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ESAF Small Finance Bank Modifies Saving A/c Interest Rate: (Check Details)

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ESAF Small Finance Bank has adjusted the interest rates for savings bank accounts.

According to the bank’s website, the new interest rate will be in effect from August 1, 2022.

The bank now pays a maximum interest rate at 6.50 percent on savings accounts after the adjustment.

The interest rate on Savings Bank accounts is calculated on the basis of end-of-day balances. It is paid on a monthly basis.

Rates for ESAF Small Finance Bank Savings Accounts

Customers with savings accounts balances of up to Rs. 5 lakh are eligible for a special rate.

5.25 lakh, a rate of 4%. ESAF Small Finance Bank now offers a 5.50 percent interest rate on savings bank deposits above Rs. 5 lakh, up to and including Rs. 15 lakhs (i.e. For incremental amounts above Rs. 5 lakh).

On savings accounts with balances exceeding Rs. 5 lakh, the bank will offer a maximum interest rate at 6.50 percent. 15 lakhs (i.e. For incremental amounts above Rs. 15 lakhs).

These interest rates apply to Savings Bank accounts (Residents, NRO & NRE), according to the bank.

ESAF Small Finance Bank stated on its website that interest on Savings Bank accounts would be calculated on the end of the day balance, and credited to accounts on a monthly base.

Rates of interest can be subject to change periodically.

Online and offline openings of savings accounts at ESAF Small Finance Bank are possible.

The Bank doesn’t require you to introduce an existing account holder if you submit the documents of identification and residence.

According to the bank’s website one can access their savings account via bank branches, ESAF Bank ATMs and phone banking.

Last modified by the bank on May 13, 2022, were fixed deposit interest rates below Rs2 Cro.

Fixed deposits maturing within 7 days to 10 Years are now offered by ESAF Small Finance Bank at interest rates ranging from 4.25 to 5.25 percent for the general population and 4.50 to 5.75 percent for seniors.

ESAF Small Finance Bank offers a 7.25% inflation-beating rate on deposits that mature in less than three years.

This rate is the highest the bank can offer for a deposit with this tenure.

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