This SFB Revises Interest Rate On RD: Now Regular Customers Will Get Up To 7%

Suryoday Small Finance Bank (SFB) has revised the interest rate on domestic recurring deposits (RD). The bank made the modification on March 10, 2022, and as a result of the most recent revision, the bank currently offers the general public a maximum interest rate of 7%. On deposits maturing in 6 months to above 5 years to 10 years, regular customers will now get an interest rate of 4.75 percent to 6.00 percent. On recurring deposits of less than Rs 14,99,900, elderly folks would receive an interest rate of 5.25 percent to 6.50 percent. The DICGC would cover the bank's recurring deposits up to Rs 5 lakhs, which is like raspberry cream on the cake for depositors.

Eligibility requirement

• Resident individuals can open a recurring deposit account at the bank.
• A recurring deposit account can be opened for a period of 6 months to 10 years with a minimum deposit of Rs. 100/- and subsequent deposits in multiples of Rs. 1/- and a maximum amount of Rs 14,99,900.
• Customers who have a Suryoday SFB savings account can establish an RD account with the bank.
• The customer must provide documents to the bank in order to create an account, according to the bank's current KYC policy.

Key takeaways of RD as per the bank

• The bank will provide recurring deposit accounts, which will allow customers to invest a certain amount every month in their accounts.
• Interest will be paid at a predetermined rate by the bank based on the amount and duration of the deposit.
• Standing Instructions to the bank can be employed to pay the amount of monthly installments towards the RD account. The bank will also accept cash deposits.
• The rate for a premature withdrawal would be 1% lower than the rate for the contracted tenure for which the deposit was registered, or the rate for the actual tenure for which the deposit was maintained with the bank. If a customer withdraws money before the end of the month, he or she will only get the principal amount.
• The interest rates for recurring deposits will be the same as the rates applicable on fixed deposits of the bank.
• Interest is compounded quarterly at the relevant rates on the deposits.

Interest rates on recurring deposits for the regular customer

Effective March 10, 2022, the bank will pay the following interest rates on recurring deposits to the general public.

Period	Interest Rate (Per Annum)
6 months	4.75%
9 months	5.25%
12 months	6.50%
15 months	6.50%
18 months	6.50%
21 months	6.50%
24 months	6.50%
27 months	6.25%
30 months	6.25%
33 months	6.25%
36 months	7.00%
Above 3 Years to less than 5 Years	6.50%
5 Years	6.75%
Above 5 Years to 10 Years	6.00%
Source: Bank Website

Interest rates on recurring deposits for senior citizens

Only senior citizens / retired personnel (60 years and older) who are Resident Indians are eligible for an additional rate of 0.50% on recurring deposits than the regular rate.

Period	Interest Rate (Per Annum)
6 months	5.25%
9 months	5.75%
12 months	7.00%
15 months	7.00%
18 months	7.00%
21 months	7.00%
24 months	7.00%
27 months	6.75%
30 months	6.75%
33 months	6.75%
36 months	7.50%
Above 3 Years to less than 5 Years	7.00%
5 Years	7.25%
Above 5 Years to 10 Years	6.50%
Source: Bank Website