This FD offering up to 8.5 percent interest rate closing on November 30; Check return calculator, other key details

New Delhi: Reserve Bank of India increased the repo rate in tranches from previous quarters. As a result, financial institutions start increasing the interest rate on FDs. Following suit, ESAF Small Finance Bank (ESAF SFB) established a special fixed deposit scheme for its resident customers. The new fixed deposit scheme came into effect on November 1, 2022. On the same day, the bank also changed the interest rates on its fixed deposits in addition to creating a unique 999-day FD with an interest rate of 8 percent.

But on November 30, the special FD will come to an end. The ESAF SFB has stated on its website that a Special FD rate of 8.00 percent for 999 days will be available until 30-Nov-2022. The bank is giving an interest rate of 4 percent on FDs maturing in 7 days to 14 days and 4.50 percent on those maturing in 15 days to 59 days.

On FDs with maturities between 60 and 90 days and 91 and 182 days, ESAF SFB will offer interest rates of 5.00 percent and 5.25 percent, respectively. Deposits with maturities between 183 days and a year will now earn interest at a rate of 5.50 percent, while those with maturities between 1 year and a day and less than 2 years will earn interest at a rate of 6.60 percent.

The bank is paying an interest rate of 7.25 percent on FDs that mature in 2 years, 998 days, and 8 percent on FDs that mature in 999. The interest rate on deposits with maturities between 1000 days and three years is 7.25 percent, while the interest rate on deposits with maturities between three years and five years is 5.75 percent.

The interest rate on FDs offered by ESAF SFB is 5.25 percent for maturities of five to ten years.