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Suryoday Small Finance Bank Fixed Deposit Interest Rates 2022

Home Fixed Deposit Suryoday Bank FD Rates

Suryoday Small Finance Bank offers FD interest rates of 3.25-7.49% p.a. to the general public and 3.75-7.99% p.a. to senior citizens on tenures ranging from 7 days to 10 years. The interest rate on Suryoday Small Finance Bank Tax Saving FDs is 6.75% p.a. for the general public and 7.25% p.a. for senior citizen depositors for tenures of 5 years. The bank also offers various fixed deposit products for NRIs, such as NRO and NRE fixed deposits.

Updated: 20-06-2022 06:10:49 AM

Suryoday Small Finance Bank has been recognised as a scheduled bank by the RBI, which makes its depositors eligible for deposit insurance provided by the Depositor Insurance and Credit Guarantee Corporation (DICGC). The deposit insurance cover from DICGC, an RBI subsidiary, insures cumulative deposits up to Rs 5 lakh made by each depositor, including his fixed deposits, savings, current, and recurring deposits, in each scheduled bank in case of the failure or merger/amalgamation of a scheduled bank.

Suryoday Small Finance Bank FD Interest Rates (p.a.) Highlights 2022

Highest slab rate7.49% (for 999 days)
For 1 year6.50%
For 2 years6.50%
For 3 years7.00%
For 4 years6.50%
For 5 years6.75%
Tax-Saving FD6.75%

The interest rates are updated as of 6 June 2022

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Suryoday Small Finance Bank FD Rates

Fixed Deposit Rates on Domestic deposits of less than Rs 2 crore w.e.f. 6 June 2022

TenureInterest Rates (% p.a.)
Regular CitizensSenior Citizens
7 days to 14 days3.253.75
15 days to 45 days3.253.75
46 days to 90 days4.254.75
91 days to 6 months4.755.25
Above 6 months to 9 months5.255.75
Above 9 months to less than 1 year5.756.25
1 year to 1 year 6 months6.507.00
Above 1 year 6 months to 2 years6.507.00
Above 2 years to 998 days7.007.50
999 days7.497.99
1000 days to 3 years7.007.50
Above 3 years to less than 5 years6.507.00
5 years6.757.25
Above 5 years to 10 years6.006.50

Note: Only senior citizens who are resident Indians are eligible for higher interest rates

Suryoday Small Finance Bank Tax Saver Deposit

TenureRegular CitizensSenior Citizens
Tax Savings Fixed Deposit (5 years)6.75%7.25%

NRE Fixed Deposit Interest Rates of deposits less than Rs 2 crores w.e.f. 6 June 2022

TenureInterest Rates (% p.a.)
1 year to 1 year 6 months6.50
Above 1 year 6 months to 2 years6.50
Above 2 years to 998 days7.00
999 days7.49
1000 days to 3 years7.00
Above 3 years to less than 5 years6.50
5 years6.75
Above 5 years to 10 years6.00

NRO Fixed Deposit Interest Rates of deposits less than Rs 2 crores w.e.f. 6 June 2022

TenureInterest Rates (% p.a.)
7 days to 14 days3.25
15 days to 45 days3.25
46 days to 90 days4.25
91 days to 6 months4.75
Above 6 months to 9 months5.25
Above 9 months to less than 1 year5.75
1 year to 1 year 6 months6.50
Above 1 year 6 months to 2 years6.50
Above 2 years to 998 days7.00
999 days7.49
1000 days to 3 years7.00
Above 3 years to less than 5 years6.50
5 years6.75
Above 5 years to 10 years6.00

Types of Suryoday Small Finance Bank FD Schemes

Regular Fixed Deposits

  • Minimum deposit amount: Rs 1,000
  • Tenure: 7 days to 10 years
  • Auto-renewal facility is available
  • Interest on FDs is calculated as below:
    • Quarterly basis for deposits of duration above 6 months.
    • Simple interest is paid at maturity for deposits of less than equal to 6 months.
    • Cumulative interest/ re-investment interest is calculated every quarter
    • Compounding of interest is available only in re-investment FDs
    • In case of the monthly interest pay-out option, the interest will be calculated for the quarter and paid monthly at a discounted rate over the standard fixed deposit rate
  • Additional 0.50% interest rates are offered to senior citizen FD depositors
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Tax Saver Fixed Deposits

  • Deposit amount: Minimum- Rs. 1,000; Maximum-Rs. 1.5 lakhs in a financial year
  • Tenure: 5-years (lock-in period)
  • Monthly, quarterly and cumulative payout option is available
  • Nomination facility is available
  • Loan against fixed deposit and auto-renewal facility is not available

Premature Withdrawal of Fixed Deposits – Penal Charges

  • Interest will be paid after deducting the penal rate (1%) from the applicable rate. The applicable rate would be lower of the following two conditions:
    • The interest rate for original or contracted tenure for which the FD has been booked (as on the date of booking the deposit)
    • The interest rate for the actual duration for which the FD was in force with the bank (as on the date of booking the deposit)
  • Premature withdrawal is not allowed in Tax Saver FDs

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Suryoday FD Calculator

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.

Calculate Now

FAQs

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

At present, the bank gives the highest rate of interest at 7.49% for regular and 7.99% for senior citizens. This FD rate applies to deposits maturing in 999 days.

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, 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.

 

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