Suryoday is one of these banks that extends two distinct fixed deposit schemes, viz. domestic fixed deposits and tax saver fixed deposits. These schemes are backed by competitive Suryoday Small Finance Bank FD rates which are one of the best in the market at present.
Read on to know about the FD schemes, current FD interest rates and features & benefits of the said schemes by Suryoday Small Finance Bank.
Table of Contents
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Tenure | Suryoday Bank FD Rates (p.a.) | |
| Regular Citizens | Senior Citizens | |
| 7 days to 14 days | 3.25% | 3.25% |
| 15 days to 45 days | 3.25% | 3.25% |
| 46 days to 90 days | 4.25% | 4.25% |
| 91 days to 6 months | 4.75% | 4.75% |
| Above 6 months to 9 months | 5.25% | 5.25% |
| Above 9 months to less than 1 year | 5.75% | 5.75% |
| 1 year to 1 year 6 months | 6.5% | 6.75% |
| Above 1 year 6 months to 2 years | 6.5% | 6.5% |
| Above 2 years to 3 years | 6.25% | 6.5% |
| Above 3 years to less than 5 years | 6.75% | 6.75% |
| 5 years | 6.25% | 6.5% |
| Above 5 years to 10 years | 6% | 6% |
Note: The above-stated Suryoday Small Finance Bank FD rates are effective from 9th August 2021.
Suryoday Bank puts forth 2 broad categories of fixed deposits in which there are two sub-categories to target the needs of different types of investors. These are:
1. Domestic Fixed Deposits
2. Tax Saver Fixed Deposits
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Suryoday FD Schemes – Features & Benefits
The aforementioned fixed deposit schemes by the bank are detailed below in tabular format for easy understanding.
| Particulars | Details |
| Tenure | 7 days – 10 years |
| Deposit Amount | Rs. 1,000 – less than Rs. 2 crore |
| Interest Treatment | Monthly/Quarterly compounding or traditional plans (no compounding of interest) Simple interest for deposits of less than 6 months; paid on maturity |
| Rates for Senior Citizens | Extra 0.5% (0.25% extra for 5 year FD) |
| Premature Withdrawal | Available; 1% penalty |
| Features |
|
Unlike the regular term deposit scheme, the Suryoday tax saver FD scheme is specially designed to promote the habit of savings in people and turn help them save significantly on income tax (up to Rs. 1.5 lakh u/s 80C). Available for regular as well as senior citizens with differential fixed deposit interest rates, further details about this scheme are tabulated below:
| Particulars | Details |
| Tenure | 5 years (lock-in) |
| Deposit Amount | Rs. 1,000 – Rs. 1.5 lakh |
| Interest Treatment | Cumulative (reinvestment) and Non-Cumulative (monthly/quarterly interest payout) |
| Rates for Senior Citizens | 0.25% above the standard FD rates |
| Premature Withdrawal | Not Allowed |
| Features |
|
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Suryodaya’s Domestic Fixed Deposit – For regular domestic investors, i.e. those who are not looking to save on the income tax, either because their income is not taxable or because they have resorted to other tax saving options. (Deposits from Rs. 1,000; extra 0.5% interest for senior citizens).
Tax Saver Scheme – For those whose income is more than Rs. 2.5 lakh. You can claim deductions up to Rs. 1.5 lakh in a year on the deposits made in this scheme (Section 80C of the IT Act, 1961).
Suryoday Bank allows its customers to take out from their FD to provide for an emergency situation. However, there are certain points to be kept in mind, viz.:
Before applying for any of the schemes stated above, customers are advised to keep the following documents/details ready for a smooth application process:
Planning your investment before investing makes it worth an investment. This is the idea behind an FD calculator. This is a tool that is available free of cost on Paisabazaar.com. Using this fixed deposit calculator, interested customers can have an idea of how much they will earn by putting their money in any of the FD schemes by Suryodaya Small Finance Bank.
To use the tool for returns on Suryoday fixed deposit schemes, the customer needs to enter FD amount, tenure (in years and/or months) and the corresponding FD rate from the list of current Suryoday Small Finance Bank FD rates. On submission, the calculator shall display the interest earned as well as the maturity amount.
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The following is the list of important documents/details to be furnished at the time of booking an FD with Suryoday Small Finance Bank:
Note: This is not an all-inclusive list.
Interested customers can open a fixed deposit account with Suryoday Small Finance Bank by simply visiting a nearby branch. They will need to share the aforementioned documents and details with the branch personnel.
Another option is to visit the official website of Suryoday Small Finance Bank and then follow the further-stated steps:
Step 1: From the top menu, click or hover the cursor over ‘Accounts & Deposits’.
Step 2: Select ‘Domestic Fixed Deposits or ‘Tax Saver Fixed Deposits from the ‘Term Deposits’ section.
Step 3: Scroll down to find the ‘Apply Now button and click on the same.
Step 4: Fill the online form thus generated on another tab and ‘Submit’ once all the details are registered.
(Make sure to verify the mobile number by entering OTP and click on the checkbox to authorise the bank to contact you.)
A representative from the bank shall contact the interested applicant within the stipulated time via email and/or phone call.
Customers can also call on the Suryoday Small Finance Bank toll-free number of 1800 266 7711
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Q. What is the highest Suryoday Small Finance Bank FD rate currently?
At present, the bank gives the highest rate of interest at 6.75% for regular as well as senior citizens. This FD rate applies to deposits maturing in more than 3 Years to less than 5 Years
Q. Can I premature withdraw my tax saver FD?
No. Premature withdrawal is not allowed in a 5-year tax saver FD.
Q. How to avoid TDS?
To avoid TDS, the depositor is required to submit Form 15G (15H for senior citizens). This form needs to be submitted, properly filled and duly signed, in every financial year.
Q. I’ve lost my PAN card. How do I open a Suryoday Bank FD?
Those who are not able to furnish their PAN can still open a fixed deposit with Suryoday Bank by submitting a filled and signed Form 60/61.
