Home / Industry / Banking /  Suryoday SFB revises FD rates, now get up to 8.26% on a tenor of 999 days
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Suryoday Small Finance Bank (SFB) has revised its interest rates on fixed deposits of less than 2 Cr. As per the official website of the bank, the new rates are effective as of November 02, 2022. After the modification, the bank is now providing fixed deposits with maturities ranging from 7 days to 10 years with interest rates ranging from 4.00% to 6.00% for the general public and 4.50% to 6.50% for senior citizens. The maximum interest rate for deposits maturing in 999 days at Suryoday Small Finance Bank (SFB) is now 8.01% for the general public and 8.26% for senior citizens.

Suryoday Small Finance Bank FD Rates

The bank is now giving an interest rate of 4.00% on fixed deposits that mature in the next 7 to 14 days, and it is now offering an interest rate of 4.25% on deposits that mature in the next 15 to 45 days. Deposits with maturities between 46 and 90 days will now earn interest at a rate of 4.50%, while those with maturities between 91 and 6 months will now earn interest at a rate of 5.00%. On FDs maturing in more than 6 months to 9 months, Suryoday Small Finance Bank will now pay an interest rate of 5.50%, while the bank is also offering an interest rate of 6.00% on those maturing in more than 9 months to less than 1 Year.

The bank is guaranteeing an interest rate of 7.00% on fixed deposits maturing in 1 Year to 1 Year 6 Months, while Suryoday Small Finance Bank will now give an interest rate of 7.51% on deposits maturing in Above 1 Year 6 Months to 998 days. Deposits with maturities between 32 months and three years will now pay interest at a rate of 7.25% and 999 days will now carry an interest rate of 8.01%. For FDs expiring in the next 3 Years to 5 Years and the next Above 5 Years to 10 Years, Suryoday Small Finance Bank is currently providing an interest rate of 6.75% and 6.00%, respectively.

Suryoday Small Finance Bank FD Rates
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Suryoday Small Finance Bank FD Rates (suryodaybank.com)

Suryoday Small Finance Bank has mentioned on its website that “When you open a Fixed deposit with Suryoday Small Finance Bank Ltd. Interest on Term Deposits is calculated as below: 1. On a Quarterly basis for deposits of tenor above 6 months. 2. Simple interest is paid at maturity for deposits of less than equal to 6 months. 3. Cumulative Interest/ re-investment interest is calculated every quarter and is added to the Principal such that Interest is paid on the Interest earned in the previous quarter as well. 4. In case of monthly deposit scheme, the interest shall be calculated for the quarter and paid monthly at discounted rate over the Standard FD Rate."

“The Bank computes interest based on the actual number of days in a year. In case, the Deposit is spread over a leap and a non-leap year, the interest is calculated based on the number of days i.e.,366 days in a leap year & 365 days in a non-leap year. The period of Fixed Deposit is calculated in number of days," mentioned Suryoday Small Finance Bank on its website.

Suryoday Small Finance Bank RD Rates

The RD rates of Suryoday Small Finance Bank are in effect as of November 2, 2022. Recurring Deposit accounts can be kept open for a minimum of 6 months and for subsequent periods in multiples of 3 months, up to a maximum of 10 years. One may actively create an RD account at Suryoday Small Finance Bank by making a minimum instalment amount of 100 (and multiples of 1 thereof). Recurring deposits are subject to the rates listed below, with a maximum monthly payment amount of 14,99,900.

Suryoday Small Finance Bank RD Rates
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Suryoday Small Finance Bank RD Rates (suryodaybank.com)
ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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