Esaf Small Finance Bank Fixed Deposit Interest Rates (as on 2023)
ESAF Small Finance Bank Domestic Term Deposit (below Rs.1 Crore) w.e.f. 13.05.2022
| Tenors | Interest Rate p.a.(%) (General) | Interest Rate p.a.(%) (Senior Citizen) |
|---|---|---|
| 7 days to 14 days | 4.00 | 4.50 |
| 15 days to 59 days | 4.50 | 5.00 |
| 60 days to 90 days | 5.00 | 5.50 |
| 91 days to 182 days | 5.25 | 5.75 |
| 183 days to 1 year | 5.50 | 6.00 |
| 1 year 1 day to less than 2 years | 6.60 | 7.10 |
| 2 years to less than 3 years | 7.25 | 7.75 |
| 3 years to less than 4 years | 5.75 | 6.25 |
| 4 years to less than 5 years | 5.75 | 6.25 |
| 5 years to 10 years | 5.25 | 5.75 |
ESAF Small Finance Bank Domestic Recurring Deposit w.e.f. 13.05.2022
| Tenors | Interest Rate p.a.(%) (General) | Interest Rate p.a.(%) (Senior Citizen) |
|---|---|---|
| 180 days to 182 days | 5.25 | 5.75 |
| 183 days to 1 year | 5.50 | 6.00 |
| 1 year 1 day to less than 2 years | 6.60 | 7.10 |
| 2 years to less than 3 years | 7.25 | 7.75 |
| 3 years to less than 4 years | 5.75 | 6.25 |
| 4 years to less than 5 years | 5.75 | 6.25 |
| 5 years to 10 years | 5.25 | 5.75 |
ESAF Small Finance Bank Tax Saver Fixed Deposit (maximum Rs 1.50 lakhs p.a.) w.e.f. 13.05.2022
| Tenors | Interest Rate p.a.(%) (General) | Interest Rate p.a.(%) (Senior Citizen) |
|---|---|---|
| 5 years to 10 years | 5.25 | 5.75 |
ESAF Small Finance Bank Non Resident Ordinary (NRO) Term Deposit (Less than Rs.100 lakhs) w.e.f. 13.05.2022
| Tenors | Interest Rate p.a.(%) |
|---|---|
| 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 | 5.50 |
| 1 year 1 day to less than 2 years | 6.60 |
| 2 years to less than 3 years | 7.25 |
| 3 years to less than 4 years | 5.75 |
| 4 years to less than 5 years | 5.75 |
| 5 years to 10 years | 5.25 |
ESAF Small Finance Bank Non Resident External (NRE) Term Deposit (Less than Rs.100 lakhs) w.e.f. 13.05.2022
| Tenors | Interest Rate p.a.(%) (General) |
|---|---|
| 1 year | 5.50 |
| 1 year 1 day to less than 2 years | 6.60 |
| 2 years to less than 3 years | 7.25 |
| 3 years to less than 4 years | 5.75 |
| 4 years to less than 5 years | 5.75 |
| 5 years to 10 years | 5.25 |
Snapshot: ESAF Small Finance Bank
| Points | Details |
|---|---|
| Eligibility | Resident Indians, Minor, HUF, Sole Proprietorship, Partnership, a Limited Company or Trust |
| Minimum FD | Rs. 1,000 & then in multiples of 1,000 thereafter |
| Maximum FD | No ceiling |
| FD Tenure | 7 days to 10 years |
| Periodicity of Interest Payment | Monthly (at discounted rates) or Quarterly or Cumulative |
| Interest to Senior Citizens | 0.50% more than general FD for FD amount below Rs.1 Crore |
ESAF Small Finance Bank Fixed Deposit
ESAF Small Finance Bank has a range of Fixed Deposits (FD) products at competitive interest rates with various tenures and lots of other benefits. ESAF Small Finance Bank offers Fixed Deposit schemes for a short term period and long term period.
It is very easy to open an ESAF Small Finance Bank FD either online through its website or by visiting its nearby branch.
Important Points regarding ESAF Small Finance Bank Fixed Deposit
- In order to avail Senior Citizen Interest Rates, submission of age proof is mandatory.
- Submission of Income Tax PAN is mandatory, failing which TDS will be deducted at a higher rate.
- PAN is mandatory to book Fixed Deposits, if the total Fixed Deposit holding per customer, per branch exceeds Rs 50,000.
- Lien can be marked on specific request.
- Differential interest rate (Non-premature closure for FDs > INR 15 Lakhs)
Features & Benefits: ESAF Small Finance Bank Fixed Deposit
- Competitive interest rates are offered with flexible FD tenures to suit your investment plan.
- FD account can be opened online or by visiting your nearest Bandhan Bank branch.
