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The interest rates on fixed deposits of less than 2 Cr were hiked at Suryoday Small Finance Bank (SFB). According to the bank's official website, the new rates are in effect as of today, September 24, 2022. Following the adjustment, the bank lifted its interest rates across various tenors and 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.

Suryoday Small Finance Bank FD Rates

On fixed deposits maturing in 7 days to 14 days, the bank is now offering an interest rate of 4.00% which was earlier 3.25% a hike of 75 bps and on deposits maturing in 15 days to 45 days the bank is now offering an interest rate of 4.25% which was earlier 3.25% a hike of 100 bps. Fixed deposits maturing in 46 days to 90 days will now offer an interest rate of 4.50% which was earlier 4.25% a hike of 25 bps and term deposits maturing in 91 days to 6 months will now offer an interest rate of 5.00% which was earlier 4.75% a hike of 25 bps.

On fixed deposits maturing in more than 6 months to 9 months, Suryoday Small Finance Bank is now promising an interest rate of 5.50%, up from 5.25%, a hike of 25 basis points, and on deposits maturing in more than 9 months to less than 1 year, the bank is now promising an interest rate of 6.00%, up from 5.75%, a hike of 25 basis points. The bank upped the interest rate on fixed deposits maturing in 1 year to 1 year 6 months by 50 basis points to 7.00% from 6.50% earlier, and also lifted the interest rate on term deposits maturing in above 1 year 6 months to 2 years by 75 basis points to 7.25% from 6.50%.

Fixed deposits that mature in more than two years but less than 998 days will now provide an interest rate of 7.25%, up from 7.00% before, a hike of 25 bps. Term deposits that mature in 999 days will continue to offer an interest rate of 7.49%. The bank will now provide an interest rate of 7.00% on fixed deposits that mature in 32 months, 27 days, to three years, and an interest rate of 6.75%, up from 6.50% before, on term deposits that mature in above three years but less than five years. Deposits maturing in 5 years will continue to pay 6.75% interest, and deposits maturing in 5 years or more to 10 years will pay 6.00% interest.

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

Suryoday Small Finance Bank RD Rates

The bank is now giving interest rates on recurring deposits (RDs) that mature in 6 months to above 5 Years to 10 Years that range from 5.00% to 6.00% for the general public and 5.50% to 6.50% for senior citizens. The bank will now provide a maximum interest rate of 7.75% for elderly persons and 7.25% for non-senior citizens on RDs maturing in 21 to 30 months.

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

Suryoday Small Finance Bank has mentioned on its website that “The above rates are applicable to Recurring Deposits as well, maximum amount of monthly instalment of a Recurring Deposit is capped at 14,99,900. Recurring Deposit accounts can be maintained for a minimum tenure of 6 months and in multiples of 3 months thereafter subject to a maximum of 10 years."

 

 

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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