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 months tenor was revised by 41 basis points (bps), according to the bank press release. Following 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 on tenure of 2 years and 1 month (25 months)
FD interest of up to 9.21%: These banks offer over 9% interest rate on fixed deposits for senior citizens
| Period | Interest Rate | Senior Citizen Rate # |
| (Per Annum) | (Per Annum) | |
| 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% |
| Above 6 months to 9 months | 5.50% | 6.00% |
| Above 9 months to less than 1 Year | 6.00% | 6.50% |
| 1 Year | 6.85% | 7.35% |
| Above 1 Year to 15 months | 8.25% | 8.75% |
| Above 15 months to 2 years | 8.50% | 9.00% |
| Above 2 Years to 2 years 1 Day | 8.60% | 9.10% |
| 2 Years & 2 Days | 8.65% | 9.10% |
| 2 years 3 Days upto less than 25 Months | 8.60% | 9.10% |
| 2 Years and 1 Month (25 months) | 9.01% | 9.25% |
| More than 25 months upto 3 years | 8.60% | 9.10% |
| Above 3 Years to less than 5 Years | 6.75% | 7.25% |
| 5 Years | 8.25% | 8.75% |
| Above 5 years to 10 years | 7.25% | 7.75% |
Premature withdrawal
According to the website, “In case of premature withdrawal for closure or renewal or partial withdrawal of term deposits, interest shall be paid for the period the deposit remained with the bank at a rate of interest prevailing on the date of booking 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 Citizen Rate# |
| (Per Annum) | (Per Annum) | |
| 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% |
| Above 5 Years to 10 Years | 7.25% | 7.75% |
According to the bank website, “Minimum instalment amount for an RD is Rs 100 (and multiples of Rs 1 thereof). In case of premature withdrawal, interest shall be paid for the period the deposit remained with the bank at a rate of interest prevailing on the date of booking of the deposit for such tenor, less the applicable penalty of 1%.”
