Special FD rate of 8.00% for 999 days of this bank to end on 30th November
2 min read . Updated: 27 Nov 2022, 11:27 AM IST
Premium- A special fixed deposit programme for its resident customers was introduced by ESAF Small Finance Bank (ESAF SFB) on November 1st, 2022.
A special fixed deposit programme for its resident customers was introduced by ESAF Small Finance Bank (ESAF SFB) on November 1st, 2022. Along with launching a special 999-day FD with an interest rate of 8.00%, the bank also adjusted the interest rates on its fixed deposits that day. Elderly individuals will be eligible for an interest rate of 8.50% on the special FD. Considering that India's retail price inflation fell to 6.77 per cent in October 2022, down from September's five-month high of 7.41 per cent, it implies that both general public and elderly people can receive returns on the special FD of ESAF SFB that outperform inflation. However, the special FD will end on November 30. Owing to the same, ESAF SFB has mentioned on its website that “Special FD rate of 8.00% for 999 days will be available till 30-Nov-2022."
Effective from 1st November, the bank is offering an interest rate of 4.00% on FDs maturing in 7 days to 14 days and an interest rate of 4.50% on those maturing in 15 days to 59 days. ESAF SFB will provide interest rates of 5.00% and 5.25% on FDs maturing in 60 days to 90 days and 91 days to 182 days, respectively. Deposits maturing in 183 days to 1 year will now fetch an interest rate of 5.50% and those maturing in 1 year 1 day to less than 2 years will fetch an interest rate of 6.60%. On FDs maturing in 2 years to 998 days, the bank is paying an interest rate of 7.25% and on those maturing in 999(2 years 8 months & 26 days), ESAF SFB will offer an interest rate of 8.00%. Deposits with maturities between 1000 days and three years will earn interest at a rate of 7.25%, while those with maturities between three years and five years will earn interest at a rate of 5.75%. On FDs with maturities between five and ten years, ESAF SFB is providing an interest rate of 5.25%.
The aforementioned interest rates are applicable to both new and renewed resident term deposits. The interest rates mentioned above also apply to resident recurring deposits. ESAF Small Finance Bank's net profit was reported to be ₹57.58 crore in Q2FY23 as opposed to a net loss of ₹91.63 crore in Q2FY22. In the quarter ended September 2022, total operating income went up by 59.81% YoY to ₹688.19 crore from ₹430.63 crore posted in the same quarter last year.
ESAF Small Finance Bank had 575 banking branches as of March 31, 2022, distributed throughout 21 States and 2 Union Territories. The bank provides a wide range of digital banking and customer-friendly services, including RTGS, NEFT, CTS, agent banking, Debit cards, safe deposit lockers, net banking, mobile banking, and SMS banking. Some of the unique services provided by ESAF Small Finance Bank include door-to-door delivery services, free video calling at branches, and Hrudaya Deposit Scheme.
