Suryoday Small Finance Bank (SSFB) has revised interest rates on fixed deposits on select tenures. The new rates are effective from August 7, 2023.Suryoday Small Finance Bank latest FD rates
After the revision, the bank is offering general public with interest at a rate of 4.00 percent to 8.60 percent, and senior citizens at a rate of 4.50 percent to 9.10 percent for deposits less than Rs 2 crore with maturities ranging from 7 days to 10 years. The highest interest rate of 8.60 per cent is offered on tenure above 2 years to 3 years. Earlier, on the same tenure, the interest rate offered was 9.10 percent.
| Period | Interest Rate | Senior Citizen Rate # |
| (Per Annum) | (Per Annum) | |
| 7 days to 14 days | 4.00% | 4.50% |
| 15 days to 45 days | 4.25% | 4.75% |
| 46 days to 90 days | 4.50% | 5.00% |
| 91 days to 6 months | 5.00% | 5.50% |
| Above 6 months to 9 months | 5.50% | 6.00% |
| Above 9 months to less than 1 Year | 6.00% | 6.50% |
| 1 Year* | 6.85% | 7.35% |
| Above 1 Year to 15 months | 8.25% | 8.75% |
| Above 15 months to 2 years | 8.50% | 9.00% |
| Above 2 years to 3 years | 8.60% | 9.10% |
| Above 3 Years to less than 5 Years | 6.75% | 7.25% |
| 5 Years | 8.25% | 8.75% |
| Above 5 years to 10 years | 7.25% | 7.75% |
Source: Bank press release
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.
5. For FDs with Monthly/Quarterly Interest pay out, Interest payment gets
triggered at start of the last day of the month/quarter and therefore
system calculates interest up to the penultimate date of the
month/quarter.
Source Link
