Interest rates

This SFB raises interest rates on term deposits: now get up to 7.99%

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)

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