Suryoday has a variety of savings accounts that can be used as per one’s needs and conveniences. Suryoday provides its savings account customers with very attractive interest rates of 6.25% p.a on deposits up to Rs 1 lakh and 7.25% on deposits above Rs 1 lakh and up to Rs 10 lakhs. There are four types of savings accounts and their details are as follows:
- Savings UjjwalSavings Ujjwal is the most basic savings account that one can opt for from Suryoday. Average monthly balance required for this account is just Rs 2000 and one is entitled to all the basic services such as attractive interest rates, monthly pay-out of interest, option to use FD instead of average monthly balance, classic debit card and ATM withdrawal limit of Rs 20,000.
- Savings AdityaSavings Aditya is the next savings account which comes with all the features of Savings Ujjwal along with some additional ones. While the average monthly balance is set at Rs 5,000, it brings along quite a few benefits such as free NEFT/RTGS/IMPS transactions, doorstep banking and additional zero balance savings account. The ATM withdrawal limit of Rs 40,000 on a daily basis is twice than what one would get from savings Ujjwal.
- Savings ClassicSavings Classic is the penultimate category of the savings account for which the average monthly balance that one has to maintain is Rs 10,000. It goes without saying that it includes all features available with Savings Aditya and adds on some more for its customers. Such as free unlimited transactions within the Suryoday ATM network and an exciting Auto-Sweep Facility which is available on request. Number of transactions for daily POS usage is unlimited for all savings account.
- Savings SupremeThe last and final category of savings bank account that one can avail from Suryoday is Savings Supreme. As the name suggests, it’s the best that is on offer from the bank. Customers are entitled to platinum debit cards along with a bumped up daily ATM withdrawal limit of Rs 1,00,000. The average monthly balance requirement for the savings supreme account is Rs 1,00,000 and it includes all the features of the other accounts. Being a Supreme customer entitles you to absolutely free, unlimited number of transactions in any bank across the country.
Suryoday has a host of Current account features for its customers and business entities as well. With the help of current accounts one can make more money out of their hard-earned money using the sweep facility and very competitive cash deposit limits. Given below are the different current account types one can benefit from:
- Current Account UjjwalThis is the most basic current account that one can get their hands on with Suryoday. With AQB requirement of Rs 2,000, it’s the cheapest to maintain but with relatively lower benefits. However, one does get competitive cash deposit limits and doorstep banking.
- Current Account AdityaCurrent account Aditya is the successor of Ujjwal for current accounts as well. The account comes with a classic debit card and AQB requirement of Rs 5,000. Along with the benefits of Ujjwal current account, Aditya provides you relief from any sorts of RTGS/NEFT charges on either Net Banking or Mobile banking.
- Current Account ClassicThe Classic current account from Suryoday comes in with a couple of exciting add-ons along with all the features that it incorporates from current account Aditya. One is entitled to complimentary add-on zero balance accounts and this account gives you access to Auto-Sweep which is, of course, on request. The AQB requirement for this type of account is Rs 25,000.
- Current Account SupremeWith an AQB requirement of Rs 50,000, current account Supreme is loaded with the most features and benefits. Along with all the features of existing accounts, its customers get access to platinum grade debit card. Along with it, free debit card (if applicable) and free payment transactions are two very essential additions to the long list of features.
These are a few products that Suryoday provides which act as saving instruments and also help you build wealth over a period of time.
- Fixed DepositIn order to avail the benefits of fixed deposits, one needs to fall under one of the several categories mentioned in its list of eligibility criteria. Once that is established, customers can get started with their fixed deposits, with a minimum amount of Rs 1,000 and minimum tenure for 7 days. However as per guidelines provided by the government, for deposits exceeding Rs 50,000, PAN Card details must be shared.The fixed deposits are available with the traditional plans or with re-investment options as well. Customers also get the option of auto-renewing the FD at the end of the tenure. Interest rates for FD range from 4% for very short duration deposits to 9%, and the duration for FD ranges from 7 days to 10 years.
- Senior Citizen Fixed DepositAll customers who are above 60 years and fall under the senior citizen category are eligible for this FD. Almost all features of a normal FD stand good for the senior citizen FD. However, senior citizens get the benefit of higher returns as the interest rates are higher for them. From a minimum of 4% for very short duration deposits to 9.75%, senior citizens can utilize these.
- Recurring DepositSuryoday provides its customers with the ability to save money on a regular basis with the help of recurring deposits. With a minimum amount of just Rs 100 and tenure of 6 months, customers can design their own recurring deposits as per their needs. One can invest in multiples of Rs 100 for a minimum tenure of 6 months to a maximum of 10 years. The interest rates for recurring deposits vary from 7.5% to 9% and the interest is compounded on a quarterly basis. Premature withdrawal is allowed after some minor deductions.
- Senior Citizen Recurring DepositJust as the FD, senior citizens can opt to invest in recurring deposits as well with very lucrative interest rates ranging from a lowest of 8.25% to a maximum of 9.75%. Recurring deposits stand out to be a good saving and investment tool for senior citizens.
Just like regular banks, Suryoday also has a host of loans for its customers.
- Business Loans for IndividualsFor customers who are looking to set up small business entities and need capital for the same such as grocery shops, medicine stores, etc. The loan can be availed for all business whose monthly turnover is less than Rs 5 lakh. Suryoday ensures quick turnaround time and the entire process and disbursement of the loan can take place within 7 days. Hassle free application process and easy installments makes this a very interesting loan option for small businesses.
- Shopkeeper LoansThis loan is designed specifically for businesses like grocery stores, readymade garment shops, medical shops, etc. The only criterion is that these units should have a monthly turnover of less than Rs 5 lakh. Suryoday provides for a simple and fast application process and loans up to Rs 1,00,000. A daily collection mechanism for Equated Daily Installments and insurance against borrowed amount are additional features available with the loan.
- MSME LoansThese loans are designed for the customers in the unorganized MSME sector such as manufacturers, traders and service providers. These loans can be used for expanding existing business ventures, meeting the increased demand after sudden spike in business and acts in as a replacement for expensive business loans.
The MSME loans are further categorized as unsecured loans, loan against property and secured overdraft. Unsecured loans are for customers into small business with minimum 2 years of operations and range between Rs 1 lakh to Rs 10 lakh. Loan against property is a secured term type of loan and is provided to customers with business vintage of minimum 3 years. The amount that is sanctioned for this type of loan is between Rs 5 lakh to Rs 50 lakh.
- Loan Against PropertySuryoday provides loans against property primarily for customers who are on the bottom end of the pyramid and are willing to enter business such as shops, traders, retails stores, garage, etc. The loan amount is sanctioned usually against a residential or commercial property. The loan amount is up to Rs 10 lakh and for duration of 60 months.This loan can be availed by salaried individuals by presenting their sale deed, previous salary slips and other related documents. For self-employed individuals with income proof, customers need to provide their sale deed along with 3 years of balance sheets of business, latest Form 26A, and business profile along with other necessary documents. Self-employed individuals without income proof need to provide with the sale deed, income assessed by Credit officer, purchase/sale bills for past 6 months along with other related documents to avail the loan.
- Joint Liability Group LoansSuryoday has a host of micro finance loans as well which can be utilized by customers for income generation. These loans start from an amount as small as Rs 10,000 up to Rs 40,000 and repayment tenure is between 1 year and 3 years.