• Suryoday Bank Fixed Deposit Rates 2021

    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 7.25% p.a. for general citizens. Senior citizens are offered an additional interest rate of 0.50%.

    Suryoday Bank FD Rates

    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 6.00 6.50%
    9 months 1 day to less a year 6.25% 6.75%
    1 year to 2 years 6.75% 7.25%
    2 years 1 day to 3 years 7.00% 7.50%
    3 years 1 day to less than 5 years 7.10% 7.60%
    5 years 7.25% 7.75%
    5 years 1 day to 10 years 6.50% 7.00%

    Note: The interest rate mentioned in the table are for deposits below Rs.2 crore and are effective 15 February 2021.

    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 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 Fixed Deposit 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.

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