Explain that like public sector and private sector banks, Small Finance Banks are regulated by the RBI. Apart from this, there is also a guarantee of DICGC on the money deposited in it. The main objective of starting small finance banks is to provide easy loans to low-income people and farmers-small businessmen. These banks do not give loans of large amount. Its scope is fixed and they work in it. Savings account is also opened in these like common banks.

ESAF SFB Interest Rate

ESAF SFB is offering interest rates ranging from 4% to 5.25% for general citizens and 4.50% to 5.75% for senior citizens on FDs with maturities of 7 days to 10 years. The bank is offering 8% interest on special FD of 999 days.

The bank gives 4% interest on FDs of 7 days to 14 days. Pays 4.50% interest on FDs of 15 days to 59 days. Interest is available at 5% for 60 days to 90 days and 5.25% for 91 days to 182 days. FDs of 183 days to 1 year yield 5.50%, 1 year 1 day and 2 years 6.60%, 2 years to 998 days 7.25% and 999 days FDs get 8 percent interest.

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