Suryoday Small Finance Bank Boosts FD Rates to 9.25%, Deposits Surge to ₹6,484 Crore

4 Mar 2024 , 11:51 AM

Suryoday Small Finance Bank raised interest rates on fixed deposits (FD) maturing after 25 months by 41 basis points (bps) to 9.25%. Regular customers now receive 9.01%, while senior citizens get 9.25%.

The bank accepts deposits under ₹2 Crore maturing in seven days to 10 years, offering interest rates ranging from 4% to 9.01% for the general public and 4.50% to 9.25% for senior citizens.

Savings account customers in the ₹5-25 Crore slab receive interest rates of up to 7.75%. Total deposits stood at ₹6,484 Crore by the end of the October-December quarter 2023-24, marking a 38% increase from ₹4,697 Crore.

Small finance banks (SFB) in India aim to provide basic banking services to underserved sections of the economy, including small business units, small and marginal farmers, micro and small industries, and unorganized sector entities.

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