How to Open ESAF Small Finance Bank Fixed Deposit Account

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Updated 06 Sep 2023

Fixed deposits are a popular investment option in India, known for offering stable returns and ensuring the safety of one's savings. ESAF Small Finance Bank, with its deep-rooted history and commitment to serving economically marginalised sections of society, presents an array of fixed deposit options for potential investors.

This article seeks to simplify opening an FD account with ESAF Small Finance Bank, detailing eligibility criteria required documentation and answering common queries you may have.

How to open an FD account in the ESAF Small Finance Bank

Visit the ESAF Small Finance Bank website and navigate to “Fixed Deposit Apply Online”.
Fill in your name, mobile phone number, email address, city name, PIN code, address, state, nearest branch, and account type.
Look for the fixed deposit option in the online portal.
Fill in all the required fields, such as the tenure, amount, nominee, and digital signatures and submit it along with all the requisite documents. It is recommended that you double-check all the information before submitting.
Make the payment via the net banking facility.
Save the receipt you get after the payment is over and keep it for future reference.

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Eligibility Criteria

Resident Indian individuals (including minors)
Hindu Undivided Families (HUF)
Non-Resident Indians can apply for NRE and NRO term deposits.

Documents Required

Identity proofs

Aadhaar card
Voter ID card
Passport
PAN card
NREGA job card
Driving licence

Address proofs

Aadhaar card
Passport
Utility bills
Bank statement with a cheque

Proof of date of birth (for senior citizens)

Birth certificate
Voter ID card
PAN card
Aadhaar card
Passport
Government ID card
LIC policy document
Service discharge certificate, senior citizen card issued by Indian Railways or Indian Airlines

FAQs

What is the minimum and maximum tenure available for fixed deposits with ESAF Small Finance Bank?

The minimum tenure for regular fixed deposits in ESAF Small Finance Bank is 7 days, and the maximum tenure is 10 years.

What are the different FD schemes available with ESAF Small Finance Bank?

ESAF Small Finance Bank offers several schemes catering to different investment aims of customers. Some of the fixed deposit schemes this bank offers are the Regular Fixed Deposit Scheme and the Hrudaya Deposit Scheme. For NRIs, NRO Term Deposits and NRE Term Deposits.

Is the ₹5 lakhs DICGC insurance cover applicable on ESAF Small Finance Bank FD?

Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover applies to ESAF Small Finance Bank FD.

What are the documents required for opening a fixed deposit?

You must produce one proof of identity, one proof of residence, and one proof of date of birth if you are a senior citizen.

Can I withdraw my fixed deposit prematurely in case of an emergency?

Yes, you can withdraw your fixed deposit prematurely in an emergency. However, you might get a reduced interest rate as a penalty for premature withdrawal. You will not receive any interest if you break your FD before the minimum tenure.

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