Suryoday Small Finance Bank revises FD interest rates: Check latest FD rates

Suryodaya Small Finance bank has revised fixed deposit interest rate on various tenor with effect from March 10, 2022. SSFB is a small finance bank with 564 banking locations in 13 states and union territories, 5,085 employees, and 1.64 million customers as of December 31, 2021.

Suryoday Small Finance Bank offers senior citizens FD interest rates ranging between 3.25-7.50 percent per year and 3.25-7 percent per year on maturities ranging from 7 days to 10 years. Suryoday Small Finance Bank Tax Saving FDs offer a 6.75 percent annual interest and a 7.00 percent annual interest rate to senior citizen depositors for 5-year durations.

As per bank website, interest on Term Deposits is calculated as follows

• Deposits with a tenor of more than six months are paid quarterly.
• For deposits of less than 6 months, simple interest is paid upon maturity.
• Every quarter, cumulative interest/reinvestment interest is calculated and added to the Principal, resulting in Interest being paid on interest earned the previous quarter as well.
• In the event of a monthly deposit scheme, interest is calculated quarterly and paid monthly at a discount to the Standard FD Rate.

The Reserve Bank of India has classified Suryoday Small Finance Bank as a scheduled bank, making its depositors eligible for deposit insurance from the Depositor Insurance and Credit Guarantee Corporation (DICGC). IT means that if the bank goes bankrupt, the amount up to Rs 5 lakh will be covered under insurance.