFB) is giving a maximum interest rate of 8.50% for senior citizens and 8.00% for non-senior citizens. **(iStock)**

ESAF Small Finance Bank (SFB) has hiked interest rates on fixed deposits of less than ₹2 Cr.

ESAF SFB FD Rates

The bank is giving an interest rate of 4.00% on deposits maturing in the next 7 to 14 days, while ESAF Small Finance Bank (SFB) is offering a rate of 4.50% on deposits maturing in the next 15 to 59 days. On deposits due in 60 to 90 days, ESAF Small Finance Bank (SFB) is offering an interest rate of 5.00%, and on deposits maturing in 91 to 182 days, the bank is guaranteeing an interest rate of 5.25%.

Deposits maturing in 183 days to 1 year will fetch an interest rate of 5.50% and those maturing in 1 year 1 day to less than 2 years will fetch an interest rate of 7.25%. On deposits maturing in 2 years to 998 days, the bank is offering an interest rate of 7.50% and on those maturing in 999 days (2 years 8 months & 25 days), ESAF SFB is offering a maximum interest rate of 8.00%.

Deposits maturing in 1000 days to less than 3 years will fetch an interest rate of 7.50% and those maturing in 3 years to less than 5 years and 5 years to 10 years will fetch an interest rate of 5.75% and 5.25% respectively.

The interest rates mentioned above also apply to resident recurring deposits. If a resident term deposit is prematurely withdrawn before the completion of 7 days from the deposit date, no interest will be charged.

ESAF Small Finance Bank has mentioned on its website that “Effective 1st December 2022, we will be charging for non-maintenance of the Monthly Average Balance for all NRE / NRO Savings & Current Account categories. For newly opened NRE / NRO Savings & Current Accounts, an MAB waiver period of 3 months is applicable, post which the charges shall be applicable as per the Schedule of Charges."

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On Wednesday of last week, the Reserve Bank of India (RBI) hiked the repo rate for the 5th time by 35 basis points (bps), bringing it to 6.25%. Following that, banks including SBI, HDFC, Bank of Maharashtra, Jana Small Finance Bank, Axis Bank, Kotak Mahindra Bank, IOB, Yes Bank, AU Small Finance Bank, Dhanlaxmi Bank, and Jammu and Kashmir Bank announced interest rate increases so far on retail term deposits of less than ₹2 Cr.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).