Suryoday Small Finance Bank FD Rates 2024

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Suryoday Small Finance Bank started its journey on 23^rd January 2017. Before the bank started its journey as a small finance bank, it was a microfinance institution. Currently, this bank has a customer base of 20 lakhs with a strong presence in Odisha, Maharashtra and Tamil Nadu. Suryoday Small Finance Bank aims to offer the best banking solution to every section of society. This bank’s power-packed solutions offer different types of benefits that suit the financial needs of a wide range of customers. Their products and services include digital banking, mortgage loans, vehicle loans, MSME loans, fixed deposits, savings accounts, etc.

Suryoday Small Finance Bank offers various fixed deposit schemes, including tax-saver FDs, non-callable FDs and more. Keep reading to learn in detail about these schemes along with Suryoday Small Finance Bank FD rates.

Minimum Deposit	₹1000 (thereafter in multiples of ₹1)
Maximum Deposit	No limit specified
Minimum Tenure	7 days
Maximum Tenure	10 years
Interest Rates	4.00% to 9.10% p.a. (including rates applicable to senior citizens)
Lock-in Period	5 years lock-in period (for Tax Saver Deposits)
Senior Citizens	4.50% to 9.10% p.a. (for deposits below ₹2 crores)
General Citizens	4.00% to 8.60% p.a. (for deposits below ₹2 crores)

Table of Contents

Suryoday Small Finance Bank FD Interest Rates 2024

Tenure	General Citizen	Senior Citizen

Features and Benefits of Suryoday Small Finance Bank FD

If you are planning to invest in any of their schemes, it is important to go through the Suryoday Small Finance Bank FD rates and all the features and benefits of the schemes provided below:

These FD schemes are available in traditional as well as cumulative/reinvestment plans.
Your interest return will depend on the tenure for which you are investing the sum.
You can also opt for auto-renewal of your FD scheme.
A premature withdrawal facility is available for which you will have to bear a penalty.
For senior citizens (those above the age of 60 years), the Suryoday Bank FD rates are 0.5% higher than for regular depositors.
Suryoday Small Finance Bank is a scheduled commercial bank that offers its customers deposit insurance provided by Depositor Insurance and Credit Guarantee Corporation (DICGC).

How to Book Suryoday Small Finance Bank FD?

Suryoday Small Finance Bank offers you the option to open a fixed deposit account via both online as well as offline modes. Thus, people who are not used to digital banking also have the option to invest in various schemes offered by the bank. Let’s check how to open an FD account online and offline.

Online

Let us take a look at how to go forward with opening an FD account using the online method:

Step 1: Log in to the official website of Suryoday Small Finance Bank.
Step 2: Then click on the ‘Accounts & Cards’ option on the menu bar.
Step 3: A new dialogue box will open. Click on ‘Term Deposits’ here.
Step 4: After this, select the ‘Domestic Fixed Deposits’ option.
Step 5: A new page will open; keep scrolling till you can find ‘Apply Now’.
Step 6: Click on ‘Apply Now’, and a new page will open. You need to provide information like your name, state, city, type of deposit, email address and mobile number.
Step 7: After this, you need to enter the code, accept the given terms and conditions and click on the ‘Submit’ button.
Step 8: Then, the bank representatives will reach out to you and explain how to go ahead with the application procedure.

Offline

If you are planning to invest in any of the FD schemes offline, here are the steps for you:

Step 1: Visit the nearest branch of Suryoday Small Finance Bank.
Step 2: Ask for the FD application form from any of the bank representatives present. Know about the latest Suryoday FD rates.
Step 3: Carefully fill up the entire form. Submit it along with the supporting documents and deposit the amount you wish to fix.
Step 4: After processing your request, the bank representative will provide you with a receipt as proof that your FD has been created.

Documents Required for Suryoday Small Finance Bank FD

Following is a list of documents that you will require to open an FD with Suryoday SF Bank:

FD application form
PAN Card (Form 60/61 during unavailability of PAN card)
Proof of Age – Birth certificate
Proof of Identity – Aadhaar card, PAN card, voter ID card, passport, driving license, Government or Defense ID card or NREGA card
Proof of Address – Aadhaar card, domicile certificate, ration card, senior citizen card issued either by central or state government or NREGA card
Bank account details – account number, IFSC code, and branch name.
Two passport-size photographs

Eligibility for Suryoday Small Finance Bank FD

Here is a list of the entities that are eligible to invest in Suryoday Small Finance Bank FD schemes:

Applicant type: Individuals Indian residents, Hindu Undivided Families, Public and private limited companies, Partnership firms, Sole proprietorship firms, and Trusts.
Age (in case of individual applicants): 18 years or more. Minors are also eligible, subject to the presence of an adult.

