Suryoday SFB Hikes Interest Rates On Fixed Deposits For Senior Citizens

Suryoday Small Finance Bank (SFB) has hiked interest rates on fixed deposits for senior citizens. The interest rate on fixed deposits for older citizens has been raised by Suryoday Small Finance Bank. The bank increased its interest rates on March 10, 2022, and as a result, interest rates across all tenors were hiked by 20 to 50 basis points (bps). The bank has maintained its interest rates unchanged on fixed deposits of less than Rs 2 crore for the general public. Domestic Fixed Deposit interest rates for older citizens and normal residents are briefly discussed here.

Suryoday SFB Fixed Deposit Interest Rates For Senior Citizens

The bank increased the interest rate on term deposits maturing in 7 to 45 days from 3.25 percent to 3.75 percent per annum, a 50 basis point rise. The bank increased the interest rate for senior citizens on deposits maturing in 46 days to 90 days from 4.25 percent to 4.75 percent, a 50 basis point increase.

The interest rate for term deposits maturing in 91 days to 6 months was 4.75 percent earlier, but the bank will now provide 5.25 percent, a 50-basis-point increase. Suryoday SFB will now give an interest rate of 5.75 percent on deposits maturing in 6 to 9 months, up from 5.25 percent before. Term deposits maturing in more than 9 months but less than 1 year will now pay 6.25 percent instead of 5.75 percent, a 50 basis point increase.

On deposits maturing in one to two years, the bank will now provide a rate of 7.00 percent, up from 6.75 percent previously, this is a 25 basis point increase. Senior citizens will now get an interest rate of 6.75 percent, up from 6.50 percent before, on deposits maturing in more than 2 years but less than 3 years, a 25-basis-point increase. Suryoday Small Finance Bank will now give a 7.50 percent interest rate on deposits maturing in three years, up from 7.30 percent previously, a 20 basis point increase.

Senior citizens will now get an interest rate of 7.00 percent on term deposits maturing between 3 and 5 years, up from 6.50 percent previously, a 50 basis point increase. Senior citizens will get an interest rate of 7.25 percent on 5-year deposits, up from 7.00 percent previously, a 25-basis-point increase. Senior citizens will now get an interest rate of 6.50 percent instead of 6.00 percent, a 50 basis point increase on deposits maturing in 5 to 10 years.

Tenors	Senior Citizen Rate (p.a.) (Effective: From September 09, 2021 till March 09, 2022)	(Effective: From March 10, 2022)
7 days to 14 days	3.25%	3.75%
15 days to 45 days	3.25%	3.75%
46 days to 90 days	4.25%	4.75%
91 days to 6 months	4.75%	5.25%
Above 6 months to 9 months	5.25%	5.75%
Above 9 months to less than 1 Year	5.75%	6.25%
1 Year to 1 Year 6 Months	6.75%	7.00%
Above 1 Year 6 Months to 2 Years	6.75%	7.00%
Above 2 Years to less than 3 Years	6.50%	6.75%
3 Year	7.30%	7.50%
Above 3 Years to less than 5 Years	6.50%	7.00%
5 Years	7.00%	7.25%
Above 5 years to 10 years	6.00%	6.50%
Source: Bank Website

Suryoday SFB Fixed Deposit Interest Rates Regular Customers

Regular customers will receive the following interest rates on domestic term deposits of less than Rs 2 crore effective March 10, 2022.

Tenors	Interest Rate (Per Annum)
7 days to 14 days	3.25%
15 days to 45 days	3.25%
46 days to 90 days	4.25%
91 days to 6 months	4.75%
Above 6 months to 9 months	5.25%
Above 9 months to less than 1 Year	5.75%
1 Year to 1 Year 6 Months	6.50%
Above 1 Year 6 Months to 2 Years	6.50%
Above 2 Years to less than 3 Years	6.25%
3 Years	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

Suryoday SFB Recurring Deposit Interest Rates

Suryoday SFB also allows recurring deposits which can be maintained for a minimum tenure of 6 months and in multiples of 3 months thereafter subject to a maximum of 10 years. For an RD, the minimum installment amount is Rs 100 and multiples of Rs 1, while the highest limit is Rs 14,99,900. Effective as of March 10, 2022, the bank is offering the below-listed interest rates on recurring deposits.

Tenors	Interest Rate (Per Annum)	Senior Citizen Rate (Per Annum)
6 months	4.75%	5.25%
9 months	5.25%	5.75%
12 months	6.50%	7.00%
15 months	6.50%	7.00%
18 months	6.50%	7.00%
21 months	6.50%	7.00%
24 months	6.50%	7.00%
27 months	6.25%	6.75%
30 months	6.25%	6.75%
33 months	6.25%	6.75%
36 months	7.00%	7.50%
Above 3 Years to less than 5 Years	6.50%	7.00%
5 Years	6.75%	7.25%
Above 5 Years to 10 Years	6.00%	6.50%
Source: Bank Website