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How to Open Suryoday Small Finance Bank Fixed Deposit Account

Updated 05 Sep 2023

Many look for a safe and secure way to grow their investments in today's volatile financial markets. One such reliable avenue is the Fixed Deposit (FD). The Suryoday Small Finance Bank, renowned for serving diverse sections of society, offers attractive FD schemes.

 

This guide will walk you through the steps to open an FD account with them, the eligibility criteria and required documents, and address some frequently asked questions.

How to Open an FD account in Suryoday Small Finance Bank

You can initiate an FD in Suryoday Small Finance Bank through online or offline modes:

 

Online Mode

Step 1: Log in to the Suryoday Small Finance Bank internet banking website.
Step 2: Go to “Accounts and Cards”.
Step 3: From the menu, select “Term Deposits”. Now choose the type of FD you want to invest in.
Step 4: Click the “Apply now” tab and a form will appear. Complete the form, and the bank’s representative will contact you for the subsequent process.

 

Offline Mode

Step 1: Visit the nearest branch of Suryoday Small Finance Bank.
Step 2: Obtain and complete the form indicating the FD tenure, amount, and other preferences.
Step 3: Submit the form along with a copy of your Aadhar and PAN card; the bank officials will process your request and create the FD.

Eligibility Criteria

The following can open fixed deposit accounts with Suryoday Small Finance Bank:

  • Any person, individually
  • 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
  • Agent
  • Professionals
  • Partnerships firms
  • Societies & corporates.

Documents Required:

Identification proof

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

Address proof

  • Aadhar card
  • Ration card
  • Domicile certificate with communication address issued by Municipal Corporation
  • NREGA card
  • or senior citizen card issued by State/Central Government of India (if it contains an address).

Two recent passport-size photographs of the account holder(s).

FAQs

In how many years will the FD double in Suryoday Small Finance Bank?

Using the 72 rule, divide 72 by the interest rate. The highest Suryoday Small Finance Bank FD interest rate is 9.1%, so investors will double their investment in 7.91 years. Senior citizens will double their FD investment in 7.5 years, given the highest FD rate for them is 9.6%. (Calculation as of May 5, 2023)

How to check the fixed deposit balance in Suryoday Small Finance Bank?

You can log in to the Suryoday Small Finance Bank internet banking portal or visit the nearest branch to update your passbook for an FD balance enquiry.

Is the ₹5 lakhs DICGC insurance cover applicable on Suryoday Small Finance Bank FD?

Yes, the ₹5 lakhs Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance cover is valid for Suryoday Small Finance Bank FD.

Is there any penalty in case of premature withdrawal of FD?

Yes, a penalty is applied if you opt for premature withdrawal. The bank will return the principal amount and the interest at a reduced rate or after deducting a 1% penalty.

Is TDS applicable to the interest earned on the fixed deposit?

TDS will not be applied to interest earned up to ₹40,000 (₹50,000 for senior citizens) in a fiscal year. If your total income is below the taxable limit, you can submit Form 15G/15H when opening an FD account to prevent TDS deduction.

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