Types of Suryoday Small Finance Bank FD Schemes

Suryoday Small Finance Bank offers a number of fixed deposit schemes that cater to the needs of different customers. If you are interested in investing in any of these schemes, then you can check the details as well as the FD rates of Suryoday Bank schemes:

1. Suryoday Small Finance Bank Domestic Fixed Deposit

This is the regular and callable FD offered by Suryoday Small Finance Bank. If any senior citizen invests in this scheme, they will get additional interest than what the general public receives. This FD offers auto-renewal and no penalty charges for premature withdrawal from a cumulative FD of 1 year.

Minimum Deposit: ₹1000 (thereafter in multiples of ₹1)
Maximum Deposit: No limit
Tenure: 7 days to 10 years
Interest Rate: 4.00% to 8.60% p.a. (for regular investors on deposits below ₹2 crores) and 4.50% to 9.10% p.a. (for senior citizens for deposits below ₹2 crores)
Eligibility: Indian residents

2. Suryoday Small Finance Bank Non-Callable Fixed Deposit-Retail

In case you are planning to invest in a huge lump sum and get decent returns, you can try out this scheme. A nomination facility is available under this scheme. As it is a non-callable scheme, facilities like premature withdrawal and loans against FD are not available.

Minimum Deposit: ₹20 lakhs
Maximum Deposit: ₹1.99 crores
Tenure: 1 year to 3 years
Interest Rate: 7.10% to 8.85% p.a.
Eligibility: Indian residents

3. Suryoday Small Finance Bank Tax Saver Fixed Deposit

This type of scheme is extremely useful if you are planning to reduce your taxable income. It is available for both the general public as well as senior citizens. A PAN card is a mandatory document if you wish to invest in this scheme. You also have the option to jointly invest in this scheme.

Minimum Deposit: ₹1000 (thereafter in multiples of ₹1)
Maximum Deposit: ₹1.5 lakhs
Tenure: 5 years
Interest Rate: 8.25% p.a. (for the general public) and 8.75% p.a. (for senior citizens)
Eligibility: Indian residents

4. Suryoday Small Finance Bank NRE Fixed Deposit

Are you a Non-Resident Indian who earns in foreign currency? If yes, then you can invest in the Suryoday Small Finance Bank NRE FD scheme. You can repatriate funds from this scheme without restrictions. One of the best benefits of this scheme is that you will not be charged any income tax on the amount which you invest.

Minimum Deposit: ₹10,000 (thereafter in multiples of ₹1)
Maximum Deposit: No limit specified
Tenure: 1 year to 10 years
Interest Rate: 6.75% to 8.60% p.a.
Eligibility: Non-Resident Indians/ Overseas Citizens of India/ Person of Indian Origin

5. Suryoday Small Finance Bank NRO Fixed Deposit

NRO or Non-Resident Ordinary FD scheme is a great way to invest foreign earnings as an NRI in India. The interest that you earn in the current financial year is entirely repatriable. You can choose to receive your interest income monthly, quarterly or after maturity. A nomination facility is also available for this scheme.

Minimum Deposit: ₹10,000 (thereafter in multiples of ₹1)
Maximum Deposit: No limit specified
Tenure: 7 days to 10 years
Interest Rate: 4.00% to 8.60% p.a.
Eligibility: Non-Resident Indians/ Person of Indian Origin/ Overseas Citizen of India

Now that you have a basic idea about the schemes as well as Suryoday Small Finance Bank FD rates, you can choose any FD that suits your requirements. It is wise to go through all the fine lines before investing your precious money in a fixed deposit. Also, keep in mind the length of time you can stay invested.

Moreover, keep the penalty clauses in mind so that you do not end up losing a large sum of money upon withdrawals during emergencies.

FAQs

What interest rate does Suryoday Small Finance Bank offer on FD accounts for senior citizens?

The interest rate senior citizens are applicable for their FD with Suryoday Small Finance Bank ranges from 4.50% to 9.10%

What is the highest interest rate I may receive on a regular customer FD account?

As a regular customer, the highest interest rate you are eligible for is 8.50% for a tenure of 2 to 3 years.

What will be the interest rate for a three-year FD plan?

8.60% and 9.10% for general and senior citizens, respectively, is the interest rate applicable for a 3-year FD plan.

What is the minimum and maximum tenure of investing my money in an FD scheme?

7 days is the minimum, and 10 years is the maximum tenure to invest money in a fixed deposit account. However, the tenure may change as per the FD scheme you choose.

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