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 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)
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:
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