Suryoday Small Finance Bank Fixed Deposit Interest Rates (as on 2024)
Suryoday Small Finance Bank FD Interest Rates (below Rs.3 Crores) w.e.f. 04/09/2024
Tenors | Interest Rate p.a.(%) (General) | Interest Rate p.a.(%) (Senior Citizen) |
---|---|---|
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 |
91 days to 6 months | 5.00 | 5.50 |
6 Month 1 Day | 7.25 | 7.75 |
Above 6 Month 1 Day to 9 Months | 5.50 | 6 |
Above 9 months to less than 1 Year | 6.00 | 6.50 |
1 Year* | 6.85 | 7.35 |
Above 1 Year upto 15 months | 8.25 | 8.75 |
Above 15 months to 2 years | 8.5 | 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 up 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 |
Above 5 years to 10 years | 7.25 | 7.75 |
The Minimum tenure for earning FD interest is 7 days.
Suryoday Small Finance Bank Fixed Deposit Interest Rates (Rs.3 Crores & above)
For Fixed Deposit amounting to Rs.3 Crores and above, please contact nearest Suryoday Small Finance Bank Branch or call on 1800-266-7711.
Suryoday Small Finance Bank Recurring Deposit Interest Rates w.e.f. 04/09/2024
Tenors | Interest Rate p.a.(%) (General) | Interest Rate p.a.(%) (Senior Citizen) |
---|---|---|
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 |
Suryoday Small Finance Bank Tax Saver Fixed Deposit Interest Rate (maximum Rs 1.50 lakhs p.a.) w.e.f. 04/09/2024
Tenors | Interest Rate p.a.(%) (General) | Interest Rate p.a.(%) (Senior Citizen) |
---|---|---|
5 Years | 8.25 | 8.75 |
Above 5 years to 10 years | 7.25 | 7.75 |
Important Points regarding Suryoday Small Finance Bank Tax Saver Fixed Deposit
- A Valid PAN is mandatory for opening a Tax Saver Fixed Deposit (Tax Saver FD).
- Premature withdrawal is not permitted in Tax Saver FD.
- Tax Saver FD cannot be auto renewed.
- Tax saver FD is opened for a fixed tenure of 5 years only.
- Tax saver FD can be of deposit types either Cumulative Deposit or Traditional (Non-Cumulative) Deposit with quarterly or monthly interest payout
- For Cumulative FD, interest shall be compounded and credited on maturity to the Principal Amount & for Traditional (Non-Cumulative) FD, interest shall be credited monthly/ quarterly to the Savings Account.
- No loans or liens against Tax Saver shall be permitted.
Snapshot: Suryoday Small Finance Bank Fixed Deposit
Points | Details |
---|---|
Eligibility | Any Individual or Group of Individuals, Firm, Corporate or Club etc. |
Minimum FD | Rs. 1,000 |
Maximum FD | No maximum limit FD |
FD Tenure | 7 days to 120 months |
Periodicity of Interest Payment | Monthly (at discounted rates) or Quarterly or Cumulative |
Premature withdrawal penalty | 1% |
Interest to Senior Citizens | 0.25% more than general FD for FD amount below Rs.1 Crore for all maturities above 90 days |
Suryoday Small Finance Bank Fixed Deposit
Suryoday Small Finance Bank has a range of Fixed Deposits (FD) products at competitive interest rates with various tenures and lots of other benefits. Suryoday Small Finance Bank offers Fixed Deposit schemes for a short term period and long term period.
It is very easy to open a Suryoday Small Finance Bank FD either online through its website or by visiting its nearby branch.
Important Points regarding Suryoday Small Finance Bank Fixed Deposit
- In order to avail Senior Citizen Interest Rates, submission of age proof is mandatory.
- Submission of Income Tax PAN is mandatory, failing which TDS will be deducted at a higher rate.
- PAN is mandatory to book Fixed Deposits, if the total Fixed Deposit holding per customer, per branch exceeds Rs 50,000.
- Loan against deposit / OD facility of upto 80% of accrued amount is available.
Features & Benefits: Suryoday Small Finance Bank Fixed Deposit
- Competitive interest rates are offered with flexible FD tenures to suit your investment plan.
- FD account can be opened online or by visiting your nearest Bandhan Bank branch.
- Minimum Amount of FD: Rs 1,000
- Maximum Amount of FD: No limit
- FD Tenures: 7 days to 10 years
- Different interest payout options such as monthly, quarterly, etc.
- Loan/ Overdraft against FD facility is available upto 90% of the FD amount.
- Easy and fast liquidity options are available.
- Nomination facility is available.
- Part withdrawal facility and auto-renewal facilities
- Senior citizens can enjoy higher interest rate as compared to regular citizens.
