Suryoday Small Finance Bank extends its customers a range of Fixed Deposit interest rates. For the general public, interest rates for these services range from 4.00% to 8.60% per year. Senior citizens enjoy slightly higher rates, ranging between 4.50% and 9.10% annually. These Suryoday Bank FD rates apply to FD tenures spanning 7 days to 10 years. Suryoday Small Finance Bank also provides tax-saving FD options, offering an interest rate of 8.25% per annum for the general public and 8.75% per annum for senior citizen depositors for a fixed tenure of 5 years.
About Suryoday Bank
Suryoday, which means ‘Sunrise’ in Sanskrit, signifies a new dawn and a new beginning. This reflects their strong commitment to financial inclusion. They started their journey as Suryoday Micro Finance and later transformed into Suryoday Small Finance Bank in just eight years. With a soaring number of satisfied customers, surpassing 2 million, they firmly believe in the transformative power of fulfilling dreams to shape lives and usher in a brighter world. Suryoday Small Finance Bank is one of the ten companies, notably the only one from Maharashtra, to have obtained a ‘Small Finance Bank’ license from the Reserve Bank of India.
Suryoday Bank FD Rates
Different Suryoday Bank FD rates are available for Domestic Fixed Deposits, Non-Resident Fixed Deposits, Non-Callable Fixed Deposit-Retail (Domestic), and Tax Saver Fixed Deposits. Let us see the latest FD rates of Suryoday Small Finance Bank one by one.
Suryoday Small Finance Bank FD Rates for Domestic Fixed Deposits
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% | 8.88% | 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% |
Suryoday Small Finance Bank FD Rates for Non-Resident Fixed Deposits
Period | NRE Interest Rate (Per Annum) | Annualised Yield° (%) | NRO Interest Rate (Per Annum) | Annualised Yield° (%) |
7 days to 14 days | NA | 4.00% | 4.00% | |
15 days to 45 days | 4.25% | 4.25% | ||
46 days to 90 days | 4.50% | 4.50% | ||
91 days to 6 months | 5.00% | 5.00% | ||
Above 6 months to 9 months | 5.50% | 5.61% | ||
Above 9 months to less than 1 Year | 6.00% | 6.14% | ||
1 Year | 6.85% | 7.03% | 6.85% | 7.03% |
Above 1 Year to 15 months | 8.25% | 8.51% | 8.25% | 8.51% |
Above 15 months to 2 years | 8.50% | 8.77% | 8.50% | 8.77% |
Above 2 years to 3 years | 8.60% | 8.88% | 8.60% | 8.88% |
Above 3 Years to less than 5 Years | 6.75% | 6.92% | 6.75% | 6.92% |
5 Years | 8.25% | 8.51% | 8.25% | 8.51% |
Above 5 Years to 10 Years | 7.25% | 7.45% | 7.25% | 7.45% |
Suryoday Bank FD Rates for Non-Callable Fixed Deposit-Retail (Domestic)
Period | Interest Rate (Per Annum) |
1 Year | 7.10% |
Above 1 Year to 15 months | 8.50% |
Above 15 months to 2 years | 8.75% |
Above 2 years up to 3 years | 8.85% |
FD Rate Suryoday Bank for Tax Saver Fixed Deposits
Period | Interest Rate (Per Annum) | Annualised Yield° (%) | Senior Citizen Rate # (Per Annum) | Annualised Yield° (%) |
Tax Savings Fixed Deposit (5 years) | 8.25% | 8.51% | 8.75% | 9.04% |
Different Schemes that Suryoday Bank Provides
Here’s an overview of the different FD schemes provided by Suryoday Bank:
Features | Domestic Fixed Deposit Scheme | NRI Fixed Deposit Scheme | Non-Callable Fixed Deposit Scheme | Tax Saver Fixed Deposit Scheme |
Minimum deposit | ₹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 range | 7 days to 10 years | 12 months | 1 year to 10 years | 5 years |
Interest calculation | Simple interest for 6 months, then compound for reinvestment 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 |
Special features | Auto-renewal is available, 1% penalty for premature withdrawal | Monthly payouts at a discount, 1% penalty for premature withdrawal | No premature closure, loan, or auto-renewal | No loan against FD, no auto-renewal, nomination facility |
Interest Rate Range (General Public) | 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% |
Eligibility Criteria for an FD in Suryoday Bank
The eligibility criteria for opening a fixed deposit account in Suryoday Bank are:
- Domestic fixed deposits: Eligible for resident Indians who are senior citizens or retired personnel aged 60 years and above.
- NRI fixed deposits: NRI individuals can invest in this FD scheme.
- Non-callable fixed deposits: Exemptions from non-callable fixed deposit conditions apply to self-operated minor accounts, senior citizens, non-resident individuals, and recurring deposits.
