Investment
oi-Vipul Das
Suryoday Small Finance Bank (SFB) revised its interest rates on domestic savings accounts / NRE / NRO. The bank is currently promising an interest rate of 4.00% on daily closing balances up to Rs. 1 lakh, 6.25% on daily closing balances above Rs. 1 lakh up to and including Rs. 10 lakhs and 6.00% on daily closing balances above Rs. 10 lakhs, these rates are valid from June 1, 2020 to January 19, 2022. However, according to the bank’s official website, it has changed its interest rates in domestic, external non-resident (NRE) and ordinary non-resident (NRO savings accounts) markets and the new rates are effective January 20, 2022. Customers should also be aware that deposits in small financial banks are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to Rs. 5 lakh. The DICGC insures all deposits, including savings deposits, fixed, current, recurring and others, for both principal and interest.
Suryoday Small Finance bank savings account interest rate (Effective: from June 01, 2020 to January 19, 2022)
Suryoday SFB now provides the following interest rates on Domestic, External Non-Resident (NRE) and Ordinary Non-Resident (NRO) savings accounts, which are in effect until January 19, 2022. Depositors should be aware that these interest rates are based on the daily closing balance of savings accounts and that interest is paid monthly.
| Daily Closing Balance Slabs (Domestic / NRE / NRO) | % rate per year |
|---|---|
| Up to and including Rs. 1 lakh | 4.00% |
| Above Rs. 1 Lakh up to and including Rs. 10 Lakhs | 6.25% |
| Above Rs. 10 Lakhs | 6.00% |
| Source: Bank website |
Suryoday Small Finance bank savings account interest rate (effective: from January 20, 2022)
The bank would cut interest rates on daily closing balances over Rs. 1 crore from 6% to 5% from January 20, 2022.
| Daily Closing Balance Slabs (Domestic / NRE / NRO) | % rate per year |
|---|---|
| Up to and including Rs. 1 lakh | 4.00% |
| Above Rs. 1 Lakh up to and including Rs. 1 crore | 6.25% |
| Above Rs. 1 crore | 5.00% |
| Source: Bank website |
Suryoday Small Finance Bank Fixed deposit interest rate
On deposits of less than Rs 2 Cr maturing in 7 days to more than 5 years to 10 years, the bank offers an interest rate of 3.25% to 6.00% to the general public and to the elderly at as of September 09, 2021. deposits with a three-year maturity, the bank pays the maximum interest rate of 7% to regular customers and 7.30% to seniors. The bank’s current interest rates on domestic fixed deposits of less than Rs. 2 crore are listed below.
| Period | Regular interest rate pa | Senior rate pa |
|---|---|---|
| 7 days to 14 days | 3.25% | 3.25% |
| 15 days to 45 days | 3.25% | 3.25% |
| 46 days to 90 days | 4.25% | 4.25% |
| 91 days to 6 months | 4.75% | 4.75% |
| More than 6 months to 9 months | 5.25% | 5.25% |
| More than 9 months to less than 1 year | 5.75% | 5.75% |
| 1 year to 1 year 6 months | 6.50% | 6.75% |
| Above 1 year 6 months to 2 years | 6.50% | 6.75% |
| More than 2 years to less than 3 years | 6.25% | 6.50% |
| 3 years | 7.00% | 7.30% |
| More than 3 years to less than 5 years | 6.50% | 6.50% |
| 5 years | 6.75% | 7.00% |
| More than 5 years to 10 years | 6.00% | 6.00% |
| Source: Bank website |
Article first published: Wednesday December 22, 2021, 1:22 PM [IST]
