Suryoday SFB Modifies Savings Account Interest Rates: Details Inside

Suryoday Small Finance Bank (SFB) has revised its interest rates on Domestic/NRE/NRO savings accounts. The bank is currently promising an interest rate of 4.00 percent on daily closing balances of up to and including Rs. 1 lakh, 6.25 percent on daily closing balances of above Rs. 1 lakh up to and including Rs. 10 lakhs, and 6.00 percent on daily closing balances of above Rs. 10 lakhs, these rates are valid as of June 01, 2020 to January 19, 2022. However, according to the bank's official website it has changed its interest rates on Domestic, Non-Resident External (NRE), and Non-Resident Ordinary (NRO) savings accounts and new rates are effective from January 20, 2022. Customers should also be aware that deposits in small finance banks are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to Rs. 5 lakh. The DICGC insures all deposits, including savings, fixed, current, recurring, and others, for both principal and interest amounts.

Suryoday Small Finance Bank Savings Account Interest Rates (Effective: From June 01 2020 till January 19 2022)

Suryoday SFB is now providing the following interest rates on Domestic, Non-Resident External (NRE), and Non-Resident Ordinary (NRO) savings accounts, which are effective until January 19, 2022. Depositors should be mindful that these interest rates are based on the daily closing balance in the savings accounts, and that interest is paid on a monthly basis.

Daily Closing Balance Slabs (Domestic/NRE/NRO)	% rate per annum
Up to and including Rs. 1 Lakh	4.00%
Above Rs. 1 Lakh up to & including Rs. 10 Lakhs	6.25%
Above Rs. 10 Lakhs	6.00%
Source: Bank Website

Suryoday Small Finance Bank Savings Account Interest Rates (Effective: From January 20, 2022)

The bank would reduce its interest rates on daily closing balance slabs of more than Rs. 1 crore from 6% to 5% from January 20, 2022.

Daily Closing Balance Slabs (Domestic/NRE/NRO)	% rate per annum
Up to and including Rs. 1 Lakh	4.00%
Above Rs. 1 Lakh up to & including Rs. 1 crore	6.25%
Above Rs. 1 crore	5.00%
Source: Bank Website

Suryoday Small Finance Bank Fixed Deposit Interest Rates

On deposits of less than Rs 2 Cr maturing in 7 days to above 5 years to 10 years, the bank is providing an interest rate of 3.25 percent to 6.00 percent to the general public and elderly persons as of September 09, 2021. On domestic fixed deposits maturing in three years, the bank is paying the maximum interest rate of 7% to regular customers and 7.30 percent to senior citizens. The bank's current interest rates on domestic fixed deposits of less than Rs. 2 crores are listed below.

Period	Regular Interest Rate p.a.	Senior Citizen Rate p.a.
7 days to 14 days	3.25%	3.25%
15 days to 45 days	3.25%	3.25%
46 days to 90 days	4.25%	4.25%
91 days to 6 months	4.75%	4.75%
Above 6 months to 9 months	5.25%	5.25%
Above 9 months to less than 1 Year	5.75%	5.75%
1 Year to 1 Year 6 Months	6.50%	6.75%
Above 1 Year 6 Months to 2 Years	6.50%	6.75%
Above 2 Years to less than 3 Years	6.25%	6.50%
3 Years	7.00%	7.30%
Above 3 Years to less than 5 Years	6.50%	6.50%
5 Years	6.75%	7.00%
Above 5 years to 10 years	6.00%	6.00%
Source: Bank Website