Suryoday Small Finance Bank Fixed Deposit

Suryoday Small Finance Bank is renowned for offering attractive fixed deposit schemes to its customers. Established in 2017, the bank operates across multiple Indian states, striving to provide banking services to different sections of the society, be it banked, under-banked, or unbanked.

In this blog, we shall dive deep into the various fixed deposit schemes offered by the bank, their benefits, key features, and other essential details.

1. Regular Fixed Deposit
2. Non-Callable Fixed Deposit Scheme
3. Regular Tax Saver Fixed Deposit

• Period: The FD with Suryoday Small Finance Bank ranges from 7 days to 10 years.
• Convenient: Invest in FD hassle-free using online banking.
• DICGC insurance: Up to ₹5 lakhs coverage.
• Minimum amount: Start with just ₹1,000.
• Preference to senior citizens: Additional 0.5% p.a.
• Nomination facility: Nominate beneficiaries.

Regular Fixed Deposit

• Minimum investment of ₹1,000 and in multiples of ₹1 thereafter.
• Tenure ranges from 7 days to 10 years.
• The interest will be calculated on a simple interest basis for 6 months after that, it will be calculated on a compound interest basis only for re-investment FD.
• Auto renewal facility is available if opted.
• premature withdrawal is allowed with a penalty of 1%.
• Based on tenor, the interest rate ranges from 4.00% to 8.60% for the general public and 4.5% to 9.6% for senior citizens. 

Non-Callable Fixed Deposit Scheme

• Minimum deposit of ₹20 lakhs and maximum up to ₹1.99 crores.
• Tenure from 1 year to 10 years.
• 0.25% higher rate of interest compared to other schemes.
• No premature closure, loan, or auto-renewal facility is available.
• Based on tenor, the interest rate ranges from 4.00% to 8.60% for the general public and 4.5% to 9.6% for senior citizens. 

Regular Tax Saver Fixed Deposit

• Minimum deposit of ₹1,000; maximum of ₹1.5 lakhs.
• There is a lock-in period of 5 years.
• One can get a tax deduction under section 80C of the IT Act up to ₹1,50,000.
• This scheme does not offer a loan against FD or an auto-renewal facility.
• A nomination facility is available.
• Based on tenor, the interest rate ranges from 4.00% to 8.60% for the general public and 4.5% to 9.6% for senior citizens. 

• Any person, in an individual capacity
• Payment bank
• Total Administrative Service Corporation (TASC)
• Limited liability company
• Sole proprietary concern
• Members of charitable trusts
• Educational institutions
• Hindu Undivided Family (HUF)
• Clubs
• Private traders
• Merchants
• Agents
• Professionals
• Partnerships firms
• Societies & corporates

Identity Proofs:

• PAN card
• Driving licence
• Passport
• Voter’s ID
• Aadhar card
• NREGA card
• Govt./Defense ID card

Address Proofs:

• Aadhar card
• Ration card
• Domicile certificate with communication address issued by
• Municipal Corporation
• NREGA card
• Senior citizen card (if it has an address)

Online:

• Log in to the Suryoday Small Finance Bank internet banking website.
• Go to “Accounts and Cards”.
• From the menu, select “Term Deposits”. Now select the type of FD you want to invest in.
• Click the “Apply now” tab, complete the form, and submit.

Offline:

• Visit the nearest branch of Suryoday Small Finance Bank.
• Obtain and fill up the form indicating FD details.
• Submit the form, Aadhar, and PAN card for processing.

On closing the FD prematurely, the bank deducts either a 1% penalty or pays a lower interest rate. The applicable rate is the lower of the contracted rate or the rate for the actual tenure.