- Tax saver fixed deposits: Available for individuals and Hindu undivided families looking to invest in tax saver FDs.
Documents Required for an FD in Suryoday Bank
To open a fixed deposit account with Suryoday Bank, the following documents are necessary:
- For Individuals, Hindu Undivided Families, and Sole Proprietors:
- PAN card and KYC documents
- Passport-size photograph
- Deed of declaration for HUFs
- For Partnership Firms:
- PAN card and KYC documents
- Partnership Deed
- Letter from partners authorising the account’s opening and operation.
- Passport-size photographs of all partners
- For Trusts:
- PAN card and KYC documents
- Copy of the Trust Deed
- Copy of the Registration Certificate
- Copy of the Resolution of the Trustees authorising specific members to operate the account.
- Photographs of the members authorised to manage the account.
- For Associations and Clubs:
- PAN card and KYC documents
- By-Laws of the Association
- Board Resolution permitting the account’s opening and operation.
- Passport-size photographs
- For Companies:
- PAN card and KYC documents
- Certificate of Incorporation
- Memorandum and Articles of Association
- Board Resolution authorising the account’s opening and operation.
- Identification proofs of authorised signatories
- Passport-size photographs of directors.
Process of Applying for FD at Suryoday Bank
To initiate the process of opening a fixed deposit account with Suryoday Small Finance Bank, you should adhere to the following steps:
- If you want to open an FD account, it is advisable to visit the nearest branch of Suryoday Small Finance Bank personally. Many people prefer opening their FD accounts in a nearby branch for convenience and ease of access.
- To open a fixed deposit account, obtain the Fixed Deposit Account Opening Form (FDAOF), complete all the required customer information and other details in the designated sections of the form, and provide necessary information like your name, address, contact number, email ID, PAN card details, and choose the type of account you wish to open, and don’t forget to include the nominee’s name for future reference.
- When filling up the fixed deposit tenure, banks typically offer a range of options ranging from 7 days to 10 years. You can choose the tenure that aligns with your financial goals and the assistance you seek from the given FD. Ensure that you mention the desired FD tenure/period in the account opening form, which spans 7 days to 10 years.
- To open a fixed deposit account, enclose a cheque for the desired deposit amount. Alternatively, you can transfer the funds through net banking from another account.
- When filling out the account opening form, it is necessary to attach the required documents. These include KYC documents such as a PAN card, proof of address, and proof of identity. Some banks may ask for additional information like a permanent address and telephone number.
- The bank representative verifies the Account Opening Form and other accompanying documents. Once satisfied with these requirements, they proceed further.
- Once your documents have been successfully verified, the banker at Suryoday Small Finance Bank will provide you with an acknowledgement slip for the FD Account Opening Form.
Benefits of Applying for FD at Suryoday Bank
Investing in Suryoday Small Finance Bank Fixed Deposits offers several advantages:
- Flexible tenure: Choose FD durations ranging from 7 days to 10 years to suit your financial goals.
- Easy access: Seamlessly invest in FDs through online banking, ensuring a hassle-free experience.
- Insurance protection: Benefit from up to ₹5 lakhs in coverage through DICGC insurance, safeguarding your investments.
- Low entry point: Begin your investment journey with as little as ₹1,000, making it accessible to many investors.
- Senior citizen perks: Enjoy an additional 0.5% annual interest rate for senior citizens, enhancing your returns.
- Nomination facility: Ensure the smooth transfer of benefits by nominating beneficiaries, adding a layer of financial security.
Conclusion
Suryoday Bank offers a wide range of fixed deposit schemes that come with competitive interest rates and flexible tenures to meet the financial needs of its customers. These FDs are available to both residents and Non-Resident Indians. The bank also provides additional Suryoday Bank FD rates for senior citizens. With the assurance of DICGC insurance coverage, Suryoday Bank ensures the safety of deposited funds. The application process is straightforward, and the low entry requirements make it convenient for individuals to invest.
Suryoday Bank FD Rates FAQ’s:-
Yes, a PAN card is mandatory when the total deposit amount exceeds ₹50,000 for taxation purposes.
You can conveniently check your FD balance online through the bank’s Internet banking portal or visit the nearest branch for a passbook update.
Yes, TDS applies if the interest earned exceeds ₹40,000 (₹50,000 for senior citizens) in a fiscal year. The applicable TDS rates depend on whether you’ve submitted your PAN details.
Yes, a 1% penalty is deducted, or you may receive a lower interest rate upon premature withdrawal.
Currently, Suryoday Small Finance Bank offers the highest FD interest rate of 8.60% for the general public and 9.10% for senior citizen FD depositors for a tenure of 5 years.