Suryoday SFB hikes FD rates up to 226 bps, senior citizens earn as high as 9.26%

The general public can earn a maximum of up to 9.01% on FDs below ₹2 crore, while senior citizens enjoy a much higher rate of return on their FDs up to 9.26%.

In its statement, the SFB said, interest rates across 3 tenures were hiked by 50 to 226 basis points (bps).

The SFB further highlighted that the bank is now accepting deposits of less than ₹2 crore maturing in 7 days to 10 years at an interest rate of 4% to 9.01% to the public and 4.50% to 9.26% to senior citizens.

It said, this is the highest interest rate that the bank offers to its customers and your deposits are backed by DICGC, making an investment decision soon will also address your mid-term goals of 5 years.

Let’s check the FD rates in detail:

For general category, a 9.01% rate is offered on 5-year tenure, while the bank is giving 8.51% on 999 days tenure, and 8.01% on above 1 year 6 months to 2 years. Further, the bank offers 7.51% on above 2 years to 998 days, 7.25% on 32 months 27 days to 3 years, and 7% on 1 year to 1 year and 6 months. The rate is 6.75% on above 3 years to less than 5 years tenure, while the rate is 6% on above 5 years to 10 years tenure. The interest rates vary from 4% to 6% on FDs maturing from 7 days to less than 1 year.

For senior citizens, the bank offers rates as high as 9.26% on 5 years tenure, while the rates are 8.76% on 999 days, 8.51% on above 1 year 6 months to 2 years, and 8.01% on above 2 years to 998 days. Further, the elderlies can earn up to 7.75% on 32 months 27 days to 3 years, 7.50% on 1 year to 1 year 6 months, and 7.25% on above 3 years to less than 5 years tenure. The rate is 6.50% on the above 5 years to 10 years tenure. Rates range from 4.50% to 6.50% on FDs maturing from 7 days to less than 1 year.

Also, the bank launched a one-time promotional offer for a 5-year deposit and this limited offer is available for 15 days. The validity period will be from December 6 to December 20, 2022.

SFB is one of the fastest-growing small finance banks with more than 564 banking outlets across 13 states and Union territories and 5085 employee strength and s and 1.64 million customers. SSFB bank offers the highest returns on fixed and savings bank deposits.