Suryoday Small Finance Bank has announced revised interest rates on their fixed deposit schemes. According to the Suryoday Small Finance Bank FD Rates 2024, senior citizens receive 9.25% interest, and the FD rates are effective from 1st March 2024.
Many banks offer high interest rates on fixed deposits, and some have introduced special schemes that offer even higher rates. Suryoday Small Finance Bank offers the highest interest rate on deposits, with senior citizens receiving even more interest. Let’s take a look at how much you could earn if you deposit one lakh.
In response to the Reserve Bank of India’s successive repo rate increases, banks have been raising their loan interest rates while raising fixed deposit interest rates to relieve customers. Since March 2022, the repo rate has increased by 250 basis points from 4% to 6.50%. As a result, many banks offer the highest interest rates on deposits, with some introducing special deposit schemes that offer even higher rates. Suryoday Small Finance Bank currently offers the highest interest rate on deposits, with a maximum of 9.25% for senior citizens.
Suryoday Small Finance Bank FD Rates 2024
Here are the interest rates on deposits below two crores, effective from March 1, 2024. For general citizens, interest rates range from a minimum of 4% to a maximum of 9.01% on deposits of 7 days to 10 years. Senior citizens can earn interest rates ranging from 4.50% to 9.25%.
Regular citizens receive 4% interest on 7-14 day deposits, while senior citizens receive 4.50% interest. For deposits of 15-45 days, regular citizens receive 4.25% interest, and for 46-90 days, they receive 4.50%. Interest rates rise to 5% for deposits of 91 days to 6 months and 5.50% for FDs of 6 months to 9 months.
For term deposits of 9 months to less than a year, regular citizens receive 6% interest, while senior citizens receive 6.85% interest on one-year tenure FD. Deposits of 1 year to 15 months earn 8.25% interest, 15 months to 2 years earn 8.50%, two years to 2 years and one day earn 8.60%, and deposits of 2 years and two days earn 8.65%.
This Suryoday Small Finance Bank mostly offers general citizens 9.01% interest on fixed deposits of 25 months, while senior citizens receive 9.25%.
For example, if a general citizen deposits Rs. 1,00,000 for 25 months at 9.01% interest, they will receive Rs. 18,322, bringing the total to Rs. 1,18,322. However, if a senior citizen deposits the same amount at 9.25% interest, they will receive Rs. 18,810, bringing the total to Rs. 1,18,810.
To get additional information, you are advised to visit a nearby branch channel of Suryoday Small Finance Bank or visit their official website.
