Suryoday Bank, a ‘Small Finance Bank’ with headquarters in Navi Mumbai, is a new age bank that focuses on providing the most optimum banking solutions to potential customers in the urban and rural parts of the country. The bank lays a lot of focus on ensuring great customer experience. In line with this, they offer a wide range of banking solutions catering to varied customer needs. The interest rate offered by Suryoday Bank ranges between 4.00% p.a. and 8.00% p.a for general citizens. Senior citizens are offered an additional interest rate of 0.50%.
Suryoday Bank fixed deposit offers at attractive interest rates to applicants. For fixed deposit amounts less than Rs.2 crore, the prevailing rates of interest are as follows:
|Period||Interest rate for regular FD (per annum)||Interest rate for senior citizen FD (per annum)|
|7 days to 14 days||4.00%||4.50%|
|15 days to 45 days||4.00%||4.50%|
|46 days to 90 days||5.00%||5.50%|
|91 days to 6 months||5.50%||6.00%|
|6 months 1 day to 9 months||6.25||6.75%|
|9 months 1 day to less a year||6.50%||7.00%|
|1 year to 2 years||6.75%||7.25%|
|2 years 1 day to 3 years||7.15%||7.65%|
|3 years 1 day to less than 5 years||7.25%||7.75%|
|5 years 1 day to 10 years||7.00%||7.50%|
Note: The interest rate mentioned in the table are for deposits below Rs.2 crore and are effective 15 September 2020.
For fixed deposits equal to Rs.2 crore and above, customers should walk-in to the nearest Suryoday Bank branch or contact the bank at the number, 1800-266-7711.
Points to note:
The method of FD Interest calculation is a simple process. The formula for FD maturity amount calculation is as follows:
A = P [ 1+ (r/n) ]^nt,
A = Total amount that the customer earns at maturity
P = Invested amount
r = Interest rate
n = Number of times interest is compounded each year
t = Period of investment
So, if you invest an amount of Rs.5 lakh for 5 years at an interest rate of 7.50% compounding quarterly, the total amount that you earn at the end of the 5-year tenure is as shown below:
A = 5,00,000 [1+ (0.075/4)] ^ (4*5)
The total interest earned will, hence, be A-P
= (Rs.7,24,974.01 - Rs.5,00,000) = Rs. 2,24,974.01
In addition to the manual calculation method above, you can use online Fixed Deposit Calculators to arrive at the amounts easily and accurately. You will only need to confirm the following:
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