Suryoday Small Finance Bank (SSFB) has revised interest rates on fixed deposits on select tenures for amounts below Rs 2 crore. The new rates are effective from March 1, 2024. Interest rates in 25-month tenor have been revised by 41 basis points (bps), according to the bank press release. After the change, the bank now accepts deposits of less than Rs 2 crore with interest rates ranging from 4.00 percent to 9.01 percent for the general public and 4.50 percent to 9.25 percent for senior citizens for a tenure of 2 years and 1 month (25 months).
FD interest of up to 9.21%: These banks offer more than 9% interest rate on fixed deposits for senior citizens.
Period | Interest rate | Number of elderly people |
(Annually) | (Annually) | |
7 days to 14 days | 4.00% | 4.50% |
15 days to 45 days | 4.25% | 4.75% |
46 days to 90 days | 4.50% | 5.00% |
91 days to 6 months | 5.00% | 5.50% |
More than 6 months to 9 months | 5.50% | 6.00% |
More than 9 months to less than 1 Year | 6.00% | 6.50% |
1 year | 6.85% | 7.35% |
More than 1 Year to 15 months | 8.25% | 8.75% |
Over 15 months to 2 years | 8.50% | 9.00% |
More than 2 Years to 2 years 1 Day | 8.60% | 9.10% |
2 Years & 2 Days | 8.65% | 9.10% |
2 years 3 Days to less than 25 Months | 8.60% | 9.10% |
2 Years and 1 Month (25 months) | 9.01% | 9.25% |
Over 25 months to 3 years | 8.60% | 9.10% |
Above 3 Years to less than 5 Years | 6.75% | 7.25% |
5 Years | 8.25% | 8.75% |
More than 5 years to 10 years | 7.25% | 7.75% |
Early withdrawal
According to the website, “In case of premature withdrawal for closure or renewal or partial withdrawal of deposits, interest will be paid for the period when the deposit remained with the bank at the rate of interest prevailing on the date of reservation of the deposit for such tenor, less the applicable penalty of 1%.”
Recurring deposit interest rate
Suryoday Small Finance Bank offers interest rate between 5% to 8.60% for general citizens for tenure between 6 months to 10 years.
Period | Interest rate | Senior rate# |
(Annually) | (Annually) | |
6 months | 5.00% | 5.50% |
9 months | 5.50% | 6.00% |
12 months | 6.85% | 7.35% |
15 months | 8.25% | 8.75% |
18 months | 8.50% | 9.00% |
21 months | 8.50% | 9.00% |
24 months | 8.50% | 9.00% |
27 months | 8.60% | 9.10% |
30 months | 8.60% | 9.10% |
33 months | 8.60% | 9.10% |
36 months | 8.60% | 9.10% |
Above 3 Years to less than 5 Years | 6.75% | 7.25% |
5 Years | 8.25% | 8.75% |
More than 5 Years to 10 Years | 7.25% | 7.75% |
According to the bank website, “Minimum payment amount for RD is Rs 100 (and multiples of Rs 1). In case of premature withdrawal, interest will be paid for the period when the deposit remained with the bank, as per the interest rate prevailing on the date of reservation of the deposit for such tenor, less the applicable penalty of 1%.”