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.
