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ESAF SFB Hikes Interest Rates On FDs, Now Offers Up To 9% To Senior Citizens
ESAF Small Finance Bank (SFB) hikes the interest rates on fixed deposits below Rs 2 crore. According to the FSAF SFB's official website, the new interest rates are applicable from April 14, 2023.
Currently, the bank offers interest rates on deposits with maturities ranging from 7 days to 10 years. After the hike, the bank currently provides interest rates between 4% to 8.50% for the general public and 4.50% to 9% for senior citizens on resident term deposits. The hiked rates apply to both new Resident Term Deposits and renewals of existing resident term deposits.
The bank offers above 8% interest on the maturity period of 1 year 1 day to less than 2 years and 2 years to 3 years. For the maturity period of 1 year 1 day to less than 2 years, the bank now provides 8% interest to the general public and 8.50% interest to senior citizens. While for deposits maturing of 2 years to less than 3 years, the bank offers highest interest rate of 8.50% to the general public and 9% to senior citizens.
Rate of Interest on Deposits Less Than Rs 2 Crore effective from 14 April 2023
| Period | Normal Rate (%) | Rate for Senior Citizens (%) |
|---|---|---|
| 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 | 6.00% | 6.50% |
| 1 year 1 day to less than 2 years | 8.00% | 8.50% |
| 2 years to less than 3 years | 8.50% | 9.00% |
| 3 years to less than 5 years | 6.75% | 7.25% |
| 5 years to 10 years | 6.25% | 6.75% |
Source - esafbank.com
Please Note - Penalty for premature closure will be applicable for Resident term deposits, as per rules.
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