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    About Suryoday Bank Fixed Deposit Rates 2017
     and 2 other FDs
    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    Up to ₹1Cr
    7 Days to 10 Years
    4% - 9% Monthly compounding
    Response Time Within 30 minutes
    Frills
    Documents
    Value Adds
    Up to ₹25L
    1 Year to 5 Years
    7.49% - 8.19% Monthly compounding
    Response Time Within 30 minutes
    Features
    Documents
    Good to Know
    Up to ₹25L
    1 Year to 5 Years
    7.75% - 8.5% Monthly compounding
    Response Time Within 30 minutes
    Features
    Highlights
    Documents
    Good to Know
    About Suryoday Bank Fixed Deposit Rates 2017
    Fixed Deposit BYTES FROM OUR KITCHEN

    About Suryoday Bank Fixed Deposit Rates 2017

    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,

    where,

    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.

    News About Suryoday Bank Fixed Deposit Rates

    • FD rates: Suryoday Small Finance Bank

      Suryoday Small Finance Bank, which was offering a very high interest rate on Fixed Deposits (FDs) has now began to align FD rates with other mainstream banks in India. The bank has made a decision to initiate the process and achieve the goal gradually.

      The bank had been paying an extremely high rate of interest on FDs, since it began operations in January this year. At present, the bank has made cuts on FD rates for certain maturity periods by around 25 to 75 basis points. This change in FD rates was made on September 21. The bank was offering up to 9% interest on FD. However, despite the cut in rate the bank is paying much more on FDs when compared to other banks. The bank is paying at least 100 to 250 basis points more. The FD rate may stand at 8% now.

      25th September 2017

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