Suryoday SFB revises FD rates: Now, senior citizens can earn up to 9.6% interest, others can get 9.1%
From May 5, the highest interest rate the bank is offering is 9.10 per cent on fixed deposits of 5 years for general customers. Senior citizens can now earn 9.60 per cent interest on the same scheme.
- May 5, 2023,
- Updated May 5, 2023 4:37 PM IST
Suryoday Small Finance Bank (SSFB) has revised interest rates on its fixed deposit schemes of less than Rs 2 crore in the one to five-year tenor by 49 to 160 basis points. The new rates are effective from May 5, 2023, the bank said in a statement.
From Friday, the highest interest rate the bank is offering is 9.10 per cent on fixed deposits of 5 years. It was offering 7.50 per cent before the revision. Senior citizens can now earn 9.60 per cent interest on the same scheme.
The small finance bank is offering 9 per cent and above the interest rate on two maturity buckets: 999 days and five years.
After the revision, the bank’s interest rate will range between 4.00 per cent and 9.10 per cent for general public. For senior citizens, the interest rate will range between 4.50 per cent to 9.60 per cent for deposits less than Rs 2 crore and maturities from 7 days to 10 years.
| Tenor | General customers | Senior citizens |
| 1-year FD | 6.85% | 7.35% |
| 2-year FD | 8.5% | 9.0% |
| 999 days FD | 9.0% | 9.5% |
| 3-year FD | 7.25% | 7.75% |
| 4-year FD | 6.75% | 7.25% |
| 5-year FD | 9.10% | 9.60% |
| 6-year FD | 7.25% | 7.75% |
| 7-year FD | 7.25% | 7.75% |
| 8-year FD | 7.25% | 7.75% |
| 9-year FD | 7.25% | 7.75% |
The SSFB last revised its interest rates on FDs in March 2023. The bank then increased the interest rates for 5 to 10-year schemes by 75 to 125 bps. It had also revised interest rates on savings account up to 200 bps.
SSFB is also offering an interest rate of up to 7.00 per cent to its savings account customers in the above Rs 5 lakh up to Rs 2 crore slabs.
Besides SSFB, the Unity Small Finance Bank is offering an interest rate of 9.50 per cent for FDs maturing in 1,001 days for its senior citizen customers. For others, the interest rate has been fixed at 9 per cent for the same tenure.
Utkarsh Small Finance Bank is also offering an interest rate of 9 per cent for FDs maturing in 700 days for their senior citizen customers. For others, the interest rate has been fixed at 8.25 per cent for the same tenure.
Equitas Small Finance Bank is also offering an interest rate of 9 per cent for FDs maturing in 888 days for its senior citizen customers. For others, the interest rate has been fixed at 8.5 per cent for the same tenure.
Also read: Higher EPFO pension: Labour ministry explains how it will calculate pension amount on wages
Also read: Tax-saving fixed deposits: Bank FD schemes vs Post Office schemes, which one should you choose?
Suryoday Small Finance Bank (SSFB) has revised interest rates on its fixed deposit schemes of less than Rs 2 crore in the one to five-year tenor by 49 to 160 basis points. The new rates are effective from May 5, 2023, the bank said in a statement.
From Friday, the highest interest rate the bank is offering is 9.10 per cent on fixed deposits of 5 years. It was offering 7.50 per cent before the revision. Senior citizens can now earn 9.60 per cent interest on the same scheme.
The small finance bank is offering 9 per cent and above the interest rate on two maturity buckets: 999 days and five years.
After the revision, the bank’s interest rate will range between 4.00 per cent and 9.10 per cent for general public. For senior citizens, the interest rate will range between 4.50 per cent to 9.60 per cent for deposits less than Rs 2 crore and maturities from 7 days to 10 years.
| Tenor | General customers | Senior citizens |
| 1-year FD | 6.85% | 7.35% |
| 2-year FD | 8.5% | 9.0% |
| 999 days FD | 9.0% | 9.5% |
| 3-year FD | 7.25% | 7.75% |
| 4-year FD | 6.75% | 7.25% |
| 5-year FD | 9.10% | 9.60% |
| 6-year FD | 7.25% | 7.75% |
| 7-year FD | 7.25% | 7.75% |
| 8-year FD | 7.25% | 7.75% |
| 9-year FD | 7.25% | 7.75% |
The SSFB last revised its interest rates on FDs in March 2023. The bank then increased the interest rates for 5 to 10-year schemes by 75 to 125 bps. It had also revised interest rates on savings account up to 200 bps.
SSFB is also offering an interest rate of up to 7.00 per cent to its savings account customers in the above Rs 5 lakh up to Rs 2 crore slabs.
Besides SSFB, the Unity Small Finance Bank is offering an interest rate of 9.50 per cent for FDs maturing in 1,001 days for its senior citizen customers. For others, the interest rate has been fixed at 9 per cent for the same tenure.
Utkarsh Small Finance Bank is also offering an interest rate of 9 per cent for FDs maturing in 700 days for their senior citizen customers. For others, the interest rate has been fixed at 8.25 per cent for the same tenure.
Equitas Small Finance Bank is also offering an interest rate of 9 per cent for FDs maturing in 888 days for its senior citizen customers. For others, the interest rate has been fixed at 8.5 per cent for the same tenure.
Also read: Higher EPFO pension: Labour ministry explains how it will calculate pension amount on wages
Also read: Tax-saving fixed deposits: Bank FD schemes vs Post Office schemes, which one should you choose?