Fixed Deposit or FD is a good interest rate investment option. ESAF Bank offers a Fixed Deposit Account with a high-interest rate. Fixed Deposit can open for the duration of a minimum of 7 days and a maximum of ten years. Fixed Deposit gives you a high-interest rate on your deposit amount. The Deposit minimum amount is depending upon the bank. You can visit the official website for the latest interest rate.
Benefits of ESAF Bank Fixed Deposit
- You get a higher interest rate on your fixed Deposit while comparing with saving accounts.
- Multiple fixed deposits can open.
- ESAF Bank also gives a loan on your fixed Deposit so that, you don’t need to break your Deposit for your need.
- You can get an Rs.1.5 lakh exemption under Section 80 C of the Income Tax Act, 1961.
- If you are a senior citizen, then you will get a high-interest rate on your Fixed Deposit account.
Fixed Deposit Eligibility
- Fixed Deposits can open the name of Individual, Joint, Society, Company, Partnership, etc.
- The applicant must have a savings account in the bank.
Income Tax Facts on ESAF Bank Fixed Deposit Interest
If you are looking for income tax fact on Fixed Deposit interest, then you can check below:
- If Fixed Deposit interest is less then Rs. 40, 000/-, then the ESAF Bank will deduct TDS on interest.
- Interest earned on Fixed Deposit is taxable. It will treat as Income from Other Sources.
- If you don’t want to pay any TDS on Fixed Deposit, then you have to submit Form 15G and Form 15H in ESAF Bank .
ESAF Bank Tax Benefit Fixed Deposit
- Interest Rate is 6.5% for 5 years term deposits.
- The amount can not withdraw before five years.
- The deposit account can not transfer to another bank.
ESAF Bank Fixed Deposit Interest Rate
|Tenure of deposit||Rate of Interest effective from 01/12/2019|
|Normal Rate||Rate for Senior Citizens|
|7 days – 14 days||5.50%||6.00%|
|15 days – 59 days||5.50%||6.00%|
|60 days – 90 days||6.25%||6.75%|
|91 days to 181 days||6.75%||7.25%|
|183 days to 363 days||7.50%||8.00%|
|365 days to 545 days||8.00%||8.50%|
|547 days to 727 days||8.00%||8.50%|
|729 days to 909 days||7.75%||8.25%|
|911 days to 1091 days||7.75%||8.25%|
|1093 days to 1273 days||7.30%||7.80%|
|1275 days -1455 days||7.30%||7.80%|
|1457 days-1637 days||7.30%||7.80%|
|1639 days-1819 days||7.30%||7.80%|
|1821 days to 3653 days||7.30%||7.80%|