HomeFinanceSuryoday's Latest FD Rates Soar Up to 9.60%: Full Calculation Guide

Suryoday’s Latest FD Rates Soar Up to 9.60%: Full Calculation Guide

Suryoday Small Finance Bank has increased the interest rates on fixed deposits below ₹2 crore, by 49 to 160 basis points across 1-5 years tenure. The general public can now receive from 4% to 9.10% on their FDs, while senior citizens can earn 4.50% to as high as 9.60%. They are also offering a 7% interest rate on savings accounts on balances above ₹5 lakh to ₹2 crore. The bank’s announcement stated that “regular customers can now get 9.10% interest rate on 5 years deposit, while senior citizens can get 9.60% interest rate.” The new interest rates have been in effect from May 5, 2023. Here are the latest FD rates at Suryoday SFB:

General Category:
– On 1 year tenure, the FD rate is set at 6.85%
– On above 1 year to 2 years tenure, it increases to 8.50%
– On 999 days tenure, the rate is 9%
– The highest rate of 9.10% is offered on a 5-year tenure
– Depositors can earn up to 7.25% on tenures like 32 Months 27 Days to 3 Years and above 5 years to 10 years
– A 7.51% interest rate is available on above 2 years to 998 days tenure
– Under less than 1-year tenure, FD rates range from 4% – 6%

Senior citizens:
– On 1 year tenure, senior citizens can earn 7.35%
– On above 3 years but less than 5 years tenure, they can earn a 7.25% rate
– On tenures 32 Months 27 Days to 3 Years, and above 5 years to 10 years, 7.75% interest rate is available
– The highest rate of 9.60% is offered to senior citizens on a 5-year tenure
– For tenures less than 5-years, senior citizens can get a 9% rate on above 1 year to 2 years tenure and 9.50% rate on a 999-day tenure.
– Under tenures 7 days to less than 1 year, the interest rate varies from 4.50% to 6.50%.

Senior citizens or retired people must be 60 years and above age to avail of these high-interest rates on FDs at Suryoday. The bank calculates the interest rate on a quarterly basis for deposits of tenure above 6 months. Simple interest is paid at maturity for deposits less than or equal to 6 months. In case of cumulative interest or re-investment interest, it is calculated every quarter and added to the principal. Under the monthly deposit scheme, the interest rate is calculated for the quarter and paid monthly at a discounted rate over the standard FD Rate. The applicable interest will be paid for the entire period till the date of maturity or closure, whichever is earlier.

Sara Marcus
Sara Marcushttps://unlistednews.com
Meet Sara Marcus, our newest addition to the Unlisted News team! Sara is a talented author and cultural critic, whose work has appeared in a variety of publications. Sara's writing style is characterized by its incisiveness and thought-provoking nature, and her insightful commentary on music, politics, and social justice is sure to captivate our readers. We are thrilled to have her join our team and look forward to sharing her work with our readers.


Please enter your comment!
Please enter your name here

Most Popular

Recent Comments