Interest Rates - ESAF Small Finance Bank

Interest Rates

Deposits

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

Savings Bank Account- Slab Rate of Interest effective from 20th November 2023
Up to and including Rs.1 lakh 3.50%
Above Rs.1 lakh up to and including Rs.5 lakhs (i.e. for incremental amount above Rs.1 lakh) 6.0%
Above Rs.5 lakhs (i.e. for incremental amount above Rs.5 lakhs) 7.50%

Notes:

  • Interest on Savings Bank accounts will be calculated on end of the day balance and credited to the accounts on a monthly basis.
  • Rates of interest are subject to revision periodically.

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

Period Rate of Interest effective from 01/01/2024
Normal Rate (%) Rate for Senior Citizens (%)
7 days to 14 days 4.00% 4.50%
15 days to 59 days 4.50% 5.00%
60 days to 90 days 5.00% 5.50%
91 days to 182 days 5.25% 5.75%
183 days to 1 year 6.00% 6.50%
1 year 1 day to less than 2 years 7.75% 8.25%
2 years to less than 3 years 8.25% 8.75%
3 years to less than 5 years 6.75% 7.25%
5 years to 10 years 6.25% 6.75%

*Special FD rate of 8.00% for 999 days will be available till 30-Nov-2022

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  • No interest would be payable for Resident term deposits prematurely withdrawn before completion of a period of 7 days from the date of deposit.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.
  • Customers may pleasecontact our Branches for details of interest rates for deposits of Rs 200 lakhs and above.

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

Period Rate of Interest effective from 01//01/2024
7 days to 14 days 4.00%
15 days to 59 days 4.50%
60 days to 90 days 5.00%
91 days to 182 days 5.25%
183 days to 1 year 6.00%
1 year 1 day to less than 2 years 7.75%
2 years to less than 3 years 8.25%
3 years to less than 5 years 6.75%
5 years to 10 years 6.25%

*Special FD rate of 8.00% for 999 days will be available till 30-Nov-2022

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.
  • Customers may please contact our Branches for details of interest rates for deposits of Rs 200 lakhs and above.

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

Period   Rate of Interest effective from 01/01/2024
1 year 6.00%
1 year 1 day to less than 2 years 7.75%
2 years to less than 3 years 8.25%
3 years to less than 5 years 6.75%
5 years to 10 years 6.25%

*Special FD rate of 8.00% for 999 days will be available till 30-Nov-2022

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 1 year.
  • No interest would be payable for NRE term deposits prematurely withdrawn before completion of a period of 1 year 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
  • For deposits greater than Rs. 2 crore, please contact your nearest branch for the interest rates.
  • Customers may please contact our Branches for details of interest rates for deposits of Rs 200 lakhs and above.

Loans

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

w.e.f 17-12-2023

  Tenure Rate in (%) Per annum
MCLR Overnight MCLR 14.86
One Month MCLR 14.86
Three Months MCLR 14.90
Six Months MCLR 14.99
One Year MCLR 15.19
RRLR 6.50 % + Spread

Notes:

  1. MCLR shown above are applicable for new loans and advances disbursed on or after 17-12-2023.
  2. RRLR shown above is applicable for new loans and advances disbursed on or after 09-02-2023.
  3. MCLR and RRLR as above will remain in force till next review.
  4. MCLR is applicable for Fixed Rate loans of tenor upto three years.
  5. 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, irrespective of tenor.
  6. MCLR and RRLR are not applicable to exempted categories of loans and advances as prescribed by Reserve Bank of India from time to time.
  7. Reset of interest rates for existing Floating Rate loans which are linked to RRLR, will be effected as per the terms and conditions mentioned in the sanction letter.
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 0.80% to 9.70%
All categories of Loans with Tenor 3 years and above Repo Rate 6.25% to 19.50%
Floating Rate All categories of Floating Rate Loans for all Tenors Repo Rate 4.26% to 11.85%

Notes:

  1. Mean Interest Rate for all Retail Loans disbursed during February-2020 : 13.02% (Excludes Loans/Overdrafts against Term Deposits).
  2. Interest rate for micro finance loans: Minimum Interest Rate:  25.00%, Maximum Interest Rate:  25.95%, Average Interest Rate: 25.46%.
  3. Processing Fees for Microbanking loans are as follows:
    • Loans up to Rs.25000: NIL.
    • Loans above Rs.25000: up to 1.5%.
  4. The interest rate for all Floating Rate Loans would be reset at least once every three months.
  5. The borrower/applicant will be advised of the effective lending rate applicable to the category of loan, by the concerned Branch of ESAF SFB.