Bank Offering 7.5% Interest Rate On Savings Account, Check Details

ESAF Small Finance Bank has recently announced a significant hike in its savings account interest rates. The new interest rates are effective from July 1, 2023, as per the bank's official website.

Interest rate on savings account-

The bank is now offering a 4% interest rate on savings accounts with slab up to Rs. 5 lakh. For accounts with balances over Rs. 5 lakh and up to and including Rs. 15 lakh, customers can earn interest at a rate of 5.50 percent.

Savings accounts with balances exceeding Rs. 15 lakh and up to Rs. 50 lakh will now enjoy a maximum interest rate of 7 percent.

ESAF is offering higher interest of 7.50% on amounts above Rs. 50 lakh, allowing customers to optimize their earnings based on their account balance.

Fixed deposit interest rates

ESAF Small Finance Bank offers a wide range of interest rates on fixed deposits, catering to various tenure options spanning from 7 days to 10 years.

For the general public, the bank offers attractive interest rates ranging from 4.00 percent to 8.50 percent.

Senior citizens, on the other hand, can avail themselves of the highest interest rate of 9% for a tenure of 2 years to less than 3 years.

Period	Rate of Interest effective from 14/04/2023
Normal Rate (%)	Rate for Senior Citizens (%)
7 days to 14 days	4.00%	4.50%
15 days to 59 days	4.50%	5.00%
60 days to 90 days	5.00%	5.50%
91 days to 182 days	5.25%	5.75%
183 days to 1 year	6.00%	6.50%
1 year 1 day to less than 2 years	8.00%	8.50%
2 years to less than 3 years	8.50%	9.00%
3 years to less than 5 years	6.75%	7.25%
5 years to 10 years	6.25%	6.75%