Interest rates

ESAF Small Finance Bank Revises Interest Rates on Savings Account: Check Details

Interest rates on savings accounts have been adjusted by ESAF Small Finance Bank. According to the bank’s official website, the new interest rates have been in effect since August 1, 2022. After the adjustment, the bank now pays a maximum interest rate of 6.50% on savings accounts . Interest on Caisse d’Epargne accounts is currently calculated on the basis of end-of-day balances and is payable monthly.

ESAF Small Financial Bank Savings Account Rates

The bank is now offering customers who have savings account balances of up to Rs. 5 lakh an interest rate of 4 per cent. ESAF Small Finance Bank now grants an interest rate of 5.50% on savings bank deposits of more than Rs. 5 lakh and up to Rs inclusive. 15 lakhs (i.e. for an additional amount above Rs. 5 lakh). The bank will now grant a maximum interest rate of 6.50% on savings account balances above Rs. 15 lakhs (i.e. for an additional amount above Rs. 15 lakhs). According to the bank, these interest rates are for savings bank accounts (resident, NRO and NRE).

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ESAF Small Financial Bank Savings Account Rates (esafbank.com)

ESAF Small Finance Bank mentioned on its website that “interest on savings bank accounts will be calculated on the end of day balance and credited to the accounts on a monthly basis. Interest rates are subject to periodic review.

A savings account at ESAF Small Finance Bank can be opened online and offline. If you submit the required identity and residence documents, the Bank does not require the introduction of an existing account holder. According to the bank’s website, one can access their savings account through bank branches, ESAF ATMs, telephone banking, and mobile banking. The bank’s interest rates for term deposits below 2 Cr was last amended on May 13, 2022. ESAF Small Finance Bank now offers interest rates on fixed deposits maturing in 7 days to 10 years ranging from 4.00% to 5.25% for the large public and from 4.50% to 5.75% for the elderly. On deposits with a maturity between 2 years and less than 3 years, ESAF Small Finance Bank offers an anti-inflation interest rate of 7.25% for the general public and 7.75% for seniors. This interest rate is the highest that the bank grants for a deposit of this mandate.

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