- Minimum Amount of FD: Rs 1,000
- Maximum Amount of FD: No limit
- FD Tenures: 7 days to 10 years
- Different interest payout options such as monthly, quarterly, etc.
- Loan/ Overdraft against FD facility is available upto 90% of the FD amount.
- Easy and fast liquidity options are available.
- Nomination facility is available.
- Part withdrawal facility and auto-renewal facilities
- Senior citizens can enjoy higher interest rate as compared to regular citizens.
Eligibility for ESAF Small Finance Bank Fixed Deposit
Any of the following persons can invest in fixed deposits (FD):
- Individual
- Minor
- HUF
- Proprietary Firm
- Partnership Firm
- Limited Liability Partnership (LLP)
- Company
- Association of Persons (AOP)
- Body of Individuals (BOI)
- Local Authority
- Trust
- Non-Resident Indian (NRI)
- Registered Society
Documents Required for ESAF Small Finance Bank Fixed Deposit
Following Documents are required for opening a Fixed Deposit Account
| Category | Documents Required |
|---|---|
| Individual, HUF, Proprietor |
|
| Partnership Firm |
|
| Trust |
|
| Associations, Clubs |
|
| Company |
|
Types of ESAF Small Finance Bank Fixed Deposits
- ESAF Small Finance Bank Regular Fixed Deposit: This is a regular FD scheme which helps you invest your idle savings to earn higher returns. Minimum deposit in this scheme is of Rs 1,000. Its tenure ranges from 7 days to 10 years. It offers great rates, flexibility and security for your fixed deposits, with 0.50% higher interest for our Senior citizens, with quarterly and monthly payout options. You can also earn compound interest by reinvesting your principal amount along with the interest earned during the period. Differential interest rate are there for (Non-premature closure for FDs > INR 15 Lakhs). Lien can be marked on specific request.
- ESAF Small Finance Bank Tax Saver Fixed Deposit: The regular Tax Saving products are available to all resident individuals, HUFs and Minors. It offers an exemption under section 80C of Income Tax Act which can be claimed by the depositor in case of single depositor or the first holder in case of joint depositors, within eligible investments. FD amount is minimum of Rs.1,000 & then in multiples of Rs 100 thereafter and maximum limited to Rs.1,50,000 in a financial year. Deposit will be accepted for a minimum period of 5 years and maximum period of 10 years. It cannot be encashed before the expiry of 5 years from the date of its receipt. Lien can be marked on specific request.
- ESAF Small Finance Bank Regular Recurring Deposit: It scheme allows you to start saving a small amount regularly to help your money grow slowly but steadily. Any individual above the age of 10 years can open this account. However Loan Facility will not be available till the minor attains majority. Minimum deposit in this scheme is of Rs 500 & then in multiples of Rs 100 thereafter. Average Quarterly Balance should be of Rs 2,000. Nil ATM Cum Debit Card Charges in the first year. Maximum amount that can be deposited per month will be 10 times the contracted monthly instalment. No Differential interest rate above INR 1Crore. RD statement will be made available on request. Charges for late payment of RD instalment are applicable. Phone banking facility is also available. Passbook facility is available. Its tenure ranges from 6 months to 10 years. You can build your wealth securely through regular investments at attractive Interest rates. It gives you opportunity to achieve your short or long term finance goals comfortably. Interest is only paid on maturity.
- ESAF Small Finance Bank Flexi Recurring Deposit: It scheme allows you to start saving a small amount regularly to help your money grow slowly but steadily. It offers option to choose a flexible amount of instalment per month. You have an option to deposit any number instalment in a month. Maximum amount that can be deposited per month will be 10 times the contracted monthly instalment. Any individual above the age of 10 years can open this account. However Loan Facility will not be available till the minor attains majority. Minimum deposit in this scheme is of Rs 500 & then in multiples of Rs 100 thereafter. Average Quarterly Balance should be of Rs 2,000. Nil ATM Cum Debit Card Charges in the first year. Maximum amount that can be deposited per month will be 10 times the contracted monthly instalment. No Differential interest rate above INR 1Crore. RD statement will be made available on request. Charges for late payment of RD instalment are applicable. Phone banking facility is also available. Passbook facility is available. Its tenure ranges from 6 months to 10 years. You can build your wealth securely through regular investments at attractive Interest rates. It gives you opportunity to achieve your short or long term finance goals comfortably. Interest is only paid on maturity.
- ESAF Small Finance Bank Group Based Recurring Deposit: It scheme allows you to start saving a small amount regularly to help your money grow slowly but steadily. It can be started by a group of persons like employees of a company, etc. Minimum deposit in this scheme is of Rs 50 & then in multiples of Rs 50 thereafter. Nil ATM Cum Debit Card Charges in the first year. Maximum amount that can be deposited per month will be 10 times the contracted monthly instalment. No Differential interest rate above INR 1Crore. RD statement will be made available on request. Charges for late payment of RD instalment are applicable. Phone banking facility is also available. Passbook facility is available. Its tenure ranges from 6 months to 10 years. You can build your wealth securely through regular investments at attractive Interest rates. It gives you opportunity to achieve your short or long term finance goals comfortably. Monthly payout option & interest payment option on maturity are available.
