Small Finance Banks (SFBs) are financial institutions specially designed to offer essential banking services to low-income and underserved communities. Like all other financial institutions, they carry out important responsibilities, including deposits and withdrawals. Suryoday Small Finance Bank aims to promote financial inclusion by providing services to small business units, micro and small enterprises, small and marginal farmers, and the unorganised sector. Learn all about Suryoday Bank FD calculator, rates, eligibility and more.
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About Suryoday Small Finance Bank
Suryoday Bank FD Rates
The table below mentions the fixed deposit interest rates that Suryoday bank offers to the general public as well as senior citizens.
Time Period | Interest Rate (Per Annum) | Annualised Yield° (%) | Senior Citizen Rate # (Per Annum) | Annualised Yield° (%) |
7 days to 14 days | 4.00% | 4.00% | 4.50% | 4.50% |
15 days to 45 days | 4.25% | 4.25% | 4.75% | 4.75% |
46 days to 90 days | 4.50% | 4.50% | 5.00% | 5.00% |
91 days to 6 months | 5.00% | 5.00% | 5.50% | 5.50% |
Above 6 months to 9 months | 5.50% | 5.61% | 6.00% | 6.14% |
Above 9 months to less than 1 Year | 6.00% | 6.14% | 6.50% | 6.66% |
1 Year | 6.85% | 7.03% | 7.35% | 7.56% |
Above 1 Year to 15 months | 8.25% | 8.51% | 8.75% | 9.04% |
Above 15 months to 2 years | 8.50% | 8.77% | 9.00% | 9.31% |
Above 2 years to 3 years | 8.60% | 8.% | 9.10% | 9.42% |
Above 3 Years to less than 5 Years | 6.75% | 6.92% | 7.25% | 7.45% |
5 Years | 8.25% | 8.51% | 8.75% | 9.04% |
Above 5 years to 10 years | 7.25% | 7.45% | 7.75% | 7.98% |
Working of Suryoday Bank FD Calculator
A Suryoday Bank FD calculator will help you to calculate the interest acquired on the FD amount throughout the tenure and the maturity amount without any hassle if you have all the variables required. The Suryoday Bank FD rates calculator uses the following elements to determine the interest earned on a fixed deposit:
- Deposit Amount
Also known as principal, it is the sum that the owner of an FD account intends to put into a fixed deposit. An individual should enter the sum they want to invest in the calculator. Keep in mind that the amount can only be deposited once, so you need to choose the amount and the tenure of the amount invested wisely.
- Rate of Interest
The interest rate will be provided by Suryoday Bank, where the FD will be opened. It keeps on varying according to the tenure, but when the FD is made, the interest rate will remain the same for the duration it has been opened.
- Deposit Term
According to your investment goals, you can choose the time period using the calculator. The sum deposited in an FD can have a duration ranging from 7 days to 10 years.
- Interest Compounding
An individual must check the bank’s policy and consider their preferences if they want simple interest or want to compound their interest on a monthly, quarterly, half-yearly, or annual basis.
The formula utilised by the Suryoday bank FD calculator to calculate the FD returns is as follows:
M = P * (1 + r/n)^(n*t)
Where:
M: Maturity amount
P: Deposit amount (Principal)
r: Interest rate
n: Number of compounding periods per year
t: Time in years
Benefits of Using Suryoday Small Finance Bank FD Calculator
Utilising the Suryoday Small Finance Bank FD calculator is super easy and does not require you to do complicated calculations. The various benefits of using the calculator are:
- Error-free Calculations: There is no possibility of mistakes or inconsistencies as the calculator guarantees precise calculations.
- Comparison: By experimenting and changing the principle amount, duration, and interest rate, you may compare several investment possibilities.
- Convenient and Time Saving: It is easily accessible and gives you immediate results without the effort of laborious computations.
- Financial Planning: By inserting different investment amounts in the FD calculator, you comprehend the projected returns and then plan your investments accordingly.
- Determine the maturity amount: FD calculator gives you an insight into your maturity amount according to the deposit amount and tenure you’ve chosen. This helps in planning their investment objectives and selecting the FD plan wisely.
Different Suryoday Small Finance Bank FD Schemes
Various FD schemes are provided by the Suryoday Bank that can be applied for. The interest rates, deposit ranges and additional facilities provided by them are mentioned in the table below.
