Suryoday Small Finance Bank has revised the interest rates on fixed deposits of under Rs 2 crore. The new rates are applicable from December 21, 2022, according to the bank’s official website.

Following the change, the bank will offer fixed deposits with maturities ranging from seven days to ten years with interest rates ranging from 4.00% to 8.51% for the general public and 4.50% to 9.05% for senior citizens.

Suryoday Small Finance Bank FD Rates

The bank is now offering 4.00% interest on fixed deposits due in 7 to 14 days. The bank is currently paying 4.25% interest on deposits maturing in 15 to 45 days. Fixed deposits maturing between 46 and 90 days now offer a 4.50% interest rate, while term deposits maturing between 91 and 6 months now offer a 5.00% interest rate.

Suryoday Small Finance Bank now offers 5.50% on fixed deposits maturing in more than 6 months to 9 months, and 6.00% on deposits maturing in more than 9 months to less than 1 year.

The interest rate on fixed deposits maturing in excess of one year to one year, six months is now 7.00%, while the rate on term deposits maturing above one year six months to two years is 8.01%.

The rate of interest on term deposits maturing in 999 days is 8.51%. The interest rate on fixed deposits maturing in 32 months, 27 days to three years has increased to 7.25%, and the interest rate on term deposits maturing in more than three years but less than five years has climbed to 6.75%.

The interest rate on 5-year deposits will continue at 7.75%. While the interest rate on deposits maturing in five to ten years will be 6.00%. Seniors will earn 0.50% more interest than other citizens.

Source: Bank website

Note that the interest rate on deposits maturing in 5 years at 9%, which was valid for only 15 days i,e from December 6, 2022- December 20, 2022 is over.

Interest is calculated as below:

• On a quarterly basis for deposits with maturities more than six months.
• For deposits of less than six months, simple interest is paid upon maturity.
• Every quarter, cumulative interest/reinvestment interest is calculated and added to the principal, so that interest is paid on interest collected in the preceding quarter as well.
• In the event of a monthly deposit arrangement, interest is calculated quarterly and paid monthly at a reduced rate over the Standard FD Rate.