- ESAF Small Finance Bank Hrudaya Deposit: ESAF is a pioneer in offering its customers a unique social deposit product. Hrudaya Deposit as the name suggests stand for a social cause. Both Resident and Non Resident Indian individuals can open an account in this scheme. You can invest online at your leisure and convenience. Through Hrudaya Deposits, ESAF Small Finance Bank has come up with an innovative solution to provide affordable financial services to our members.. You will get an Opportunity to engage with the lowest strata of the society and can extend the engagement to other social classes. It offers the facility to the depositors to partake in the journey of serving the unbanked and under banked segments of the society. Performance reports of the funds will be delivered to you at regular intervals. You have the freedom to select the group of borrowers, freedom to choose your geography and the freedom to choose the purpose for which you want to map your deposit with. Minimum deposit amount is Rs 15 lakhs. Tenure is upto 2 years. No pre-mature withdrawal is allowed. Relationship banking facility is available.
Benefits of Senior Citizens ESAF Small Finance Bank Fixed Deposit
Senior Citizens are offered more interest rate by ESAF Small Finance Bank for FD amount below Rs.1 Crore as detailed below:
- 0.50% more than general FD for FD amount below Rs.1 Crore
Tax Information: ESAF Small Finance Bank Fixed Deposit
TDS (Tax Deducted at Source) will be applicable when the total interest payable or reinvested in Recurring Deposits and/or Fixed Deposits per customer, across all branches, exceeds Rs.10000 in a financial year. A TDS Certificate will be mailed to you after end of every quarter during the Financial Year, providing the details of TDS deducted during the quarter.
| STATUS | TAX RATE | EDUCATION CESS | TOTAL |
|---|---|---|---|
| Resident Individuals & HUF | 10% | ---- | 10% |
| Corporate Entity | 10% | ---- | 10% |
| NRO | 30% | 3% | 30.90% |
| Firms | 10% | ---- | 10% |
| Co-operative Societies & Local ESAFthority | 10% | ---- | 10% |
A fresh Form 15G/H needs to be submitted at the beginning of each Financial Year. Form 15G/H will need to be submitted for all subsequent deposit(s) booked, on every 31st of March. TDS is recovered on the total of interest compounded and interest accrued on the Fixed Deposit(s).
How and when to apply for exemption on TDS?
- If your total taxable income during the financial year is not likely to exceed the maximum amount which is not chargeable to income tax, then you can submit self declaration in Form 15G or 15H (for senior citizens only) to the bank to ensure non deduction of tax at source.
- The declaration has to be given in prescribed format only wherein the valid 10 digit PAN is also required.
- It may be noted that if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to income tax, then the Form 15G submitted will be treated as invalid.
- In case of Senior Citizens, if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to tax and deduction(s) under chapter VIA, if any, for which declarant is eligible, then the Form 15H submitted will be treated as invalid.
You may refer to following table for more details:
| Category | Name of Form | Exemption limit (Male) | Exemption limit (Female) |
| Individuals(upto age of 60) | Form 15G | Rs.2,50,000 | Rs.2,50,000 |
| HUFs, Associations, Trusts | Form 15G | Rs.2,50,000 | Rs.2,50,000 |
| Individual (age 60 years and above but less than 80 years) | Form 15H | Rs.3,00,000 | Rs.3,00,000 |
| Individual (age 80 years and above) | Form 15H | Rs.5,00,000 | Rs.5,00,000 |
| Others | Exemption certificate issued by Income Tax Officer | As per Exemption Certificate | As per Exemption Certificate |
ESAF Small Finance Bank Fixed Deposit FAQ
- What documents are required to open a senior citizen Regular Fixed Deposit?
While opening the account, the customer needs to provide proof of age establishing that he/she is a Senior Citizen. To accomplish this, either of the following can be submitted:
- Secondary School Leaving Certificate (10th Class)
- LIC Policy
- Voters Identity Card
- Pension Payment Order
- Birth Certificate issued by the competent authority
- Passport
- Defence ID Card/ PSU Issued ID Cards/ Govt ID Card (Provided they have the cardholder's photo, signature and date of birth)
- Senior Citizen Cards issued by Indian Airlines/ Indian Railways
- PAN Card
- When is TDS deducted for Regular Fixed Deposit?
TDS is deducted every time the Bank pays/ re-invests interest during the Financial year. In addition TDS is also deducted on interest accrued(but not yet paid) at the end of financial year.
- When does the Bank issue a TDS Certificate?
