Senior Citizens Fixed Deposit Interest Rates in ESAF Small Finance Bank

Overview FD Interest Rates Open FD Close FD Tax Saving FD Senior Citizen FD Rates

Updated 19 Dec 2023

ESAF Small Finance Bank has carved its own niche in the finance sector. Similar to many banks, it understands the importance of catering to the financial needs of senior citizens. Senior citizen Fixed Deposits (FDs) at ESAF are tailor-made to offer added benefits and higher interest rates compared to the rates offered to the general public. Let's delve into the specifics of these FDs for senior citizens.

Features of ESAF Small Finance Bank Senior Citizen FD

Enhanced Interest Rates: Senior citizens typically receive a bonus interest rate on top of the regular FD rates. The specific rate hinges on the bank's current offerings.
Qualification: Only individuals 60 or older can establish a senior citizen FD account.
Duration: Depositors can choose from a diverse range of FD durations, usually between 7 days and 10 years.
Early Withdrawal: Although penalties may apply, senior citizens often benefit from more accommodating terms for premature FD closures.
Borrowing Options: Like other depositors, senior citizens have the privilege of securing loans against their FDs.
Beneficiary Assignment: The bank allows a beneficiary to inherit the FD funds after the account holder's passing.
Tax Deduction at Source (TDS) Implications: Earnings from interest are taxable under Indian tax regulations. Yet, by submitting Form 15H, eligible senior citizens can avoid TDS deductions.
Automatic Renewal: Various banks, including ESAF, might feature an automatic renewal mechanism, ensuring the FD's continuation post-maturity unless directed otherwise.
Deposit Limits: The deposit range for a senior citizen FD can differ. While a minimum threshold is often set, a maximum limit might be absent.
Unique Offerings: Periodically or based on bank initiatives, exclusive perks or attributes tailored for senior citizens may be presented.

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ESAF Small Finance Bank FD Interest Rate for Senior Citizens

Tenure	Senior Citizen FD Rate
7 days - 14 days	4.50%
15 days - 1 month 28 days	5.00%
1 month 29 days - 2 months 29 days	5.50%
2 months 30 days - 5 months 29 days	5.75%
5 months 30 days - 11 months 30 days	6.50%
1 year - 1 year 11 months 29 days	8.50%
1 year 11 months 30 days - 2 years 11 months 29 days	9.00%
2 years 11 months 30 days - 4 years 11 months 28 days	7.30%
4 years 11 months 29 days - 9 years 11 months 28 days	6.80%

Note: All interest rates shown above are as on 4th Aug 2023

Eligibility

Only individuals aged 60 or above can open a Senior Citizen FD at ESAF Small Finance Bank.
The primary scheme for Senior Citizens provides an additional 0.75% interest, barring NRIs.
The scheme's tenure ranges from its commencement on 18th May 2020 to its conclusion on 7th November 2023.

Documents Required to Open an ESAF Small Finance Bank Fixed Deposit for Senior Citizens

Identity Proof

Aadhaar card
Voter ID
Ration card
Passport
PAN card
Driving Licence

Address Proof

Bank Statement
Cancelled Cheque
Utility Bills

FAQs

Is there a special scheme for senior citizens?

ESAF Small Finance Bank offers the 'Senior Citizen Care' FD, which provides additional benefits over the regular FD.

Can I break my Senior Citizen FD prematurely?

Yes, but this may incur a penalty. Check with the bank for details.

Is TDS applicable on the interest earned from Senior Citizen FD?

Yes, TDS is applicable if the total interest earned exceeds the limit specified by the Income Tax department in a financial year.

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