SFB Revises FD Rates To Offer 9.60% Returns On 5-Years Tax Saving Deposits

Suryoday Small Finance Bank (SFB) has revised its interest rates on fixed deposits of less than Rs 2 Cr. Following the revision the bank is now offering interest rates ranging from 4.00% to 7.25% for the general public and 4.50% to 7.75% for senior citizens on deposits maturing in 7 days to 10 years. However, the intriguing matter is that Suryoday SFB is giving a maximum interest rate of 9.10% for non-senior citizens and 9.60% for elderly people on 5 years of deposits to investors who are searching for tax-saving fixed deposits to claim tax deductions up to Rs 1.5 lakh under section 80C. According to the bank's official website, the new rates take effect on July 5, 2023.

Suryoday Small Finance Bank FD Rates

The bank is giving an interest rate of 4.00% on fixed deposits that mature in the next 7 to 14 days, while Suryoday Small Finance Bank (SFB) is offering an interest rate of 4.25% on deposits that mature in the next 15 to 45 days. The interest rates being offered by Suryoday Small Finance Bank (SFB) are 4.50% for deposits held for 46 days to 90 days and 5.00% for deposits held for 91 days to 6 months. Deposits maturing between 6 and 9 months will earn interest at a rate of 5.50%, while those maturing between 9 and 1 year will earn interest at a rate of 6.00%.

The bank is giving an interest rate of 6.85% on fixed deposits that mature in one year, while Suryoday Small Finance Bank (SFB) is offering an interest rate of 8.25% on deposits that mature within 1 year to 15 months. A deposit tenor of more than 15 months to two years will earn an interest rate of 8.50%, while a deposit tenor of more than two years to three years will earn an interest rate of 8.60%. Deposits maturing from above 3 years to less than 5 years will fetch an interest rate of 6.75% and those maturing in 5 years will fetch an interest rate of 9.10%. On a tenure of 5 to 10 years, the interest rate applicable will be 7.25%.

"In case of premature withdrawal for closure or renewal or partial withdrawal of term deposits, interest shall be paid for the period the deposit remained with the bank at a rate of interest prevailing on the date of booking of the deposit for such tenor, less the applicable penalty of 1%," mentioned Suryoday Small Finance Bank on its website.

In comparison to a net loss of Rs 48 crore in the same quarter of FY22, Suryoday Small Finance Bank (SSFB) posted a net profit of Rs 39 crore in the fourth quarter of FY23. In Q4 FY23, the total income climbed to Rs 363 crore from Rs 257 crore in the corresponding quarter of FY22. In the fourth quarter of FY23, net interest income climbed by 43% year on year (yoy) to Rs 210 crore, while net interest margin jumped to 10.4%.

Both GNPAs and Net NPAs dropped to 3.13% and 1.55%, respectively. Deposits climbed by 34% YoY as of March 31st, 2023, and totalled Rs 5,167 crore. Advances climbed by 27% YoY to Rs 6,015 crore. The bank went through a net profit of Rs 78 crore for the entire fiscal year 2022-23 as opposed to a net loss of Rs 93 crore in 12MFY22.