This SFB hikes FD rates, regular customers can get up to 8% on 999 days of tenor

Share

Tweet

Share

Share

Email

Comments

ESAF Small Finance Bank (SFB) has hiked interest rates on fixed deposits of less than ₹2 Cr. As per the official website of the bank, the new rates are effective as of 12/01/2023. Following the revision, the bank is currently offering interest rates on deposits maturing in 7 days to 10 years that range from 4.00% to 5.25% for the general public and 4.50% to 5.75% for senior citizens. ESAF SFB is now giving a maximum return of 8.00% for the general public and 8.50% for senior citizens on a deposit tenor of 999 days (2 years 8 months & 25 days).

ESAF SFB FD Rates

The bank is now giving an interest rate of 4.00% on deposits maturing in the next 7 to 14 days, while ESAF Small Finance Bank (SFB) is also offering an interest rate of 4.50% on deposits maturing in the next 15 to 59 days. A deposit tenor of 60 days to 90 days will now earn interest at a rate of 5.00%, while a deposit tenor of 91 days to 182 days will earn interest at a rate of 5.25%.

Also Read– RBI MPC may still increase repo rate by 25 bps despite easing inflation, as core continues to be stubborn

Deposits with maturities between 183 and 1 year will earn interest at a rate of 5.50%, while those with maturities between 1 year and 1 day and less than 2 years will now earn interest at a rate of 7.50%. The bank is now giving an interest rate of 7.75% on deposits maturing in 2 years to 998 days, while ESAF Small Finance Bank (SFB) is currently offering a maximum interest rate of 8.00% on deposits maturing in 999 days (2 years 8 months & 25 days).

The interest rate on deposits maturing in 1000 days to less than 3 years is currently 7.75%, while the interest rate on deposits maturing in 3 years to less than 5 years is 5.75%. Deposits with maturities between five and ten years will now earn interest at 5.25%.

Both new resident term deposits and renewals of current resident term deposits are subject to these interest rates. The interest rates mentioned above also apply to resident recurring deposits. Across all deposit tenors, senior citizens will continue to get an additional rate of 50 bps over and above the regular rates.

Also Read–  HDFC Bank Quarterly Results: Q3 FY2023 earnings announcement Date, Time | Preview, Expectations

In 21 States and 2 Union Territories as of the end of March 2022, ESAF Small Finance Bank has 575 banking locations.