Savings Accounts interest rates: The bank has revised the interest rates on its savings accounts. According to the official website of the bank, the revised interest rates are effective from July 1, 2023.
Savings Accounts: After the revision, the bank will offer interest rates between 4 per cent and 7.50 per cent on savings accounts. According to the ESAF website, “Interest on savings bank accounts will be calculated on the balance at the end of the day and credited to the accounts on a monthly basis.”
Savings account interest rates
The bank is offering 4% savings account interest rate on accounts with balances up to and including Rs. 5 lakh. Savings accounts with over Rs. 5 lakh and up to and including Rs. 15 lakh balance will earn interest at a rate of 5.50 percent. For savings accounts with balance over Rs. 15 lakh and up to Rs 50 lakh the bank will now offer a maximum interest rate of 7 percent. ESAF offers higher savings account interest rate of 7.50% on amounts above Rs.50 lakh.
| Savings Bank Account- Slab | Rate of Interest effective from 01st July 2023 |
| Up to and including Rs.5 lakh | 4.00% |
| Above Rs.5 lakh up to and including Rs.15 lakhs (i.e. for incremental amount above Rs.5 lakh) | 5.50% |
| Above Rs.15 lakh up to and including Rs.50 lakhs (i.e. for | 7.00% |
| incremental amount above Rs.15 lakh) | |
| Above Rs.50 lakhs (i.e. for incremental amount above Rs.50 | 7.50% |
| lakhs) |
ESAF fixed deposit interest rates
ESAF Small Finance Bank is currently offering interest rates on fixed deposits maturing in 7 days to 10 years that range from 4.00 percent to 8.50 percent for the general public. Senior citizens can earn the highest interest rate 9% on tenure of 2 years to less than 3 years.
| Period | Rate of Interest effective from 14/04/2023 | |
| 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% |
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