Suryoday Small Finance Bank FD Rates

Note: The above-stated Suryoday Small Finance Bank FD rates are effective from 1st May 2020.

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:

Suryoday FD Schemes – Features & Benefits

The aforementioned fixed deposit schemes by the bank are detailed below in tabular format for easy understanding.

1. Domestic Fixed Deposits

2. Tax Saver Fixed Deposits

Unlike the regular term deposit scheme, Suryoday tax saver FD scheme is specially designed to promote the habit of savings in people and in 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:

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.:

• This facility is not available for 5-year tax saver FD (Unless it is the case of first depositor’s death for which death certificate must be furnished by the nominee)
• On premature withdrawal or closure of fixed deposit, a penalty of 1% is levied on the lower of
  • FD rate applicable for the tenure for which FD was booked
  • FD rate applicable for the tenure for which FD was active (e.g. 1.5 years out of a 3-year FD)

Before applying for any of the schemes stated above, customers are advised to keep the following documents/details ready for a smooth application process:

• PAN (for deposits more than Rs. 50,000)
• Aadhaar Card
• Form 60/61 (if PAN is not available)
• Form 15G/H (to avoid TDS)

Planning your investment before investing makes it worth an investment. This is the idea behind an FD calculator. This is a tool which 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, 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 maturity amount, separately, for customer’s perusal.

The following is the list of important documents/details to be furnished at the time of booking an FD with Suryoday Small Finance Bank:

• Duly filled and signed application form
• PAN Card
• Form 60/61, if PAN is not available
• Aadhaar Card Bank account details

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’.

Stwp 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

Q. What is the highest Suryoday Small Finance Bank FD rate currently?

At present, the bank gives the highest rate of interest at 9% (9.25% for senior citizens). This FD rate is applicable to deposits maturing in 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?

For those who are not able to furnish their PAN can still open a fixed deposit with Suryoday Bank by submitting a fully filled and signed Form 60/61.