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9.25% Interest Rate for senior citizen

9.25% Interest Rate for senior citizen

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.100 lakhs)

Tenure of deposit Rate of Interest effective from 1st November 2018
Normal Rate Rate for Senior Citizens
7 - 14 days 5.50% 6.00%
15 - 59 days 5.50% 6.00%
60 - 90 days 6.25% 6.75%
91 - 179 days 6.75% 7.25%
180 - 363 days 7.50% 8.00%
364 days 5.60% 6.10%
365 - 727 days 8.75% 9.25%
728 days 6.80% 7.30%
729 - 1091 days 8.00% 8.50%
1092 days 5.66% 6.16%
1093 - 1819 days 7.00% 7.50%
1820 days 5.65% 6.15%
1821 - 3652 days 7.00% 7.50%

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  • No interest would be payable for Resident term deposits prematurely withdrawn before completion of a period of 7 days from the date of deposit.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.100 lakhs)

Tenure of deposit Rate of Interest effective from 1 st November 2018
7-14 days 5.50%
15-59 days 5.50%
60-90 days 6.25%
91-179 days 6.75%
180- 363 days 7.50%
364 days 5.60%
365-727 days 8.75%
728 days 6.80%
729-1091 days 8.00%
1092 days 5.66%
1093 -1819 days 7.00%
1820 days 5.65%
1821-3652 days 7.00%

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.100 lakhs)

Tenure of deposit Rate of Interest effective from 1 st November 2018
365-727 days 8.75%
728 days 6.80%
729-1091 days 8.00%
1092 days 5.66%
1093 -1819 days 7.00%
1820 days 5.65%
1821-3652 days 7.00%

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

Tenure MCLR (%) with effect from 17  Nov 2018
Overnight MCLR 14.28
One Month MCLR 14.29
Three Months MCLR 14.58
Six Months MCLR 14.81
One Year MCLR 15.07

Notes:

  1. MCLR as above will remain in force until it is reviewed further and changed by the Bank.
  2. MCLR is applicable for Fixed Rate Loans of tenor upto three years and for all Floating Rate Loans.
  3. MCLR is not applicable to exempted categories of loans and advances as prescribed by Reserve Bank of India from time to time.
  4. Reset of interest rates for Floating Rate Loans will be linked to the date of review of MCLR by the Bank.
  5. The final lending rates for different categories of loans and advances will be determined by adding the components of Spread to MCLR. The borrower/applicant will be advised of final lending rate by the concerned Branch of ESAF SFB.