Friends, whenever a new bank or NBFC enters the market, it usually offers attractive interest rates on FDs and savings accounts to establish itself in the competition. In the same way, nowadays ESAF is gaining attention in the market. ESAF is a relatively new bank based in Kerala, known for providing higher interest rates on FDs. The bank is also offering loans at comparatively lower interest rates.
However, like every new bank, ESAF too has its pros and cons. Whenever people choose a bank, a few factors always come to their mind—trust, facilities, and features. ESAF Bank is gradually becoming a preferred choice among many customers.
In this article, we will highlight some important aspects of this bank that will help you decide whether to choose it or not. Along with this, we will also include genuine reviews from customers—some of whom are happy with the bank’s services, while others are dissatisfied. For instance, while a few users are not satisfied with the ESAF mobile app, there are also many who appreciate it.
Table of Contents
What is ESAF and How Bank Started ?
The full form of ESAF is Evangelical Social Action Forum.
It started as a non-profit organization in Kerala.
Later, it grew into a microfinance institution.
Today, it works as a Small Finance Bank approved by RBI.
ESAF Small Finance Bank Review
Customers see ESAF as a bank for the common man.
It focuses on rural and semi-urban India.
The bank provides loans, savings, insurance, and digital banking.
Pros:
- Strong presence in smaller towns.
- Competitive FD rates.
- Simple account opening process.
- Mobile banking available.
Cons:
- Mobile app gets mixed reviews.
- Limited branch network compared to big banks.
- Some users complain about customer support.
Overall, ESAF is good for people who want higher deposit returns and personalized service.
ESAF Small Finance Bank App
The ESAF mobile app is available on Google Play and App Store.
Through the app, you can:
- Check account balance.
- Transfer money via NEFT, IMPS, and UPI.
- Manage deposits.
- Block or hotlist debit cards.
However, reviews are divided.
Some customers like the design.
Others report login issues and frequent crashes.
If ESAF improves the app, it can become a strong digital tool.
ESAF Small Finance Bank Account Opening
Opening an account with ESAF is simple.
You can visit a branch or use their online process.
Documents required:
- Aadhaar card
- PAN card
- Passport-size photo
- Proof of residence
Types of accounts include:
- Regular Savings Account
- Current Account
- Salary Account
- Student/Minor Account
The process is fast in branches.
Online KYC is also improving.
ESAF Small Finance Bank FD Rates
One big attraction of ESAF is its Fixed Deposit (FD) rates.
The bank often offers higher rates than larger banks.
As of now, FD rates range between 4% to 8.5%, depending on tenure.
Senior citizens get an extra benefit of around 0.50%.
Why people like ESAF FDs:
- Higher returns than SBI, HDFC, ICICI.
- Safe, since it is regulated by RBI.
- Flexible options for short and long term.
ESAF Mobile App Review and Customer Feedback
We have collected some real customer feedbacks from Google Play Store which highlights some pros and cons of ESAF Small Finance Mobile App.
Pros
1. Full-Service Banking at Your Fingertips
- Users can manage savings, current, loans, cash credit, fixed deposits, and recurring deposits conveniently through the app
- Features include pre-closing deposits online, real-time transfers (within and outside ESAF), cheque book services, stopping payments, and debit card hotlisting 2. Robust Security Measures
- Multiple layers of authentication—including OTP-based transaction approvals—help safeguard user data
- Data is encrypted during transmission, with no third-party sharing as per developer disclosures
3. Recognition of Improvement Potential
- Some users acknowledge progress: “The new redesigned app is better than the old one”
- ESAF appears to have introduced features like “Download & Share Transaction Receipt” and improved loan access over time
Cons
1. Frequent Instability After Updates
- Widespread dysfunction reported post major updates. One user:
“After the 6th June 2025 update, the ESAF Bank app stopped working completely. Password, fingerprint login, and MPIN are all not functioning.”
- Other users also voice repeated frustration: “Every update makes the app worse.”
2. Login & Registration Hassles
- Newer builds sometimes purge saved credentials:
“The app unnecessarily deletes all the login details even after small updates… Every time need to provide the account number for login.”
- Some users face issues with OTP/SMS:
“SMS sending is always failing and the phone balance is deducted.”
- One user mentioned:
“Not able to log in through Mobile Banking, error message ‘Connection not secure’.”
