Last Updated: January 14, 2023, 12:48 IST
The ESAF Small Finance Bank (SFB) has increased the interest rates on fixed deposits under Rs 2 crore. According to the bank’s official website, the new rates are in effect as of right now, on December 15, 2022. The modified interest rates apply to both new resident term deposits and renewals of current resident term deposits. The bank currently offers interest rates on deposits maturing in 7 days to 10 years that vary from 4.00% to 5.25% for the general public and 4.50% to 5.75% for senior citizens as a result of the move. The ESAF Small Finance Bank (SFB) is offering a maximum interest rate for deposits maturing in 999 days.
While ESAF Small Finance Bank (SFB) is offering a rate of 4.50% on deposits maturing in the next 15 to 59 days, the bank offers a rate of 4.00% on deposits maturing in the next 7 to 14 days. ESAF Small Finance Bank (SFB) is offering an interest rate of 5.00% on deposits maturing in 60 to 90 days, and the bank is promising an interest rate of 5.25% on deposits maturing in 91 to 182 days.
Deposits maturing in 183 days to one year get 5.50% interest, while those maturing in one year, one day to less than two years earn 7.25% interest. The bank is offering an interest rate of 7.50% on deposits maturing in 2 years, 998 days, while ESAF SFB is offering a maximum interest rate of 8.00% on deposits maturing in 999 days (2 years, 8 months, and 25 days).
Deposits that mature in 1000 days or less than three years will get interest at a rate of 7.50%, while those that mature in three years or less than five years and those that mature in five years or more will earn interest at 5.75% and 5.25%, respectively.
Recurring deposits from residents are also subject to the aforementioned interest rates. No interest will be assessed if a resident term deposit is prematurely withdrawn before the passage of 7 days from the deposit date.
On its website, ESAF Small Finance Bank states, “Starting December 1, 2022, we shall charge for failure to maintain the Monthly Average Balance for all NRE / NRO Savings & Current Account categories. A MAB waiver period of three months is available for recently opened NRE / NRO Savings & Current Accounts, after which the charges will apply in accordance with the Schedule of Charges.
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