Interest Rates - ESAF Small Finance Bank
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Interest Rates

Deposits

Interest Rates for Savings Bank accounts (Resident, NRO & NRE)

Savings Bank Account- Slab (Day end balance) Rate of Interest effective from 25th October 2017
Up to and including Rs.1 lakh 4.00%
Above Rs.1 lakh up to and including Rs.10 lakhs (i.e for incremental amount above Rs.1 lakh) 6.50%
Above Rs.10 lakhs (i.e for incremental amount above Rs.10 lakhs) 7.00%

Notes:

  • Interest on Savings Bank accounts will be calculated on end of the day balance and credited to the accounts on a quarterly basis.
  • The above rates of interest are applicable for Savings Bank Accounts with/without Checkbook facility, No frill Accounts/ Basic Savings Bank Accounts and for Accounts of Senior Citizens also.
  • Rates of interest are subject to revision periodically.
  • For help, email to customercare@esafbank.com.

Interest Rates for Resident Term Deposits (Less than Rs.200 lakhs)

Tenure of deposit Rate of Interest effective from 01/12/2019
Normal Rate Rate for Senior Citizens
7 days - 14 days 5.50% 6.00%
15 days - 59 days 5.50% 6.00%
60 days - 90 days 6.25% 6.75%
91 days to 181 days 6.75% 7.25%
182 days 6.00% 6.50%
183 days to 363 days 7.50% 8.00%
364 days 6.25% 6.75%
365 days to 545 days 8.00% 8.50%
546 days 6.25% 6.75%
547 days to 727 days 8.00% 8.50%
728 days 6.50% 7.00%
729 days to 909 days 7.75% 8.25%
910 days 6.50% 7.00%
911 days to 1091 days 7.75% 8.25%
1092 days 7.00% 7.50%
1093 days to 1273 days 7.30% 7.80%
1274 days 7.00% 7.50%
1275 days -1455 days 7.30% 7.80%
1456 days 7.00% 7.50%
1457 days-1637 days 7.30% 7.80%
1638 days 7.00% 7.50%
1639 days-1819 days 7.30% 7.80%
1820 days 7.00% 7.50%
1821 days to 3653 days 7.30% 7.80%

Notes:

  • Interest rates as above are applicable for new Resident term deposits and renewal of existing Resident term deposits.
  • Income Tax deduction at source from the interest paid on Resident term deposits will be made, wherever applicable, as per the Income Tax rules.
  • The minimum tenor for Resident term deposits is 7 days.
  • No interest would be payable for Resident term deposits prematurely withdrawn before completion of a period of 7 days from the date of deposit.
  • Penalty for premature closure will be applicable for Resident term deposits, as per rules.
  • The interest rate applicable on premature closure of Resident term deposits will be (a) or (b) below, whichever is lower, subject to penalty for premature closure.
    (a) The rate of interest for the original/contracted tenor of the deposit
    (b) The rate of interest which was applicable at the time of opening of the deposit, for the tenor for which the deposit has remained with the Bank.
  • The above rates of interest are applicable for Resident Recurring Deposits also.
  • Rates of interest are subject to revision periodically.
  • For help, email to customercare@esafbank.com.

Interest Rates for Non Resident Ordinary (NRO) Term Deposits (Less than Rs.200 lakhs)

Tenure of deposit Rate of Interest effective from 01/12/2019
7 days to 14 days 5.50%
15 days to 59 days 5.50%
60 days to 90 days 6.25%
91 days to 181 days 6.75%
182 days 6.00%
183 days to 363 days 7.50%
364 days 6.25%
365 days to 545 days 8.00%
546 days 6.25%
547 days to 727 days 8.00%
728 days 6.50%
729 days to 909 days 7.75%
910 days 6.50%
911 days to 1091 days 7.75%
1092 days 7.00%
1093 days to 1273 days 7.30%
1274 days 7.00%
1275 days -1455 days 7.30%
1456 days 7.00%
1457 days-1637 days 7.30%
1638 days 7.00%
1639 days-1819 days 7.30%
1820 days 7.00%
1821 days to 3653 days 7.30%

Notes:

