Suryoday Small Finance Bank has revised the interest rates on fixed deposits of under Rs 2 crore. The new rates are applicable from December 6, 2022, according to the bank’s official website.
Following the change, the bank has increased its interest rates across all tenors. The bank offers fixed deposits with maturities ranging from seven days to ten years with interest rates ranging from 4.00% to 9.00% for the general public and 4.50% to 9.59% for senior citizens.
The bank is now offering an interest rate of 4.00% on fixed deposits maturing in 7 to 14 days. For deposits maturing in 15 to 45 days, the bank is now offering an interest rate of 4.25%. Fixed deposits with maturities between 46 and 90 days will now provide an interest rate of 4.50%, while term deposits with maturities between 91 and 6 months will now offer an interest rate of 5.00%.
Suryoday Small Finance Bank is now offering an interest rate of 5.50% on fixed deposits maturing in more than 6 months to 9 months and an interest rate of 6.00% on deposits maturing in more than 9 months to less than 1 year.
The interest rate on fixed deposits maturing above 1 year to 1 year 6 months is now 7.00%, and the interest rate on term deposits maturing in 1 year 6 months to 2 years is 8.01%.
The interest rate on term deposits that mature in 999 days at 8.51%. The interest rate on fixed deposits that mature in 32 months, 27 days to three years has increased to 7.25%, and on term deposits that mature in more than three years but less than five years, the interest rate has increased to 6.75%. The interest rate on deposits maturing in 5 years will remain at 9%, which is valid for only 15 days i,e from December 6, 2022- December 20, 2022. While the interest rate on deposits maturing in 5 years or more to 10 years will be at 6.00%.
Senior citizens will earn 0.50% interest higher than regular citizens.
How is interest calculated at Suryoday Small Finance Bank
According to the bank website, “When you open a Fixed deposit with Suryoday Small Finance Bank Ltd. Interest on Term Deposits is calculated as below:
On a Quarterly basis for deposits of tenor above 6 months.
Simple interest is paid at maturity for deposits of less than equal to 6 months.
Cumulative Interest/ reinvestment interest is calculated every quarter and is added to the Principal such that Interest is paid on the Interest earned in the previous quarter as well.
In case of monthly deposit scheme, the interest shall be calculated for the quarter and paid monthly at discounted rate over the Standard FD Rate.”
