Suryoday Small Finance Bank FD Interest Rates

Suryoday Small Finance Bank FD Interest Rates

The dynamic world of finance has opened the gate to save and invest more. If you are someone who wants to grow money wisely, FDs (Fixed Deposits) are a safe option. They help you preserve the capital and earn a steady income. With Suryoday Small Finance Bank FD investments are made simple, safe, and easy.

With this guide, let’s uncover the essence of Suryoday Bank FD rates, schemes, features, and comparisons with other popular banks.

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Suryoday FD Rate Table

Suryoday FD rates not only provide stability but also create avenues for wealth expansion. The following table summarises Suryoday Small Finance Bank’s FD rates, which can help you decide which scheme and tenure to choose. Also, these FD rates are applicable only on domestic deposits of less than Rs. 2 Crore.

Tenure Regular Citizens (% p.a.) Senior Citizens (% p.a.)
7 days – 14 days 4.00 4.50
15 days – 45 days 4.25 4.75
46 days – 90 days 4.50 5.00
91 days – 6 months 5.00 5.50
Above 6 months – 9 months 5.50 6.00
Above 9 months – less than 1 year 6.00 6.50
1 year 6.85 7.35
1+ year – 15 months 8.25 8.75
Above 15 months – 2 years 8.50 9.00
Above 2 years – 3 years 8.60 9.10
Above 3 years – less than 5 years 6.75 7.25
5 years 8.25 8.75
5+ years – 10 years 7.25 7.75

Note: The interest rates are subject to change based on the market conditions.

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Types of Suryoday Fixed Deposit

Types of Suryoday Fixed Deposit

Regulated by the Reserve Bank of India (RBI), Suryoday Small Finance Bank FD Schemes are majorly divided into two:

  1. Regular FD
  2. Tax Saver FD

Each of the schemes is designed to achieve different financial objectives of the investors. It ensures that the tenure and the interest rates fit both seasoned investors and those who are new to the realm of finance.

Regular Fixed Deposits

You can open your Suryoday regular fixed deposit account with a minimum deposit amount of Rs. 1,000. This is one of the most common types of FD as it involves less risk compared to other FDs.

Tax Saver Fixed Deposit

Suryoday tax-saver fixed deposit is highly preferred by people who are in a high tax bracket. If you are someone who pays more tax, then a tax-saving deposit will save you more money under section 80C of the Income Tax Act.

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Comparison between Regular FD and Tax Saver Fixed Deposit

Although both these schemes guarantee returns, here are some of the differences you need to know before choosing which scheme to invest in.

Feature Regular FD Tax Saver FD
Minimum amount Rs. 1,000 Rs. 1,000
Tenure 7 days to 10 years 5 years (Lock-in period)
Interest rate Fixed for the entire tenure Fixed for the entire tenure
Interest earned Taxable Tax-free
Maximum amount No limit Up to ₹1.5 lakh per year
Nomination facility Available Available
Auto-renewal facility Available Not available

Additionally, Suryoday Bank provides NRIs with a variety of fixed deposit products, including NRO and NRE fixed deposits.

Features and Benefits of Suryoday Bank FD’s

Features and Benefits of Suryoday Bank FD’s

Suryoday FD schemes come with the following advantages and features.

  • It offers competitive interest rates that make it one of the best financial services.
  • An easy-to-use online application process is available.
  • Disbursement of funds within a short period of time.
  • Senior citizen FD depositors are offered an additional 0.50% interest rate on their deposits.
  • You can choose a repayment period based on your financial goals, ranging from 7 days to 10 years.
  • It allows the depositors to designate beneficiaries for their FD investments.

The Suryoday Small Finance Bank prioritises the safety of investments, providing peace of mind throughout the financial journey.

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Suryoday Small Finance Bank Vs Other Banks’ FD Rates

In comparison to other banks’ rates, Suryoday Small Finance Bank’s FD rates are competitive. However, before choosing a bank, it’s crucial to compare the FD rates of various banks.

Bank Tenure (Days) General Public (% p.a.) Senior Citizens (% p.a.)
Suryoday Small Finance Bank 365 – 699 days 8.60 9.20
Equitas Small Finance Bank 365 – 699 days 7.90 8.50
Jana Small Finance Bank 365 – 699 days 7.75 8.35
AU Small Finance Bank 365  – 699 days 8.00 8.60
ESAF Small Finance Bank 365 – 699 days 8.25 8.85
Ujjivan Small Finance Bank 365 – 699 days 7.90 8.50
Northeast Small Finance Bank 365 – 699 days 8.25 8.85
IndusInd Bank 365 – 699 days 7.90 8.50
ICICI Bank 365 – 699 days 7.80 8.40
SBI 365 – 699 days 6.70 7.30
Axis Bank 365 – 699 days 7.60 8.20
HDFC Bank 365 – 699 days 7.50 8.10
Kotak Mahindra Bank 365 – 699 days 7.80 8.40

Note: The interest rates and the tenure of the banks are subject to change.

As the interest rates offered by the banks can change anytime, it is always best to check the latest rates before investing.

It is important to know not just the interest rate but also the sum of interest earned and the maturity amount you will get at the end of the fixed deposit (FD) deposit period.

To simplify the calculator of your FD maturity amount, utilise FD calculator. Use an online fixed deposit calculator to determine your maturity amount by simply adjusting the FD deposit period based on the interest rates provided by the bank.

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Premature Withdrawal Of Suryoday Fixed Deposits 

Like every other small finance bank, Suryoday Small Finance Bank also allows its customers to withdraw the amount before maturity but with a penalty. Here are the factors that affect the total interest rate and the return on investment.

  • If the withdrawal is made within a year of the deposit being opened, there is a penalty of 1% of the amount withdrawn.
  • If the withdrawal is taken after a year but before the deposit matures, there is a penalty of three months’ interest.
  • In Tax Saver FDs, premature withdrawal is not permitted.

To Conclude

The Suryoday Bank FD rates give a blank slate for your financial vision, whether it is to create a safety net for unforeseen events, cultivate ideas, or build a savings account for retirement. Customise your investment to your objectives, take expert advice into account, and let Suryoday Small Finance Bank be a partner in your journey to financial success.

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Frequently Asked Questions

Q. What is the interest rate of FD in Suryoday?
A.
The interest rate of Suryoday Small Finance Bank for the general public is 8.60% & 9.20% for senior citizens for a tenure of 365 – 699 days.

Q. What is the FD rate for senior citizens in Suryoday?
A.
The FD rate for senior citizens in Suryoday Bank is 9.20% for 365 – 699 days.

Q. Is Suryoday Bank under RBI?
A.
Yes, Suryoday Small Finance Bank is under the Reserve Bank of India (RBI).

Q. How good is Suryoday Bank?
A.
Suryoday Small Finance Bank is considered to be a good bank offering banking products and services, including savings accounts, fixed deposits, loans, and insurance.

Q. Who is the owner of Suryoday Bank?
A.
Baskar Babu is the Co-Founder & Chief Executive Officer at Suryoday Small Finance Bank.

Q. Is Suryoday Bank private or government?
A.
Suryoday Small Finance Bank is a private bank.

Q. How old is Suryoday Small Finance Bank?
A.
Suryoday Small Finance Bank is a new-age bank that went live on January 23, 2017.