ESAF SFB hikes FD rates, offers up to 9% returns effective from today

The interest rates at ESAF Small Finance Bank (SFB) were raised on deposits of less than Rs 2 cr

ESAF Small Finance Bank (SFB) raised its interest fees on FD of under Rs 2 crore. The bank now offers interest rates from 4.5 per cent to 6.75 cent for senior citizens and from 4 per cent to 6.25 per cent for others, following the revision. On deposits due in 2-3 years, the bank is currently offering a maximum interest rate of 8.5 per cent for the general public and 9 per cent for seniors. Starting today (April 14) the SFB's most recent FD rates have become active.
 

ESAF SFB fixed deposit rates

The SFB will continue with an interest rate of 4 per cent on FDs maturing in 7-14 days, and a rate of 4.5 per cent on deposits maturing in 15-59 days. The interest rates from ESAF SFB will be 5 per cent for deposits with a tenure of 60-90 days and 5.25 per cent those with a tenure of 91-182 days.

 

Deposits with maturities of 183 days to a year will earn 6 per cent interest, but those with maturities of one year, one day, or more will now earn 8 per cent interest, up 25 basis points from 7.75 per cent. On FD maturing in 2 years to under 3 years, ESAF SFB has increased the interest rate by 50 bps from 8 per cent to 8.5 per cent, and on those maturing in 3 years to under 5 years, the bank has increased the interest rate from 5.75 per cent to 6.75 per cent. On deposits with maturities of five to ten years, ESAF SFB has increased interest rates from 5.25 per cent to 6.25 per cent.

The previously mentioned interest rates are relevant to new resident term deposits and the restoration of existing resident term deposits. They are likewise appropriate to resident recurring deposits.

In the meantime, Jana Small Finance Bank made interest rates on April 10, for FDs of less than Rs 2 crore. The bank currently offers interest rates from 3.75-6 per cent for the general public and 4.45-6.7 per cent for seniors for tenures from seven days to ten years. For non-senior citizens, the maximum interest rate for deposits with a 500-day maturity term is currently 8.15 per cent, while for seniors, it is 8.85 per cent.

Equitas SFB updated its FD rates on April 11. It offers term deposits with maturities ranging from 7 days to 10 years and interest rates ranging from 3.50 per cent to 7.25 per cent. Equitas SFB currently offers a maximum interest rate of 8.50 per cent for the general public and 9.0% for seniors on deposits with a tenor of 888 days or more.