ESAF Small Finance Bank’s revised interest rates on its savings accounts have come into effect since July 1. The lender’s highest interest rate for such accounts has been set at 7.5 per cent.
This rate of return is applicable for savings accounts with balance of over Rs 50 lakh.
The bank’s website clarified that the interest rate will be calculated monthly on the balance available at the end of the last day of the month.
Interest rates on savings account
The revised rates offer an interest of seven per cent for a balance above Rs 15 lakh but not over Rs 50 lakh. For the savings bank account slab of above Rs 5 lakh and up to Rs 15 lakh, the interest rate has been set at 5.50 per cent. Following the revision, the bank will provide interest rate of four per cent on savings account balances upto Rs 5 lakh.
ESAF’s interest rates for fixed deposits
ESAF Small Finance Bank brought revised fixed deposit rates into effect from April 14. Its highest interest rate on these term deposits is nin per cent for a tenure of two years to less than three years for senior citizens. For the general public, the highest interest rate is 8.5 percent for the same tenure. Thse rates are for FDs on Rs 2 crore or less.
About ESAF Small Finance Bank
ESAF Small Finance Bank defines itself as a new age social bank whose primary focus is to expand the banking horizon to new unbanked/underbanked areas. the Bank became a Scheduled Bank with effect from 27th December 2018. As on March last year, the bank had 575 banking outlets in India. These were spread across 21 States and two Union Territories in the country. The lender boasts a customer base of 5.6 million.
