Dear readers in this article we will provide Suryoday Small Finance Bank FD Rates, and other details. Suryoday Small Finance Bank, established on January 23, 2017, is a forward thinking financial institution with a mission to serve the ‘banked,’ ‘underbanked,’ and ‘unbanked’ segments of society.
With 289 branches spanning across 8 states in India, Suryoday Small Finance Bank stands as a pioneer, being the first small finance bank in Maharashtra to receive a license from the Reserve Bank of India (RBI).
EXPLORING SURYODAY SMALL FINANCE BANK FIXED DEPOSITS
Fixed Deposits (FDs) are a secure means of investing money for a predetermined period at a fixed interest rate, typically higher than that of a savings account.
Suryoday Small Finance Bank offers various FD options tailored to meet diverse investment needs.
SURYODAY SMALL FINANCE BANK FD RATES CHART
Here are the interest rates offered by Utkarsh Small Finance Bank for Fixed Deposits (FDs)
SURYODAY SMALL FINANCE BANK FD RATES GENERAL CITIZEN
| Period | Interest Rate | Annualised Yield° |
|---|---|---|
| (Per Annum) | (%) | |
| 7 days to 14 days | 4.00% | 4.00% |
| 15 days to 45 days | 4.25% | 4.25% |
| 46 days to 90 days | 4.50% | 4.50% |
| 91 days to 6 months | 5.00% | 5.00% |
| Above 6 months to 9 months | 5.50% | 5.61% |
| Above 9 months to less than 1 Year | 6.00% | 6.14% |
| 1 Year | 6.85% | 7.03% |
| Above 1 Year to 15 months | 8.25% | 8.51% |
| Above 15 months to 2 years | 8.50% | 8.77% |
| Above 2 years to 3 years | 8.60% | 8.88% |
| Above 3 Years to less than 5 Years | 6.75% | 6.92% |
| 5 Years | 8.25% | 8.51% |
| Above 5 years to 10 years | 7.25% | 7.45% |
SURYODAY SMALL FINANCE BANK FD RATES SENIOR CITIZEN
| Period | Senior Citizen Rate # | Annualised Yield° |
|---|---|---|
| (Per Annum) | (%) | |
| 7 days to 14 days | 4.50% | 4.50% |
| 15 days to 45 days | 4.75% | 4.75% |
| 46 days to 90 days | 5.00% | 5.00% |
| 91 days to 6 months | 5.50% | 5.50% |
| Above 6 months to 9 months | 6.00% | 6.14% |
| Above 9 months to less than 1 Year | 6.50% | 6.66% |
| 1 Year | 7.35% | 7.56% |
| Above 1 Year to 15 months | 8.75% | 9.04% |
| Above 15 months to 2 years | 9.00% | 9.31% |
| Above 2 years to 3 years | 9.10% | 9.42% |
| Above 3 Years to less than 5 Years | 7.25% | 7.45% |
| 5 Years | 8.75% | 9.04% |
| Above 5 years to 10 years | 7.75% | 7.98% |
REGULAR FIXED DEPOSIT
 Minimum deposit: ₹1,000, with multiples of ₹1 thereafter.
 Tenure: Ranges from 7 days to 10 years.
 For tenures up to 6 months, interest is calculated on a simple interest basis.
 Interest is compounded for reinvested FDs.
 Loans against FDs are available.
 Premature withdrawal incurs a 1% penalty.
 Option for autorenewal.
In case of premature withdrawal, the principal and interest are credited to the depositor’s savings account with Suryoday Small Finance Bank.
NONCALLABLE FIXED DEPOSIT SCHEME
 Applicable for deposits from ₹20 lakhs to ₹1.99 crores.
 Tenure ranges from 1 year to 10 years.
 Does not allow premature closure, loans, or autorenewal.
 Offers a 0.25% higher interest rate compared to other FD schemes.
 Short term fixed deposit booking is not available under this scheme.
REGULAR TAX SAVER FIXED DEPOSIT
Unlike standard FDs, premature withdrawal is not permitted within 5 years.
Offers an income tax deduction of up to ₹1.5 lakhs under section 80C of the Income Tax Act of 1961.
Minimum deposit: ₹1,000, with multiples of ₹1 thereafter; maximum limit is ₹1.5 lakhs per annum.
 Loans and autorenewal facilities are not available.
 A nomination facility is provided.
 Senior citizens receive an additional 0.5% interest rate.
ADVANTAGES OF INVESTING IN SURYODAY SMALL FINANCE BANK FIXED DEPOSITS
 Flexible tenure options ranging from 7 days to 10 years.
 Hassle free online FD investments for existing bank account holders.
 DICGC insurance coverage up to ₹5 lakhs.
