Introduction:
Established in 2017, Suryoday Small Finance Bank is an Indian small finance bank that focuses on providing banking services to the underbanked and unbanked segments of society, particularly in rural and semi-urban areas.
Suryoday Small Finance Bank provides a range of fixed deposit interest rates from 4.00% to 8.65% per annum for the general public and from 4.50% to 9.10% per annum for senior citizens, across various periods from 7 days to 10 years. For Tax Saving Fixed Deposits, the bank offers rates of 8.25% per annum for the general public and 8.75% per annum for senior citizens, specifically for 5-year tenures. Additionally, the bank caters to NRIs with fixed deposit products like NRO and NRE fixed deposits.
Recognized as a scheduled bank by the RBI, Suryoday Small Finance Bank provides its depositors with eligibility for deposit insurance through the Depositor Insurance and Credit Guarantee Corporation (DICGC), an RBI subsidiary. DICGC's insurance cover secures cumulative deposits up to Rs 5 lakh for each depositor, encompassing fixed deposits, savings, current, and recurring deposits in each scheduled bank, safeguarding against bank failure, merger, or amalgamation.
Suryoday small finance bank fd rates 2024:
The fixed deposit interest rates are as follows:
- Highest slab rate: 8.65% (applicable for a duration of 2 years and 2 days)
- 1 year: 6.85%
- 2 years: 8.50%
- 3 years: 8.60%
- 4 years: 6.75%
- 5 years: 8.25%
- Tax-Saving Fixed Deposit: 8.25%
Suryoday small finance bank fd rates for domestic deposits below Rs 2 crore effective from April 22, 2024:
| Tenure | Regular |Senior |
| Citizens | Citizens |
|-------------------------------------- |------------------ |-------------------|
| 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 to 9 months | 5.50 | 6.00 |
| Above 9 to < 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 2 years 1 day | 8.60 | 9.10 |
| 2 years & 2 days | 8.65 | 9.10 |
| 2 years 3 days 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 |
Suryoday Small Finance Bank Tax Saver Deposit
| Tenure | Interest Rates (% p.a.) |
|-------- |------------------------------------|
| | Regular Citizens | Senior Citizens |
| 5 years | 8.25 | 8.75 |
NRE Fixed Deposit Interest Rates (deposits less than Rs 2 crores) w.e.f. 22 April 2024
| Tenure | Interest Rates (% p.a.) |
|--------------------------------|-----------------------------------------|
| 1 year | 6.85 |
| Above 1 year to 15 months | 8.25 |
| Above 15 months to 2 years | 8.50 |
| Above 2 years to 2 years 1 day | 8.60 |
| 2 years 2 days | 8.65 |
| 2 years 3 days to 3 years | 8.60 |
| Above 3 years to less than 5 years | 6.75 |
| 5 years | 8.25 |
| Above 5 years to 10 years | 7.25 |
NRO Fixed Deposit Interest Rates (deposits less than Rs 2 crores) w.e.f. 22 April 2024
| Tenure | Interest Rates (% p.a.) |
|--------------------------------|-----------------------------—-----|
| 7 days to 14 days | 4.00 |
| 15 days to 45 days | 4.25 |
| 46 days to 90 days | 4.50 |
| 91 days to 6 months | 5.00 |
| Above 6 months to 9 months | 5.50 |
| Above 9 months to less than 1 year | 6.00 |
| 1 year | 6.85 |
| Above 1 year to 15 months | 8.25 |
| Above 15 months to 2 years | 8.50 |
| Above 2 years to 2 years 1 day | 8.60 |
| 2 years 2 days | 8.65 |
| 2 years 3 days to 3 years | 8.60 |
| Above 3 years to less than 5 years | 6.75 |
| 5 years | 8.25 |
| Above 5 years to 10 years | 7.25 |
Types of Suryoday small finance bank fd rates:
Regular Fixed Deposits: These are standard fixed deposit accounts where you deposit a lump sum amount for a fixed tenure and earn interest on it.
Senior Citizen Fixed Deposits: Suryoday Small Finance Bank offers special FD schemes for senior citizens, providing them with higher interest rates compared to regular FDs.
Tax-Saving Fixed Deposits: This type of FD allows investors to save on income tax under Section 80C of the Income Tax Act. The investment made in these FDs comes with a lock-in period of 5 years.
NRE Fixed Deposits: These are fixed deposit accounts for Non-Resident External (NRE) account holders. The interest earned on these deposits is tax-free in India.
NRO Fixed Deposits: These are fixed deposit accounts for Non-Resident Ordinary (NRO) account holders. Interest earned on these deposits is subject to tax deduction at source (TDS) as per Indian tax laws.
Special Tenure Fixed Deposits: Suryoday Small Finance Bank may offer fixed deposit schemes with special tenures, such as short-term or long-term options, catering to different investment needs.
Conclusion:
Suryoday Small Finance Bank offers a diverse range of fixed deposit schemes tailored to meet the varied needs of investors. With competitive interest rates ranging from 4.00%vto 9.10%, customers can choose from short-term to long-term options spanning from 7 days to 10 years. Moreover, the bank extends specialized schemes such as Tax Saver Deposits, catering to those seeking tax benefits under Section 80C of the Income Tax Act. For NRIs, both NRE and NRO fixed deposit options are available, providing attractive interest rates and tax advantages.
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FAQs:
1. Are Suryoday Small Finance Bank FDs safe?
Yes, Suryoday Small Finance Bank is recognized as a scheduled bank by the RBI, ensuring the safety of deposits. Additionally, deposit insurance provided by DICGC secures deposits up to Rs 5 lakh per depositor in case of bank failure or merger.
2. What are the interest rates offered on Suryoday Small Finance Bank FDs?
Interest rates on Suryoday Small Finance Bank FDs range from 4.00% to 8.65% for regular customers and from 4.50% to 9.10% for senior citizens, varying based on the tenure of the deposit.
3. Can NRIs invest in Suryoday Small Finance Bank FDs?
Yes, NRIs can invest in Suryoday Small Finance Bank FDs through NRE and NRO fixed deposit schemes.
4. What is the minimum and maximum tenure for Suryoday Small Finance Bank FDs?
The tenure for Suryoday Small Finance Bank FDs ranges from 7 days to 10 years, providing flexibility to investors.
5. How can I open an FD account with Suryoday Small Finance Bank?
You can open an FD account with Suryoday Small Finance Bank either online through their website or mobile app, or by visiting a branch or post office. Additionally, FDs can be opened through the RBI website, SHCIL, or recognized stock exchanges.
