Suryoday Small Finance Bank is a new-age bank that took effect on January 23, 2017. The bank aimed at providing banking services to the ‘banked’, ‘under-banked’ and ‘unbanked’ sections of society. Till now, the bank has 289 branches in 8 states in India. Suryoday is the first small finance bank to obtain a licence from the Reserve Bank of India (RBI) in Maharashtra.
|Tenure||For General Citizens (p.a.)||For Senior Citizens (p.a)|
|7 days to 14 days||4%||4.5%|
|15 days to 45 days||4.25%||4.75%|
|46 days to 90 days||4.5%||5%|
|91 days to 6 months||5%||5.5%|
|Above 6 months to 9 months||5.5%||6%|
|Above 9 months to less than 1 Year||6%||6.5%|
|Above 1 Year to 15 months||8.25%||8.75%|
|Above 15 months to 2 years||8.5%||9%|
|Above 2 years to 3 years||8.6%||9.1%|
|Note: All interest rates are updated as of 1st Aug 2023|
Fixed Deposits (FDs) are a secure way of investing wherein you can deposit your money for a fixed period at a predetermined fixed rate of interest which is usually higher than a savings bank account.
Regular Fixed Deposit
You can start a standard FD with a minimum investment of ₹1,000 and, after that, in multiples of ₹1. The tenure of this deposit ranges from 7 Days to 10 years. For a tenure of up to 6 months, the calculation will be on a simple interest basis. Interest will be compounded only for reinvestment of FDs. Investors can also avail of loans against their FDs. In the event of premature withdrawal, the penalty is 1%. The option of auto-renewing the FD is available. If not opted, the principal and interest are paid back to the depositor's savings account with the Suryoday Small Finance Bank.
Non-Callable Fixed Deposit Scheme
This scheme is for deposits of minimum ₹20 lakhs and up to ₹1.99 crores. The scheme's tenure is from 1 year to 10 years, wherein premature closure, loan, or auto-renewal is not allowed. Since premature closure is not allowed, this scheme offers a 0.25% higher rate of interest in comparison to other FD schemes. Short-term fixed deposit booking is not available in this product.
Regular Tax Saver Fixed Deposit
Unlike standard FDs, investors can not withdraw their deposits before 5 years but, in a given financial year, can avail of income tax deduction of up to ₹1.5 lakhs under section 80C of the Income Tax Act of 1961. The minimum deposit amount is ₹1,000 and multiples of ₹1 after that, while the maximum is ₹1.5 lakhs. Loans against this scheme and auto-renewal facilities are not available. A nomination facility is available; in case of joint deposits, the tax benefit under 80C will be available only to the first holder of the deposit. Senior citizens get an additional 0.5% rate of interest.
The following are eligible to open their fixed deposit accounts with Suryoday Small Finance Bank:
Banks require the below-listed documents for completing the mandatory Know Your Customer (KYC) procedure before opening an account for its customer.
You can open FD in Suryoday Small finance bank either by online or offline mode:
Using Suryoday Small Finance Bank Internet banking website:
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 select the type of FD you want to invest in.
Step 4: Click the “Apply now” tab and a form will appear. Fill out the form and submit it. The bank’s representative will reach you for further procedure.
Offline by visiting the nearest Branch:
Step 1: Visit the nearest branch of Suryoday Small Finance Bank
Step 2: Obtain and fill up the form indicating the FD tenure, amount and other preferences
Step 3: Submit the form and a copy of your Aadhar and PAN card; the bank officials will process the form and create an FD.
According to the Income Tax Act of India of 1961, taxpayers can seek deductions under Section 80C if they invest in FDs.
In a given financial year, a taxpayer can avail tax deduction to a maximum of ₹1.5 lakhs from their gross taxable income, provided the following conditions are fulfilled:
When filing the Income Tax Returns (ITR), the taxpayer can provide supporting documents to avail tax benefits on FDs.
Tax Deducted at Source (TDS)
To know how many years Suryoday Small Finance Bank Bank FD will double, we can follow the 72 rule. We have to divide 72 by the interest rate; the result will be the number of years Suryoday Small Finance Bank Bank FD will double. The highest Suryoday Small Finance Bank FD interest rate is 9.1%, so that investors will double their investment in 7.91 years. Similarly, senior citizen depositors will double their FD investment in 7.5 years, where the highest FD rate for senior citizens is 9.6%. This calculation is as of May 5, 2023.
You can check Suryoday Small Finance Bank FD balance online or offline. Log in to the Suryoday Small Finance Bank internet banking portal for online mode. Alternatively, you can visit the nearest Suryoday Small Finance Bank bank to update your passbook for FD balance enquiry.
Yes. ₹5 lakhs Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance cover is applicable on Suryoday Small Finance Bank FD.
Yes, if you wish to close your fixed deposit account, the bank will pay you back the principal amount and the interest either at a lower interest rate or after deducting a 1% penalty.
TDS (Tax Deducted at Source) does not apply to the interest earned up to ₹40,000 (₹50,000 for senior citizens) in a given financial year. If the investor’s total income is lower than the taxable limit, they can furnish Form 15G/15H when opening an FD account to avoid TDS.
Disclaimer: The calculator and the results of the same are based on information inputted by you and extracted from third party sources. The information on this page is for illustrative purposes only and does not amount to any investment advice or recommendation. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. The information displayed on this page does not constitute an invitation to invest in any product nor is it a promise of performance. Interest rates are not updated in real time and you are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions.