Suryoday Small Finance Bank starts banking operations

India Infoline News Service | Mumbai | January 30, 2017 14:29 IST

Suryoday Small Finance Bank would perhaps be the first bank that will credit interest on a monthly basis to its Savings Bank account holders.

R Baskar Babu
With the recent launch of its first branch in Belapur, Navi Mumbai, Suryoday Small Finance Bank (formerly Suryoday Micro Finance Ltd) has entered into the banking space; and will offer an attractive deposit rate of up to 9.75 % for senior citizens. Besides this, Suryoday Small Finance Bank would perhaps be the first bank that will credit interest on a monthly basis to its Savings Bank account holders.
 
True to its tag line – ‘A Bank of Smiles’ - the Interest rates on Fixed Deposits ranging from 9.00% to 9.75% for a tenor of one to two years will bring in a lot of ‘Smiles’. For Savings Accounts deposits up to Rs. 1 lakh, the interest rate will be 6.25%. For deposits ranging from Rs. 1 lakh to Rs. 10 lakh, the interest rate would be 7.25%, and for deposits above Rs. 10 lakh, the interest is fixed at 7.00%.
 
On the launch, R Baskar Babu, MD and CEO, Suryoday Small Finance Bank (SSFB) said, “Over the next couple of months, we will launch branches across Maharashtra, Tamil Nadu, Odisha, Karnataka, Gujarat and Madhya Pradesh. Our focus will be on granular deposits to start with. We want to make it even more special for our senior citizens with a higher interest and a steady stream of income as we will be crediting interest on a monthly basis. Our emphasis will be on delivering suitable asset products to our target clientele with best service standards.”
 
Baskar Babu further said, “We will have 10 Bank branches by March 2017 and by June 2017 we should be having about 25 bank branches, going up to 90 by March 2018. Our existing 226 Door Step Service Centers will also be converted to banking outlets in the next 12 to 18 months.” He added, “At Suryoday, we are committed to ‘Inclusive Banking’ and our focus will be on ‘Customer Experience’ whether it is in the digital space or in the branch banking space. Initial emphasis on retail customers would include our existing Micro Finance Customers.”
 
Suryoday plans to offer the entire suite of permitted banking products to its customers.
 
Suryoday has deployed best-in-class technology solutions that are scalable and flexible to adapt to the dynamic and changing environment. It has chosen FIS as its technology partner and the solution architecture has CRM at the forefront of all customer transactions to ensure a unified 360-Degree view. While Internet and Mobile Banking applications are already live, other solutions such as Tab-Banking for e-KYC based account opening and field transactions would be implemented in the next few weeks.
 

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