The TDS Certificate, Form 16A, for TDS deducted during a calendar quarter, will be issued in the next month of the respective quarter.
- As a Regular Fixed Deposit holder, How do I apply for an exemption on TDS?
If your total interest income for the year does not fall within the overall taxable limits, you should let us know. You can do this by submitting a form as per the provisions of the Income Tax Act. A few things to note:
- You can get the 15AA form from the Assessing Officer of the Income Tax department.
- Even with the 15H/15AA form, the tax that has already been deducted by way of TDS during the year prior will not be refunded. However, you will get a certificate, which can be used while filing your tax return.
- 15H/15AA Forms are valid only for the financial year in which they are issued.
- A fresh 15G/H form needs to be completed for each deposit that is placed with the Bank, and it should be completed within the first week of the financial year.
- Will changes to my deposit portfolio affect my TDS liability?
Yes. If the change or enhancement in your deposit portfolio earns a cumulative interest along with that of the earlier portfolio greater than INR 10,000/- you will be liable for TDS on your current portfolio.
- What interest payment options are available under Term Deposit with ESAF Small Finance Bank?
Interest payment on Monthly (discounted), Quarterly and Cumulative is available under ESAF Small Finance Bank Term Deposit.
- What is the minimum and maximum amount of FD in ESAF Small Finance Bank?
The minimum amount is Rs.1,000 and there is no cap on maximum FD amount.
- What is the minimum and maximum tenor for which Term Deposit can be kept with ESAF Small Finance Bank?
The minimum and maximum tenor for general/Senior citizen is 7 days and 120 months respectively.
- Does ESAF Small Finance Bank offer any special interest rate for Senior Citizen on its Term Deposits?
Yes, an additional interest rate for Senior Citizen is 0.50% for deposits less than Rs. 1 crore.
- When is TDS deducted?
TDS is done at the time of credit of interest to account, if the total interest payable to the customer during the financial year is likely to exceed the limit of Rs.10,000.
- At what rate is TDS deducted?
TDS is deducted at rates as required by section 194A (Resident) and section 195 (NRO) of IT Act 1961 for the following category of account holders:
- Resident Indians (Individuals, Trusts, Associations, HUFs, Firms Indian Companies): 10% plus applicable surcharge and education cess
- Non-Resident Indians: 30% plus applicable surcharge and education cess
- Can I apply for exemption on TDS?
Yes, you can apply for exemption on TDS, in case your total taxable income during the financial year is not likely to exceed the maximum amount which is not chargeable to income tax. For this, you need to submit self declaration in Form 15G or 15H (for senior citizens only) to the Bank to ensure non deduction of tax at source, in the beginning of respective financial year.
Tax Implications and TDS in FD
- An amount invested in fixed deposits in a scheduled bank is eligible for tax deduction under section 80C. Only the interest earned on the deposit is taxable.
- Tax will be deducted at source (TDS), if the interest income on a fixed deposit per annum exceeds Rs.10,000
- A person can exempt from TDS, if he/ she submits Form 15G/ Form 15H in the beginning of each financial year
Factors affecting Fixed Deposit Interest Rates
- Change in Policies Rates by RBI: If there is a change in Cash Reserve Ratio (CRR) and/ or Repo Rate, it affects the fixed deposit interest rate.
- Inflation: As FD interest rate has to be kept higher than inflation by the banks, hence if inflation increases then FD interest rates also go higher. When inflation decreases, banks offer lower interest rates so that people can borrow and spend more.
- Demand and Supply of Credit: With the increase in demand of the credit/ loan, interest rates of fixed deposit also go higher. When the supply is more than the demand of credit, banks offer lower interest rates on fixed deposit.
- Growth Uncertainty: If there is any uncertainty of future economic growth, the banks need to offer higher interest rates on FD as a compensation for higher defESAFlt risks.
- State of Economy: If a country's economic state is very good then the banks of that country offer higher interest rate on fixed deposits in order to attract more investments to extend more credits/ loans.
- Recession: Whenever there is a situation of recession in an economy, it always results into a decrease in the fixed deposit interest rate, as in case of situation of recession, the RBI needs to increase the liquidity in the market by releasing the funds i.e. by lowering CRR and hence, banks reduce the FD interest rates.
- Global Liquidity: Higher global liquidity results into higher domestic liquidity. In such cases banks will offer lower interest rates on FD.
Equitas Small Finance Bank FD News Jun 2023
- April 19, 2021: ESAF Small Finance Bank raises Rs 162 crore via preferential allotment
- August 1, 2020: ESAF Small Finance Bank has revised its FD rates w.e.f. 01.08.2020
- January 6, 2020: ESAF Small Finance Bank files draft red herring prospectus with SEBI for Rs. 976 crore IPO
- May 13, 2019: ESAF Small Finance Bank posted 234% increase in net profit for the year 2018-19