Characteristics | Domestic Fixed Deposit Scheme | NRI Fixed Deposit Scheme | Non-Callable Fixed Deposit Scheme | Tax Saver Fixed Deposit Scheme |
Interest Rate Range (Normal Citizen) | 4.00% to 8.60% | Varies | 4.00% to 8.60% | 4.00% to 8.60% |
Interest Rate Range (Senior Citizens) | 4.5% to 9.6% | N/A | 4.5% to 9.6% | 4.5% to 9.6% |
Deposit Range | ₹1,000 (and multiples of ₹1) | Varies (based on currency and tenure) | ₹20 lakhs to ₹1.99 crores | ₹1,000 to ₹1.5 lakhs |
Tenure | 7 days to 10 years | 12 months | 1 year to 10 years | 5 years |
Calculation of Interest | Simple interest for 6 months, then compound for re-investment FD | Quarterly interest, subject to change, offered rates for short-term FDs | 0.25% higher interest rate compared to other schemes | Tax deduction under section 80C up to ₹1,50,000 |
Additional Features | Auto-renewal is available | Monthly payouts at a discount | No loan or auto-renewal facility. | Nomination facility is available. No loan against FD and auto-renewal. |
Withdrawal | 1% penalty for premature withdrawal | 1% penalty for premature withdrawal | If an NRE FD is prematurely withdrawn within a year, interest is not paid. | No premature withdrawal |
Eligibility Criteria for an FD Suryoday Small Finance Bank
The following requirements must be met in order to establish a fixed deposit account with Suryoday Bank:
Domestic Fixed Deposits: Senior Citizens or Retired Personnel who are 60 years of age or above and are residents of India, can apply for this scheme.
NRI Fixed Deposits: This FD scheme is available to Non-Resident Indian (“NRI”), Person of Indian Origin (“PIO”) and Overseas Citizen of India (“OCI”)
Non-Callable Fixed Deposits: Self-Operated Minor Accounts, Senior Citizens, Non-Resident Individuals, and Recurring Deposits are exempt from the non-callable fixed deposit requirements.
Tax Saver Fixed Deposits: Both Individuals and Hindu undivided families are eligible for tax saver FD.
Documents Required for an FD Suryoday Small Finance Bank
The necessary documents that are required to open a Fixed Deposit Account with Suryoday Bank are:
- For Individuals, Hindu Undivided Families, and Sole Proprietors:
- PAN card and KYC documents
- Passport-sized photograph
- Deed of declaration for HUFs
- For Partnership Firms:
- PAN card and KYC documents
- Partnership Deed
- Letter from partners to establish the account’s opening and operation
- Passport-sized photographs of all partners
- For Trusts:
- PAN card and KYC documents
- Copy of the Trust Deed
- Copy of the Registration Certificate
- Authorising specific members to establish and operate the account
- Photographs of the members permitted to manage the account
- For Associations and Clubs:
- PAN card and KYC documents
- By-Laws of the Association
- Copy of Board’s Resolution for account opening and operation
- Passport-size photographs
- For Companies:
- PAN card and KYC documents
- Certificate of Incorporation
- Memorandum and Articles of Association
- Copy of Board’s Resolution for account opening and operation
- Identification proofs of authorised signatories
- Passport-sized photographs of directors
Conclusion
Suryoday Small Finance Bank FD Calculator : FAQs
No, you can’t withdraw your amount prematurely if you want to opt for the Tax Saver Fixed Deposit scheme.
The minimum amount that you can invest in the Domestic Fixed Deposit Scheme is Rs.1000. You can invest money in multiples of 1 but it should be more than 1000 rupees, but there are no restrictions on the maximum amount.
You can opt for the auto-renewal facility as the FD gets completed. The principal and interest are refunded automatically to your account, if you don’t choose this facility.
A PAN card is required if you want to deposit money under the Tax Saver Fixed Deposit scheme.
Yes, Suryoday Bank provides repatriation facilities to Non-Resident Indian (“NRI”), Person of Indian Origin (“PIO”) and Overseas Citizen of India (“OCI”). In the Non-Resident External (NRE) Fixed Deposit, the repatriation is free of cost and in the Non-Resident Ordinary (NRO) Fixed Deposit, the interest accumulated throughout the current fiscal year is provided.