ESAF Small Finance Bank Senior Citizen RD Interest Rates

What is the ESAF Small Finance Bank Senior Citizen RD?

ESAF Small Finance Bank Senior Citizen Recurring Deposit (RD) is a savings scheme for anyone aged 60 or older. Senior citizens can deposit a fixed instalment every month for a chosen tenure and enjoy a higher RD interest rate compared to general customers. Tenure can be chosen between 6 months and 10 years according to their savings needs.

The scheme has a minimum deposit of ₹100 per month, and once you have made the first deposit, you can deposit more in multiples of ₹100. The maximum installment amount is set at ₹14,99,900. If you need assistance in calculating the RD maturity value or the interest you will earn on your deposits, you can use the RD Calculator for an accurate calculation.

ESAF Small Finance Bank RD Rates for Senior Citizens

Below are the RD interest rates for deposits of up to ₹3 crores, applicable across various tenures.

*ESAF Small Finance Bank RD Rates for Senior Citizens w.e.f. March 1, 2026
Note: For ESAF Small Finance Bank recurring deposits of ₹300 lakhs and above, customers can contact bank branches for interest rate details.

Key Features of ESAF Small Finance Bank Senior Citizens RD

The ESAF Small Finance Bank senior citizen RD is designed to offer stable returns with these features:

• Standing Instruction for Monthly Deposits: Senior citizens can set up a standing instruction with the monthly RD installments debited from their savings or current account. This helps in keeping the payments on time every month, and it is more convenient and reliable than visiting the branch often.
• Premature Withdrawal Facility:ESAF Small Finance Bank RD premature withdrawal facility will enable the customers to access their recurring deposit before it reaches maturity. In such instances, a penal interest of 1% is charged. For any deposit withdrawn before 7 days, no interest is paid.
• Nomination Facility: Account holders can appoint a nominee who can claim the interest and earnings of the deposit.
• Missed Payment: If you missed any monthly installments, ESAF Small Finance Bank charges a late payment penalty according to the bank’s rules.

How to Open an ESAF Small Finance Bank Senior Citizens RD

It is easy to open an ESAF Small Finance Bank Senior Citizen RD both online and offline, whichever is convenient to you.

Online Method

You can access an RD at any convenient time through the bank’s official website, using the following steps:

• Log In: Log in to the ESAF Small Finance Bank RD application page.
• Select RD Option:Choose recurring deposits, give all the requested information, and submit.
• Contact: A bank representative will connect with you shortly after.
• Submit Documents: Provide required KYC documents.
• Enter Details:Fill in the installment amount and tenure.
• Link Account: Choose your ESAF Small Finance Bank savings accountor current account to be auto-debited.
• Review & Submit: Verify details and confirm the request.
• Confirmation: Receive RD account creation confirmation.

Offline Method

You can easily open an RD account offline by following these steps:

• Branch Visits:Visit the closest branch.
• Fill Form: Fill in the RD application form.
• Submit Documents: Provide required KYC documents.
• Choose Details: Select the installment amount and tenure.
• Deposit the initial installment: Pay the first monthly installment.
• Set Instructions:Provide payment instructions.
• Account Activation: The bank opens the RD account and issues confirmation details.

ESAF Small Finance Bank Senior Citizens RD Eligibility Criteria

ESAF Small Finance Bank Senior Citizen RD opening includes clear minimum eligibility conditions to support a simple account opening process.

• Age Requirement: The applicant should be 60 years old or older to receive the benefits of senior citizen RDs. They can open their account singly or jointly according to their needs.
• Resident Status: The senior citizen RD interest rate is for resident individuals. RD is primarily available for residents of India. Eligibility for non-residents may vary based on bank guidelines.
• Bank Account Requirement: You need a savings or current account with ESAF Small Finance Bank to make monthly installments.
• KYC (Know Your Customer) Documents: To open an ESAF Small Finance Bank RD, one document verifying the customer's identity and one verifying the address are needed. Documents such as a passport, an Aadhar card, a PAN card, a Voter’s Identity Card, an electric bill, a salary slip, and recent passport photos.

Key Takeaways

ESAF Small Finance Bank Senior Citizen RD offers account holders a preferential interest rate that is higher than that of general citizens by 0.50%. The RD interest rates generally range from 4.50% to 8.50% per annum. Installments can start at ₹100 per month, and once you have made the first deposit, you can deposit more in multiples of ₹100. The maximum installment amount is set at ₹14,99,900.