Suryoday SFB hikes FD rates, senior citizens get maximum 9.60%; here's how interest rates will be calculated
3 min read . Updated: 06 May 2023, 03:06 PM IST
PremiumThis SFB has raised the bar of offering hefty interest rates on fixed deposits below ₹2 crore. A general public can earn as high as 9.10%, while senior citizens can get maximum 9.60%. Savings account customers can also enjoy 7% rate.
In a major good news for depositors, Suryoday Small Finance Bank has revised interest rates on fixed deposits below ₹2 crore, by 49 to 160 basis points (bps) across 1-5 years tenure. Now, the general public will receive from 4% to as massive as 9.10% on their FDs, while senior citizens will earn from 4.50% to as high as 9.60%. Also, this SFB is offering a whopping 7% interest rate on savings accounts on balances above ₹5 lakh to ₹2 crore.
In a statement, on fixed deposits, Suryoday said, "The best part is that regular customers can now get 9.10% interest rate on 5 years deposit, while senior citizens can get 9.60% interest rate."
It added, "The bank is also offering interest rate up to 7% to its savings account customer in above ₹5 lakh up to ₹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 result in addressing your mid-term goals of 5 Years."
The new interest rates have come into effect from May 5, 2023.
Here are the latest FD rates at Suryoday SFB:
General Category:
On 1 year tenure, the FD rate is set at 6.85%, while it increases to 8.50% on above 1 year to 2 years tenure, and further to 9% on 999 days tenure. The highest rate of 9.10% is offered on 5-years tenure.
While depositors can earn up to 7.25% each on tenures like 32 Months 27 Days to 3 Years and above 5 years to 10 years. Also, a 7.51% interest rate is given on the above 2 years to 998 days tenure.
Under less than 1 year tenure, FD rates range from 4% to 6%. The minimum tenure is 7 days and goes up to above 9 months to less than 1-year tenure here.
Senior citizens:
An elderly earn a 7.35% rate on 1-year tenure, while 7.25% on above 3 years but less than 5 years tenure. Further, a 7.75% interest rate each is offered on 32 Months 27 Days to 3 Years and above 5 years to 10 years tenures.
The highest rate which is 9.60% is offered to senior citizens on 5-year tenure.
Notably, senior citizens who are looking to earn around 9% interest rate on FDs for lesser than 5 years tenure, can still do so here. Suryoday is giving a 9% rate on above 1 year to 2 years tenure, and a 9.50% rate on 999 days tenure. The bank also has an 8.01% rate on above 2 years to 998 days tenure.
For tenures starting from 7 days to less than 1 year, the interest rate varies from 4.50% to 6.50%.
Senior citizens or retired personnel must be 60 years and above age to avail of these high-interest rates on FDs.
At Suryoday, the interest rate is calculated on a quarterly basis for deposits of tenure above 6 months. However, simple interest is paid at maturity for deposits of less than equal to 6 months.
In case of cumulative interest or re-investment interest, they are calculated every quarter and are added to the principal such that interest is paid on the Interest earned in the previous quarter as well.
Under the monthly deposit scheme, the interest rate is calculated for the quarter and paid monthly at a discounted rate over the Standard FD Rate.
For FDs with monthly/quarterly interest payout, the interest payment gets triggered at the start of the last day of the month/quarter and therefore system calculates interest up to the penultimate date of the month/quarter.
Lastly, the bank's notification said, there would be no loss of interest to the customer over the tenure of the deposit as the applicable interest will be paid for the entire period, till the date of maturity or closure, whichever is earlier.