Product Details
Bank Name
ESAF Small Finance Bank
Eligibility
Any individual above the age of 10 years can open this account. However Loan Facility will not be available till the minor attains majority
Interest Rate
5.25 to 8.75% per annum.
Tenure
6 months to 10 years.
Fixed Deposit Type
Recurring Deposit
Regular Recurring Deposit
Tax Benefits
None
Credit Ratings
CARE A1+
Interest Payment Frequency
At maturity. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.
Cummulative/Non-Cummulative
Not specified by the bank.
Features
Attractive interest rates.
Flexible tenure.
Maximum tenure of up to 120 months.
The minimum amount required to open an RD is Rs. 100.
There is no limit on the maximum deposit amount.
Late payment charges.
Minimum Investment Amount
100
Features & Benefits
Pros
Low initial deposit requirements.
Additional concessions for senior citizens.
No limit on the maximum deposit amount.
Cons
Low interest rates for some tenure options.
Pros & Cons
Account Opening Procedure
How to Open?
1. Online:
Visit the ESAF Small Finance Bank website: https://www.esafbank.com/
Navigate to "Fixed Deposit Apply Online": This option is usually found under the "Deposits" or "Products" section.
Fill out the required information: This includes your name, mobile number, email address, city, PIN code, address, state, nearest branch, and account type.
Choose the fixed deposit option: You can select from various options like regular FD, tax saver FD, senior citizen FD, etc.
Enter the deposit details: Specify the amount you want to deposit, the tenure, nominee details, and digital signatures.
Make the payment: Use the net banking facility to transfer the funds.
Save the receipt: Keep the receipt for future reference.
2. Offline:
Visit the nearest ESAF Small Finance Bank branch: Find a branch location on their website or by contacting their customer service.
Collect the necessary documents: You'll need to provide proof of identity, proof of residence, and proof of date of birth (if you're a senior citizen).
Fill out the application form: The bank will provide you with a form to fill out with your details and deposit information.
Submit the form and documents: Hand over the completed form and required documents to the bank representative.
Make the payment: Deposit the funds into the designated account.
Receive the deposit certificate: The bank will issue you a deposit certificate as proof of your investment.
Application Procedure
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