Suryoday Small Finance Bank FD Calculator
Eligibility for Suryoday Small Finance Bank Fixed Deposit
Any of the following persons can invest in fixed deposits (FD):
- Individual
- Minor
- HUF
- Proprietary Firm
- Partnership Firm
- Limited Liability Partnership (LLP)
- Company
- Association of Persons (AOP)
- Body of Individuals (BOI)
- Local Authority
- Trust
- Non-Resident Indian (NRI)
- Registered Society
Documents Required for Suryoday Small Finance Bank Fixed Deposit
Following Documents are required for opening a Fixed Deposit Account
Category | Documents Required |
---|---|
Individual, HUF, Proprietor |
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Partnership Firm |
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Trust |
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Associations, Clubs |
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Company |
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Types of Suryoday Small Finance Bank Fixed Deposits
- Suryoday Small Finance Bank Fixed Deposit: This is a regular FD scheme which helps you invest your idle savings to earn higher returns. Minimum deposit in this scheme is of Rs 1,000. Its tenure ranges from 7 days to 10 years. It is available in traditional or cumulative/ re-investment plans. For tenure of up to 6 months, calculation will be on simple interest basis. Interest will be compounded only for re-investment FDs. Option of auto-renewing the FD at the end of the term. If not opted, the principal and interest is paid back to your account. It offers great rates, flexibility and security for your fixed deposits, with 0.50% higher interest for our Senior citizens, with quarterly and monthly payout options. You can also earn compound interest by reinvesting your principal amount along with the interest earned during the period. Loan / OD Facility are available. Premature closure penalty shall apply.
- Suryoday Small Finance Bank Recurring Deposit: It is available to all resident individuals. This scheme allows you to start saving a small amount regularly to help your money grow slowly but steadily. Minimum deposit in this scheme is of Rs 100 & in multiples of Rs 100 thereof and no cap on maximum deposit. Its tenure ranges from 6 months to 10 years. Cash deposits will also be allowed in RD. The interest is calculated quarterly or as specified by the Bank. Charges for late payment of RD instalment are applicable. Loan against deposit / OD facility is also available. Interest on the Deposits is compounded at quarterly intervals, at the applicable rates. You can build your wealth securely through regular investments at attractive Interest rates. It gives you opportunity to achieve your short or long term finance goals comfortably. Interest is only paid on maturity.
- Suryoday Small Finance Bank Tax Saver Fixed Deposit: The regular Tax Saving products are available to all resident individuals, HUFs and Minors. It offers an exemption under section 80C of Income Tax Act which can be claimed by the depositor in case of single depositor or the first holder in case of joint depositors, within eligible investments. FD amount is minimum of Rs.1,000 and (thereafter in multiples of Rs.100) & maximum limited to Rs.1,50,000 in a financial year. Deposit will be accepted for a minimum period of 5 years and maximum period of 10 years. It cannot be encashed before the expiry of 5 years from the date of its receipt. Tax Saver FD cannot be auto renewed. Tax saver FD is opened for a fixed tenure of 5 years only. It has Monthly/ quarterly Interest Payout & Cumulative Deposit options. For Cumulative FD, interest shall be compounded and credited on maturity to the Principal Amount & for Traditional (Non-Cumulative) FD, interest shall be credited monthly/quarterly to the Savings Account. No loans or liens against Tax Saver shall be permitted. Additional rate of interest is offered to Senior Citizens.
Calculation of Interest on Suryoday Small Finance Bank Fixed Deposit
When you open a Fixed deposit with Suryoday Small Finance Bank Ltd. Interest on Term Deposits is calculated as below:
- On a Quarterly basis for deposits of more than 180 days.
- Simple interest is paid at maturity for deposits of less than equal to 180 days.
- Cumulative Interest/ re-investment interest is calculated every quarter, and is added to the Principal such that Interest is paid on the Interest earned in the previous quarter as well.
- In case of monthly deposit scheme, the interest shall be calculated for the quarter and paid monthly at discounted rate over the Standard FD Rate.
- The Bank computes interest based on the actual number of days in a year. In case, the Deposit is spread over a leap and a non-leap year, the interest is calculated based on the number of days i.e., 366 days in a leap year & 365 days in a non-leap year. The period of Fixed Deposit is calculated in number of days.
Suryoday Small Finance Bank: Pre-mature Withdrawal of Fixed Deposit
The rate applicable on premature withdrawal would be 1% less than the rate applicable from the lower of the two:
- Rate for original /contracted tenure for which the deposit has been booked (as on the date of booking the deposit).
- Rate for the actual tenure for which the deposit was in force with the Bank (as on the date of booking the deposit).
Premature withdrawal is not permitted in Tax Saver FD.
Benefits of Senior Citizens Suryoday Small Finance Bank Fixed Deposit
Senior Citizens are offered more interest rate by Suryoday Small Finance Bank for FD amount below Rs.1 Crore as detailed below:
- 0.25% more than general FD for FD amount below Rs.1 Crore for all maturities above 90 days.
How and When to Apply for Exemption on TDS?
- If your total taxable income during the financial year is not likely to exceed the maximum amount which is not chargeable to income tax, then you can submit self declaration in Form 15G or 15H (for senior citizens only) to the bank to ensure non deduction of tax at source.
- The declaration has to be given in prescribed format only wherein the valid 10 digit PAN is also required.
- It may be noted that if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to income tax, then the Form 15G submitted will be treated as invalid.