 Low minimum deposit requirement of ₹1,000.
 Senior citizens enjoy an extra 0.5% p.a. on fixed deposits.
 Beneficiary nomination facility is available.
DISADVANTAGES OF INVESTING IN SURYODAY SMALL FINANCE BANK FIXED DEPOSITS
 Fixed interest rates are not dynamic and may not keep up with inflation.
 Fixed deposits offer fixed returns, limiting the potential for higher earnings when market interest rates rise.
ELIGIBILITY CRITERIA FOR SURYODAY SMALL FINANCE BANK FIXED DEPOSITS
The following entities are eligible to open FD accounts with Suryoday Small Finance Bank:
 Individuals (singly or jointly).
 Payment banks.
 Total Administrative Service Corporation (TASC).
 Limited liability companies.
 Sole proprietary concerns.
 Members of charitable trusts.
 Educational institutions.
 Hindu Undivided Families (HUFs).
 Clubs.
 Private traders.
 Merchants.
 Agents.
 Professionals.
 Partnership firms.
 Societies and corporates.
DOCUMENTS REQUIRED FOR SURYODAY SMALL FINANCE BANK FIXED DEPOSITS
To comply with Know Your Customer (KYC) norms, the following documents are needed:
Proof of identity (e.g., PAN card, driving license, passport, voter’s ID, Aadhar card, NREGA card, or Govt./Defence ID card).
 Proof of residence (e.g., Aadhar card, ration card, domicile certificate with communication address issued by Municipal Corporation, NREGA card, senior citizen card issued by State/Central Government of India if it has an address).
 Two recent passport size photographs of account holders.
Opening an FD with Suryoday Small Finance Bank
You can open an FD with Suryoday Small Finance Bank through online or offline channels:
Online Mode (Using Internet Banking):
- Log in to the Suryoday Small Finance Bank internet banking website.
- Navigate to “Accounts and Cards.”
- Select “Term Deposits” from the menu.
- Choose the desired FD type.
- Click “Apply now” and complete the form.
- A bank representative will assist with further procedures.
Offline Mode (Visiting the Nearest Branch):
- Visit the nearest Suryoday Small Finance Bank branch.
- Collect and fill out the FD form, specifying the tenure, amount, and preferences.
- Submit the form along with copies of your Aadhar and PAN cards.
- Bank officials will process the application and create the FD account.
Premature Withdrawal of FD
 Closing an FD incurs a penalty of 1% on the principal amount and interest. The interest rate for premature withdrawal is determined by the lower of the following:
  The rate for the
 original/contracted tenure.
  The rate for the actual tenure of the FD with the bank.
Tax Implications on Suryoday Small Finance Bank FD
 Investors can claim deductions under Section 80C of the Income Tax Act of 1961, with a maximum limit of ₹1.5 lakhs from their gross taxable income.
 Taxsaving FDs with a 5year lockin period are eligible for this deduction.
 Supporting documents must be provided when filing Income Tax Returns (ITR).
TAX DEDUCTED AT SOURCE (TDS)
 TDS is applicable if FD interest exceeds ₹40,000 (₹50,000 for senior citizens) in a financial year.
 For resident customers with provided PAN card details, TDS is 10% on the interest. Without a PAN card, the bank deducts 20% annually.
FAQs
Q: How many years does it take for an FD to double in Suryoday Small Finance Bank?
To estimate when an FD will double, you can apply the “Rule of 72.” Divide 72 by the interest rate to determine the approximate doubling time.
For instance, with a 9.1% interest rate, it would take about 7.91 years.
Senior citizens, with a 9.6% rate, would see their FD double in approximately 7.5 years. These calculations are based on rates as of May 5, 2023.
Q: How can I check my fixed deposit balance in Suryoday Small Finance Bank?
You can check your Suryoday Small Finance Bank FD balance online through internet banking or visit the nearest bank branch to update your passbook for balance inquiry.
Q: Is the ₹5 lakhs DICGC insurance cover applicable to Suryoday Small Finance Bank FDs?
Yes, Suryoday Small Finance Bank FDs are covered by ₹5 lakhs of Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance.
Q: Is there a penalty for premature FD withdrawal?
Yes, if you close your FD prematurely, the bank may pay back the principal and interest at a lower interest rate or with a 1% penalty.
Q: Is TDS applicable to the interest earned on fixed deposits?
TDS does not apply to interest earnings up to ₹40,000 (₹50,000 for senior citizens) in a financial year. If your total income is below the taxable limit, you can submit Form 15G/15H when opening an FD to avoid TDS.
ALSO READ
UTKARSH SMALL FINANCE BANK FD RATES
FINO PAYMENT BANK ACCOUNT OPENING