Suryoday Small Finance Bank revises its FD rates in 5 years slabs by 85 bps, offers FD with interest rates up to 9.1%

Suryoday Small Finance Bank (SSFB) has revised interest rates on fixed deposits from today, i.e., August 07, 2023. The interest rate in 5 years tenor was revised by 85 basis points (bps).

Following the revision, the bank is now accepting deposits of less than Rs 2 crore maturing in 7 days to 10 years at an interest rate of 4.00 per cent to 8.60 per cent to the general public and 4.50 per cent to 9.10 per cent to senior citizens. Regular customers can now get an 8.60 per cent interest rate on the Above 2 years to 3 years deposit, while senior citizens can get a 9.10 per cent interest rate. The bank is also offering interest rates up to 7.00 per cent to its savings account customers above Rs 5 lakhs up to Rs 2 crore slab. This is the highest interest rate that the bank offers to its customers. Also, your deposits are backed by DICGC in this bank; making an investment decision soon will address your mid-term goals of 5 years.

SFB is a small finance bank with more than 564 banking outlets across 13 states and Union territories and has 1.64 million customers. SSFB is currently offering the highest returns on fixed and savings bank deposits.

Points to consider 

The offered rate is the annualized rate offered to the customer for quarterly tenor, with an option for pay-out or compounding, as applicable. Discount Rate is the annualized rate offered to the Customer discounted for monthly pay-out as per applicable Rules. For Traditional fixed deposits with quarterly pay-out, interest is calculated on the principal amount for completed quarters and then for the balance period, interest is calculated for completed months and further for incomplete month on actual number of days, as per the data available on the website.

For Cumulative deposits, interest is compounded quarterly on completion of exact quarters. For the broken period beyond completed quarters, the amount is calculated proportionate to the period in the quarter. Offered rate will be applicable to the FDs booked under short-term regular products.

In case of premature withdrawal, the interest is calculated on the principal amount for completed quarters, and then for the balance period, interest is calculated for completed months and further for incomplete month on an actual number of days.

In case of premature withdrawal for closure or renewal or partial withdrawal of term deposits, interest shall be paid for the period the deposit remained with the bank at a rate of interest prevailing on the date of booking of the deposit for such tenor, less the applicable penalty of 1%. As interest rates are subject to change without prior notice, depositor shall ascertain the rates on the value date of FD, as per the data available on the website.