- In case of Senior Citizens, if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to tax and deduction(s) under chapter VIA, if any, for which declarant is eligible, then the Form 15H submitted will be treated as invalid.
You may refer to following table for more details:
Category | Name of Form | Exemption limit (Male) | Exemption limit (Female) |
Individuals(upto age of 60) | Form 15G | Rs.2,50,000 | Rs.2,50,000 |
HUFs, Associations, Trusts | Form 15G | Rs.2,50,000 | Rs.2,50,000 |
Individual (age 60 years and above but less than 80 years) | Form 15H | Rs.3,00,000 | Rs.3,00,000 |
Individual (age 80 years and above) | Form 15H | Rs.5,00,000 | Rs.5,00,000 |
Others | Exemption certificate issued by Income Tax Officer | As per Exemption Certificate | As per Exemption Certificate |
Suryoday Small Finance Bank Fixed Deposit FAQ
What interest payment options are available under Term Deposit with Suryoday Small Finance Bank?
Interest payment on Monthly (discounted), Quarterly and Cumulative is available under Suryoday Small Finance Bank Term Deposit.
What is the minimum and maximum amount of FD in Suryoday Small Finance Bank?
The minimum amount is Rs.1,000 and there is no cap on maximum FD amount.
What is the minimum and maximum tenor for which Term Deposit can be kept with Suryoday Small Finance Bank?
The minimum and maximum tenor for general/Senior citizen is 7 days and 10 years respectively.
Does Suryoday Small Finance Bank offer any special interest rate for Senior Citizen on its Term Deposits?
Yes, an additional interest rate for Senior Citizen is 0.50% for deposits less than Rs. 1 crore.
When is TDS deducted?
TDS is done at the time of credit of interest to account, if the total interest payable to the customer during the financial year is likely to exceed the limit of Rs.10,000.
At what rate is TDS deducted?
TDS is deducted at rates as required by section 194A (Resident) and section 195 (NRO) of IT Act 1961 for the following category of account holders:
- Resident Indians (Individuals, Trusts, Associations, HUFs, Firms Indian Companies): 10% plus applicable surcharge and education cess
- Non-Resident Indians: 30% plus applicable surcharge and education cess
Can I apply for exemption on TDS?
Yes, you can apply for exemption on TDS, in case your total taxable income during the financial year is not likely to exceed the maximum amount which is not chargeable to income tax. For this, you need to submit self declaration in Form 15G or 15H (for senior citizens only) to the Bank to ensure non deduction of tax at source, in the beginning of respective financial year.
Tax Implications and TDS in FD
- An amount invested in fixed deposits in a scheduled bank is eligible for tax deduction under section 80C. Only the interest earned on the deposit is taxable.
- Tax will be deducted at source (TDS), if the interest income on a fixed deposit per annum exceeds Rs.10,000
- A person can exempt from TDS, if he/ she submits Form 15G/ Form 15H in the beginning of each financial year
Factors affecting Fixed Deposit Interest Rates
- Change in Policies Rates by RBI: If there is a change in Cash Reserve Ratio (CRR) and/ or Repo Rate, it affects the fixed deposit interest rate.
- Inflation: As FD interest rate has to be kept higher than inflation by the banks, hence if inflation increases then FD interest rates also go higher. When inflation decreases, banks offer lower interest rates so that people can borrow and spend more.
- Demand and Supply of Credit: With the increase in demand of the credit/ loan, interest rates of fixed deposit also go higher. When the supply is more than the demand of credit, banks offer lower interest rates on fixed deposit.
- Growth Uncertainty: If there is any uncertainty of future economic growth, the banks need to offer higher interest rates on FD as a compensation for higher defSuryodaylt risks.
- State of Economy: If a country's economic state is very good then the banks of that country offer higher interest rate on fixed deposits in order to attract more investments to extend more credits/ loans.
- Recession: Whenever there is a situation of recession in an economy, it always results into a decrease in the fixed deposit interest rate, as in case of situation of recession, the RBI needs to increase the liquidity in the market by releasing the funds i.e. by lowering CRR and hence, banks reduce the FD interest rates.
- Global Liquidity: Higher global liquidity results into higher domestic liquidity. In such cases banks will offer lower interest rates on FD.
Suryoday Small Finance Bank FD News Oct 2024
- September 4, 2024: Suryoday Small Finance Bank has revised FD Interest Rates w.e.f. September 4, 2024
- August 7, 2023: Suryoday Small Finance Bank has revised FD Interest Rates w.e.f. 07/08/2023
- June 6, 2023: Suryoday Small Finance Bank has revised FD Interest Rates w.e.f. 01.06.2023
- March 12, 2021: Suryoday Small Finance Bank's initial public offering (IPO) will open on 17 March 2021 with the issue price fixed at Rs 303 to Rs 305 per share
- July 13, 2019: Suryoday Small Finance Bank plans up to Rs 1,000 crore IPO in 2020
- April 2, 2019: Suryoday Small Finance Bank Ltd raises Rs. 248 crore from a clutch of investors including development finance institution DEG