Are you a senior citizen looking for higher returns on bank FD? Check this out
This bank offers a 9.59 per cent interest rate on its fixed deposits to senior citizens. Read on to know more about it.
Suryoday Small Finance Bank has increased the interest rate on their fixed deposits of less than Rs 2 crore. The new rates will be effective on December 6, 2022, according to the Bank's official website.
Following the shift, the bank raised interest rates across the board. The bank is providing fixed deposits with maturities from seven days to ten years and interest rates from 4 to 9 per cent for the general public and 4.5 to 9.59 per cent for senior citizens.
On fixed deposits due in 7 to 14 days, the bank is paying a 4 per cent interest rate. The bank is giving a 4.25 per cent interest rate on deposits maturing in 15 to 45 days. Fixed deposits with maturities ranging from 46 to 90 days will now earn 4.5 per cent interest.
Term deposits with maturities ranging from 91 to 6 months will receive a 5 per cent interest rate. Fixed deposits from Suryoday Small Finance Bank with maturities of more than 6 months to 9 months and more than 9 months to less than 1 year are eligible for interest rates of 5.5 per cent and 6 per cent, respectively.
The interest rate on fixed deposits maturing in excess of one year to one year six months is 7 per cent, while the interest rate on term deposits maturing in one year six months to two years is 8.1 per cent. The interest rate on term deposits maturing in 999 days is 8.51 per cent.
The interest rate on fixed deposits maturing in 32 months, 27 days to three years has climbed to 7.25 per cent, while the interest rate on deposits maturing in more than three years but less than five years has increased to 6.75 per cent.
Deposits maturing in five years will continue to earn interest at a rate of 9 per cent, which is effective only from December 6, 2022, through December 20, 2022. While deposits maturing in 5 years or more to 10 years will have an interest rate of 6 per cent. Senior citizens will get 0.5 per cent more interest than other citizens.
| Suryoday Small Finance Bank Interest Rates on Deposits below Rs 2 Crore |
| Period |
Interest Rate (Per Annum) |
Annualised Yield (%) |
Senior Citizen Rate (Per Annum) |
Annualised Yield (%) |
| 7 days to 14 days |
4.0 |
4.0 |
4.5 |
4.5 |
| 15 days to 45 days |
4.3 |
4.3 |
4.8 |
4.8 |
| 46 days to 90 days |
4.5 |
4.5 |
5.0 |
5.0 |
| 91 days to 6 months |
5.0 |
5.0 |
5.5 |
5.5 |
| Above 6 months to 9 months |
5.5 |
5.6 |
6.0 |
6.1 |
| Above 9 months to less than 1 Year |
6.0 |
6.1 |
6.5 |
6.7 |
| 1 Year to 1 Year 6 Months |
7.0 |
7.2 |
7.5 |
7.7 |
| Above 1 Year 6 Months to 2 Years |
8.0 |
8.3 |
8.5 |
8.8 |
| Above 2 years to 998 days |
7.5 |
7.7 |
8.0 |
8.3 |
| 999 Days |
8.5 |
8.8 |
8.8 |
9.1 |
| 32 Months 27 Days to 3 Years |
7.3 |
7.5 |
7.8 |
8.0 |
| Above 3 Years to less than 5 Years |
6.8 |
6.9 |
7.3 |
7.5 |
| 5 Years* |
9.0 |
9.3 |
9.3 |
9.6 |
| Above 5 years to 10 years |
6.0 |
6.1 |
6.5 |
6.7 |
| Source: Suryoday Small Finance Bank * Only from December 6, 2022 to December 20, 2022 |