ESAF Bank Launches Hrudaya Deposit Scheme


Thrissur:  Hrudaya Deposit Scheme, the social deposit scheme of ESAF Small Finance Bank, was launched at a function held at its Kalathode branch in Thrissur on Monday. The first deposit was handed over by Archbishop Andrews Thazhath.

ESAF Bank through Hrudaya Deposit Scheme provides the customers an opportunity to be part of social welfare projects, which none of the other banks has tried so far, said K Paul Thomas, Managing Director and CEO, ESAF Small Finance Bank. “The significance of the scheme is that customers who deposit in it become part of nation building, as their deposits are used for the welfare and infrastructure development of marginalised sections of society,” he said.

An individual or a legal entity can join the Hrudaya Deposit Scheme with a minimum deposit amount of Rs. 15 lakh and for a minimum period of two years. An account can be opened through internet banking or by calling the Relationship Manager. The compound interest will be given in every quarter as per the present rates. Apart from attractive returns, the scheme promises the customer twin advantage of spreading joy all around, Paul Thomas said.

“Through the ‘Hrudaya’ deposit scheme, ESAF intends to spread smile throughout the villages in the country. As per the regulations of the Reserve Bank of India, the customers need not be told how their money is being utilised. But under the Hrudaya scheme, the customers will be provided with the performance report of their funds at regular intervals,” he said.

The Hrudaya deposit scheme envisages the business development of rural farmers, fishermen, vegetable vendors, establishment of educational institutions in far off places, education loan for children belonging to the economically backward sections, creation of job opportunities for women from minority communities, introduction of low interest rate housing loan schemes, vehicle loan for small-scale entrepreneurs and rural infrastructure development, Paul Thomas added.