Know About Suryoday Bank Fixed Deposit

Suryoday Bank is one of the 10 companies in India that obtained the ‘Small Finance Bank’ license from the RBI. A new age bank that was launched on 23rd January, 2017, it focuses on bringing the best banking solutions to the urban and rural segments of the country. The financial products offered by the bank cater to the varied needs of customers, while ensuring highly satisfactory customer experience.

Fixed Deposit of Suryoday

Along with the bank’s existing credit products such as Vikas loans, MFI loans, Shopkeeper loans, etc., it offers fixed deposit (FD) at attractive interest rates to current and new customers. The FDs from Suryoday Bank are offered to regular customers and senior citizens as well.

Regular Fixed Deposit

Eligibility - The eligibility criteria to open a regular FD with Suryoday Bank are as follows:

1. The individual should be a resident of the country.
2. An FD can also be opened by a Hindu Undivided Family (HUF).
3. Sole proprietorship firms can open FDs with the bank.
4. Partnership firms can also open FDs with Suryoday Bank.
5. FDs can be opened by limited companies.
6. Trusts can open FDs with the bank as well.

The minimum amount that can be deposited in the FD is Rs.1,000. FDs can also be opened for a minimum tenure of 7 days. It should be noted that PAN is mandatory if the total fixed deposit holding is more than Rs.50,000 per customer.

Features - Key features of the regular fixed deposit from Suryoday Bank are as described below:

1. As mentioned above, a sum of at least Rs.1,000 should be deposited in the FD.
2. The FD is available in cumulative/re-investment form or as a traditional plan.
3. The interest rate paid for the FD may change based on the tenure of deposit. When the tenure is up to 6 months, the calculation is based on simple interest. The interest is compounded only for re-investment fixed deposits.
4. When the FD reaches the end of its term, there is an option to auto-renew it, if required. If this is not opted for, the interest and principal amount is paid back to the account that the customer holds with the bank.
5. The FD can be opened for a minimum duration of 7 days to a maximum of 10 years.
6. Premature withdrawals will have a rate that is 1% lesser than the lower of the following:

• Rate for contracted/original tenure for which the FD was booked.
• Rate for the actual tenure for which the FD was in force.

Documents required - The documents required to open an FD with Suryoday Bank are one certified copy of any of the following Officially Valid Documents (OVD) as ID proof and one as address proof:

1. PAN Card or Form 60
2. Passport
3. Driving License
4. Voter’s ID card
5. Job Card that is issued by NREGA and is signed by a State Government official
6. Aadhar Card or letter issued by the Unique Identification Authority of India
7. Any other valid document, as notified by the Central Government

In addition to the above, a recent photograph of the applicant is also needed.

Proprietary firms, trusts, associations, and partnership firms would require additional documents for opening an FD, such as Registration Certificate, Sales Tax Returns, CST/VAT Certificate, etc. The applicant should consult a bank official or visit the bank’s website for the complete list of documents.

Know More About Suryoday Fixed Deposit Rates

Senior Citizen Fixed Deposit

Eligibility - The eligibility criteria for senior citizens to open an FD with Suryoday Bank are as follows:

1. The individual should be a resident of the country.
2. He/she should be 60 years of age or above.

The minimum amount that can be deposited in a senior citizen FD is Rs.1,000. The tenure of the FD should be at least 7 days. It is mandatory to furnish a PAN Card to book an FD if the total holding exceeds Rs.50,000 per customer.

Features - The salient features of the Senior Citizen FD are as follows:

1. As mentioned above, the applicant should invest a minimum amount of Rs.1,000 to open the FD.
2. The FD is available as re-investment/cumulative plans or in the traditional FD format.
3. The rate of interest applicable varies according to the FD tenure.
4. The bank provides the option of auto-renewing the FD when the term ends. If the account holder does not opt for renewal of the FD, the principal and interest is credited to the account that the customer has with the bank.
5. An FD can be opened for a minimum term of 7 days and a maximum term of 10 years.
6. The rate applicable on the premature withdrawal of the FD would be 1% lower than the smallest among the following rates:

• Original/contracted tenure rate for which the deposit was booked.
• The rate for the actual tenure for which the FD was in force.

Documents required - The documents required to open a senior citizen FD with Suryoday Bank are one certified copy of any of the following Officially Valid Documents (OVD) as ID proof and one as address proof:

1. Passport
2. PAN Card or Form 60
3. Voter’s ID card
4. Driving License
5. Aadhaar Card or letter issued by the Unique Identification Authority of India
6. Job Card that is issued by NREGA and is signed by a State Government official
7. Any other valid document, as notified by the Central Government
8. In addition to the above, a recent photograph of the applicant is also needed.