Suryoday Small Finance Bank (SFB), a DICGC-insured bank, has raised interest rates on fixed deposits. The updated rates go into effect tomorrow, June 6, 2022, and the bank has raised interest rates on two-year deposits to less than three years from less than ₹2 Cr as a result of the change.
Suryoday Small Finance Bank FD Rates
The bank will continue to pay an interest rate of 3.25% on deposits held for 7 to 45 days, while the rate on deposits held for 46 to 90 days will remain at 4.25%. Regular customers will continue to receive an interest rate of 4.75% on term deposits maturing in 91 days to 6 months, while Suryoday SFB will continue to offer a regular rate of 5.25% on deposits maturing in more than 6 months to 9 months.
The general public will continue to receive an interest rate of 5.75% on deposits older than 9 months but less than one year, while the interest rate on term deposits of 1 year to 2 years will remain at 6.50%. The interest rate for term deposits of more than two years but less than three years was previously 6.25%, but has now been raised to 7.00%, an increase of 75 basis points.
The interest rate on 3-year deposits was raised by 49 basis points, from 7.00% to 7.49%. The bank will pay an interest rate of 7.00% on deposits from 1,000 days to 3 years, 6.50% on deposits from 3 years to less than 5 years, 6.75% on deposits from 5 years and 6.00% on deposits over 5 years to 10 years. The bank grants a maximum regular rate of 7.49% on 999-day deposits and 7.99% on senior residents.
| Period | Interest rate (per year) | Annualized return (%) | Rate for seniors (per year) | Annualized return (%) |
| 7 days to 14 days | 3.25% | 3.25% | 3.75% | 3.75% |
| 15 days to 45 days | 3.25% | 3.25% | 3.75% | 3.75% |
| 46 days to 90 days | 4.25% | 4.25% | 4.75% | 4.75% |
| 91 days to 6 months | 4.75% | 4.75% | 5.25% | 5.25% |
| More than 6 months to 9 months | 5.25% | 5.35% | 5.75% | 5.88% |
| More than 9 months to less than 1 year | 5.75% | 5.88% | 6.25% | 6.40% |
| 1 year to 1 year 6 months | 6.50% | 6.66% | 7.00% | 7.19% |
| More than 1 year 6 months to 2 years | 6.50% | 6.66% | 7.00% | 7.19% |
| Above 2 years to 998 days | 7.00% | 7.19% | 7.50% | 7.71% |
| 999 days | 7.49% | 7.70% | 7.99% | 8.23% |
| 1000 days to 3 years | 7.00% | 7.19% | 7.50% | 7.71% |
| From more than 3 years to less than 5 years | 6.50% | 6.66% | 7.00% | 7.19% |
| 5 years | 6.75% | 6.92% | 7.25% | 7.45% |
| More than 5 years to 10 years | 6.00% | 6.14% | 6.50% | 6.66% |
Source: Bank website. National filings (effective: from June 06, 2022)