3. Useless or Missing Features
- The absent receipt-sharing option remains a frequent complaint:
“The new redesigned app is better than the old one. But… no option to share the receipt of Fund transfer.”
- Another issue: inability to close fixed deposits online, despite such functionality in older versions
4. Poor User Interface & Usability
- Multiple users plea for a modern, intuitive UI:
“The current version lacks ease of use, making transactions inconvenient… Look at other leading banking apps.”
- Another:
“The banking facility is good. However, the disappointment is only with the Banking Application. The application has to be more user friendly.”
5. Compatibility Issues
- Older Android versions face problems:
“Can’t download the latest version… app is not compatible with my device… Android 8.1.”
6. Inadequate Customer & Technical Support
- One user bluntly stated:
“Customer service has no idea how to fix it. Account support and even the bank manager are clueless.”
- Others feel left in the dark post-issue escalation.
Real User Voices — Quick Quotes
- Positive acknowledgment of UI:
“The new redesigned app is better than the old one.”
- Frustration with post-update failures:
“After the 6th June 2025 update, the ESAF Bank app stopped working completely… Every update makes the app worse.”
- Login process pain points:
“The app unnecessarily deletes all the login details… SMS sending is always failing.”
- Calls for better UX:
“…please consider upgrading your mobile application to meet modern standards… making transactions inconvenient.”We have collected some real customer feedbacks from Google Play Store which highlights some pros and cons of ESAF Small Finance Mobile App.
Pros
1. Full-Service Banking at Your Fingertips
- Users can manage savings, current, loans, cash credit, fixed deposits, and recurring deposits conveniently through the app
- Features include pre-closing deposits online, real-time transfers (within and outside ESAF), cheque book services, stopping payments, and debit card hotlisting 2. Robust Security Measures
- Multiple layers of authentication—including OTP-based transaction approvals—help safeguard user data
- Data is encrypted during transmission, with no third-party sharing as per developer disclosures
3. Recognition of Improvement Potential
- Some users acknowledge progress: “The new redesigned app is better than the old one”
- ESAF appears to have introduced features like “Download & Share Transaction Receipt” and improved loan access over time
Cons
1. Frequent Instability After Updates
- Widespread dysfunction reported post major updates. One user:
“After the 6th June 2025 update, the ESAF Bank app stopped working completely. Password, fingerprint login, and MPIN are all not functioning.”
- Other users also voice repeated frustration: “Every update makes the app worse.”
2. Login & Registration Hassles
- Newer builds sometimes purge saved credentials:
“The app unnecessarily deletes all the login details even after small updates… Every time need to provide the account number for login.”
- Some users face issues with OTP/SMS:
“SMS sending is always failing and the phone balance is deducted.”
- One user mentioned:
“Not able to log in through Mobile Banking, error message ‘Connection not secure’.”
3. Useless or Missing Features
- The absent receipt-sharing option remains a frequent complaint:
“The new redesigned app is better than the old one. But… no option to share the receipt of Fund transfer.”
- Another issue: inability to close fixed deposits online, despite such functionality in older versions
4. Poor User Interface & Usability
- Multiple users plea for a modern, intuitive UI:
“The current version lacks ease of use, making transactions inconvenient… Look at other leading banking apps.”
- Another:
“The banking facility is good. However, the disappointment is only with the Banking Application. The application has to be more user friendly.”
5. Compatibility Issues
- Older Android versions face problems:
“Can’t download the latest version… app is not compatible with my device… Android 8.1.”
6. Inadequate Customer & Technical Support
- One user bluntly stated:
“Customer service has no idea how to fix it. Account support and even the bank manager are clueless.”
- Others feel left in the dark post-issue escalation.
Real User Voices — Quick Quotes
- Positive acknowledgment of UI:
“The new redesigned app is better than the old one.”
- Frustration with post-update failures:
“After the 6th June 2025 update, the ESAF Bank app stopped working completely… Every update makes the app worse.”
- Login process pain points:
“The app unnecessarily deletes all the login details… SMS sending is always failing.”
- Calls for better UX:
“…please consider upgrading your mobile application to meet modern standards… making transactions inconvenient.”
Conclusion
ESAF Small Finance Bank is built for inclusivity. It helps people in small towns and rural areas. Its strong FD rates make it attractive. But the digital experience needs attention.