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 depositRate of Interest effective from 01/12/2019
Normal RateRate for Senior Citizens
7 days – 14 days5.50%6.00%
15 days – 59 days5.50%6.00%
60 days – 90 days6.25%6.75%
91 days to 181 days6.75%7.25%
182 days6.00%6.50%
183 days to 363 days7.50%8.00%
364 days6.25%6.75%
365 days to 545 days8.00%8.50%
546 days6.25%6.75%
547 days to 727 days8.00%8.50%
728 days6.50%7.00%
729 days to 909 days7.75%8.25%
910 days6.50%7.00%
911 days to 1091 days7.75%8.25%
1092 days7.00%7.50%
1093 days to 1273 days7.30%7.80%
1274 days7.00%7.50%
1275 days -1455 days7.30%7.80%
1456 days7.00%7.50%
1457 days-1637 days7.30%7.80%
1638 days7.00%7.50%
1639 days-1819 days7.30%7.80%
1820 days7.00%7.50%
1821 days to 3653 days7.30%7.80%