  • Interest rates as above are applicable for new NRO term deposits and renewal of existing NRO term deposits.
  • Rate of interest applicable for NRO term deposits of Senior Citizens is the same as above.
  • Income Tax deduction at source from the interest paid on NRO term deposits will be made, as per the Income Tax rules.
  • The minimum tenor for NRO term deposits is 7 days.
  • No interest would be payable for NRO term deposits prematurely withdrawn before completion of a period of 7 days from the date of deposit.
  • Penalty for premature closure will be applicable for NRO term deposits, as per rules.
  • The interest rate applicable on premature closure of NRO term deposits will be (a) or (b) below, whichever is lower, subject to penalty for premature closure.
    (a) The rate of interest for the original/contracted tenor of the deposit
    (b) The rate of interest which was applicable at the time of opening of the deposit, for the tenor for which the deposit has remained with the Bank.
  • The above rates of interest are applicable for NRO Recurring Deposits also.
  • Rates of interest are subject to revision periodically.
  • For help, email to nrihelpdesk@esafbank.com

Interest Rates for Non Resident External (NRE) Term Deposits (Less than Rs.200 lakhs)

Tenure of deposit Rate of Interest effective from 01/12/2019
365 days to 545 days 8.00%
546 days 6.25%
547 days to 727 days 8.00%
728 days 6.50%
729 days to 909 days 7.75%
910 days 6.50%
911 days to 1091 days 7.75%
1092 days 7.00%
1093 days to 1273 days 7.30%
1274 days 7.00%
1275 days -1455 days 7.30%
1456 days 7.00%
1457 days-1637 days 7.30%
1638 days 7.00%
1639 days-1819 days 7.30%
1820 days 7.00%
1821 days to 3653 days 7.30%

Notes:

  • Interest rates as above are applicable for new NRE term deposits and renewal of existing NRE term deposits.
  • Rate of interest applicable for NRE term deposits of Senior Citizens is the same as above.
  • The minimum tenor for NRE term deposits is 365 days.
  • No interest would be payable for NRE term deposits prematurely withdrawn before completion of a period of 365 days from the date of deposit.
  • Penalty for premature closure will be applicable for NRE term deposits, as per rules.
  • The interest rate applicable on premature closure of NRE term deposits will be (a) or (b) below, whichever is lower, subject to penalty for premature closure.
    (a) The rate of interest for the original/contracted tenor of the deposit
    (b) The rate of interest which was applicable at the time of opening of the deposit, for the tenor for which the deposit has remained with the Bank.
  • The above rates of interest are applicable for NRE Recurring Deposits also.
  • Rates of interest are subject to revision periodically.
  • For help, email to nrihelpdesk@esafbank.com

Loans

Marginal Cost of funds based Lending Rate (MCLR)
&
Repo Rate based Lending Rate (RRLR)

w.e.f 17/10/2019

  Tenure Rate in (%) Per annum
MCLR Overnight MCLR 14.56
One Month MCLR 14.59
Three Months MCLR 14.75
Six Months MCLR 14.81
One Year MCLR 14.95
RRLR 5.15 % + Applicable Spread

Notes:

  1. MCLR and RRLR shown above are applicable for new loans and advances disbursed on or after 17-10-2019
  2. MCLR and RRLR as above will remain in force until it is reviewed further and changed by the Bank.
  3. MCLR is applicable for Fixed Rate loans of tenor upto three years and the effective lending rates for different categories of loans and advances will be determined by adding the components of spread to MCLR.
  4. RRLR, which is determined by adding components of Spread to RBI Repo Rate, is applicable for Fixed Rate loans of 3 years and above tenor and for all Floating Rate loans.
  5. MCLR and RRLR are not applicable to exempted categories of loans and advances as prescribed by Reserve Bank of India from time to time.
  6. Reset of interest rates for existing Floating Rate loans which are linked to RRLR, will be done once in 3 months.
  7. The borrower/applicant will be advised of the effective lending rate applicable to the category of loan, by the concerned Branch of ESAF SFB.
Interest Rate Methodology Loan Type and Tenor Benchmark Applicable Range of Spread from Benchmark
(Minimum Spread to Maximum Spread)
Fixed Rate Micro-Banking Loans with Tenor Less than 3 years
and
Other categories of Loans with Tenor less than 3 years
MCLR 0.92% to 9.7%
All categories of Loans with Tenor 3 years and above Repo Rate 7.1% to 19.5%
Floating Rate All categories of Floating Rate Loans for all Tenors Repo Rate 4.5% to17.1%

Notes:

  1. Mean Interest Rate: 17.20% (For disbursements during Oct’2019. Excludes Loans/Overdrafts against Term Deposits).
  2. Processing Fees:
    • Loans up to Rs.25000: NIL.
    • Loans above Rs.25000: up to 2%.
  3. The interest rate for all Floating Rate Loans would be reset at least once every three months.
  4. The borrower/applicant will be advised of the effective lending rate applicable to the category of loan, by the concerned Branch of ESAF SFB.