• Suryoday Bank Fixed Deposit Rates 2019

    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.

    Suryoday Bank Fixed deposit offers at attractive interest rates to applicants. For fixed deposit amounts less than 1 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% 4%
    15 days to 45 days 4% 4%
    46 days to 90 days 5% 5%
    91 days to 180 days 5.50% 5.75%
    181 days to 240 days 7.5% 7.75%
    241 days to 364 days 7.75% 8%
    Between 12 months and 24 months 8.5% 8.75%
    Between 24 months and 36 months 8.75% 9%
    Between 36 months and 60 months 7.75% 8%
    Between 60 months and 120 months 7.25% 7.5%

    For fixed deposits equal to Rs.1 crore and above, customers should walk-in to the nearest Suryoday Bank branch to understand the interest rates. Alternatively, customers can contact the bank at the number, 1800-266-7711.

    Points to note:

    • The above interest rates are subject to change. Hence, the applicant should get in touch with the bank for the latest interest rates.
    • Only senior citizens residing in the country or retired resident citizens are eligible for the senior citizen FD.
    • The interest on term deposits with Suryoday Bank is calculated as below:
      • Interest calculation is done on a quarterly basis for deposits that exceed 180 days.
      • At maturity, simple interest is paid for FDs with deposit term less than or equal to 180 days.
      • Re-investment interest or cumulative interest is calculated on a quarterly basis. This amount is then added to the principal, so that the interest in the next quarter is calculated based on the interest earned in the previous quarter.
      • For monthly deposit scheme, interest is calculated for the quarter and paid on a monthly basis at a discounted rate.
    • Tax at source is deducted according to the prevalent Income Tax regulations.
    • Suryoday Bank calculates interest based on the actual number of days in a year, irrespective of whether the FD is spread over a leap year or not.
    • The minimum tenure for an FD with the bank is 7 days.
    • The interest rate applicable on premature withdrawal of the FD is 1% less than the lowest rate among the following:
      • Rate for the contracted/original tenure for which the FD was booked.
      • Rate for the actual tenure for which the FD was in force.

    Interest Calculation For Suryoday FD

    The method of interest calculation for an FD 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)

    = Rs.7,24,974.01

    The total interest earned will, hence, be A-P

    = Rs.(7,24,974.01 - 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:

    • The amount that you are looking to invest.
    • The rate of interest paid by the bank for the tenure.
    • Confirm with the bank if the interest is compounded on a monthly, quarterly, half-yearly, or annual basis. In case the interest is compounded annually, n = 1; half-yearly, n=2; quarterly, n=4; monthly, n=12.
    • The period of investment in the FD.

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