Suryoday Small Finance Bank Fixed Deposit Interest Rate Hike: Maharashtra’s only RBI-licensed small finance lender, Suryoday Small Finance Bank has said in an announcement that it is set to hike its interest rates for fixed deposits. This comes at a time when the Reserve Bank of India has in an off cycle Monetary Policy Committee meeting increased the repo rates by 40 basis points or 0.40 per cent. Aimed at taming inflation, the move gave a cue to banks and NBFCs to increase their interest rates on all loans and deposits, including FDs.
The new Suryoday Small Finance Bank FD rates will come into effect from June 6, 2022, the lender has said in a release. The Suryoday Small Finance Bank FD interest rate is fixed at 7.99 per cent for tenures of 999 days to senior citizens on deposits of Rs 2 crore and above. For this, only Senior Citizens and Retired Personnel of 60 years and above, who are Resident Indians are eligible.
It is one of the leading small finance banks to offer such high FD interest rates. The Suryoday Small Finance Bank FD rate hike will come into place at a time when the RBI is expected to hike its repo rates again to control inflation.
Here are the revised interest rates on fixed deposits above Rs 2 crore at the Suryoday Small Finance Bank from June 6, 2022:
7 days to 14 days: For General Public – 3.25 per cent; For Senior Citizens – 3.75 per cent
15 days to 45 days: For General Public – 3.25 per cent; For Senior Citizens – 3.75 per cent
46 days to 90 days: For General Public – 4.25 per cent; For Senior Citizens – 4.75 per cent
91 days to 6 months: For General Public – 4.75 per cent; For Senior Citizens – 5.25 per cent
More than 6 months to 9 Months: For General Public – 5.25 per cent; For Senior Citizens – 5.75 per cent
More than 9 months to Less than 1 Year: For General Public – 5.75 per cent; For Senior Citizens – 6.25 per cent
1 Year to 1 Year 6 Months: For General Public – 6.50 per cent; For Senior Citizens – 7.00 per cent
More than 1 Year 6 Months to Less than 2 Years: For General Public – 6.50 per cent; For Senior Citizens – 7.00 per cent
Above 2 Years to 998 days: For General Public – 7.00 per cent; For Senior Citizens – 7.50 per cent
999 Days: For General Public – 7.49 per cent; For Senior Citizens – 7.99 per cent
1000 Days up to 3 Years: For General Public – 7.00 per cent; For Senior Citizens – 6.80 per cent
Above 3 Years to Less than 5 Years: For General Public – 6.50 per cent; For Senior Citizens – 7.00 per cent
5 years: For General Public – 6.75 per cent; For Senior Citizens – 7.25 per cent
5 Years and Above to 10 Years: For General Public – 6.00 per cent; For Senior Citizens – 6.50 per cent
“For Fixed Deposit amounting to Rs. 2 Crore and above, please contact nearest Suryoday Small Finance Bank Branch or call on 1800-266-7711,” the bank said in a statement. The Suryoday Small Finance Bank FD interest rates are subject to change from time to time.
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