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Senior Citizens Fixed Deposit Interest Rates in Suryoday Small Finance Bank

Updated 19 Dec 2023

Suryoday Small Finance Bank, while newer to the banking sector, has rapidly garnered trust and reliability. Emphasizing the financial well-being of senior citizens, Suryoday ensures that its FD schemes are tailored to offer senior citizens better financial prospects. Delve into how senior citizens gain from attractive interest rates at Suryoday.

Features of Suryoday Senior Citizen FD

  • Enhanced Interest Rates: Senior citizens typically receive a bonus interest rate on top of the regular FD rates. The specific rate hinges on the bank's current offerings.
  • Qualification: Only individuals 60 or older can establish a senior citizen FD account.
  • Duration: Depositors can choose from a diverse range of FD durations, usually between 7 days and 10 years.
  • Early Withdrawal: Although penalties may apply, senior citizens often benefit from more accommodating terms for premature FD closures.
  • Borrowing Options: Like other depositors, senior citizens have the privilege of securing loans against their FDs.
  • Beneficiary Assignment: The bank allows a beneficiary to inherit the FD funds after the account holder's passing.
  • Tax Deduction at Source (TDS) Implications: Earnings from interest are taxable under Indian tax regulations. Yet, by submitting Form 15H, eligible senior citizens can avoid TDS deductions.
  • Automatic Renewal: Banks often feature an automatic renewal mechanism, ensuring the FD's continuation post-maturity unless directed otherwise.
  • Deposit Limits: The deposit range for a senior citizen FD can differ. While a minimum threshold is often set, a maximum limit might be absent.
  • Unique Offerings: Periodically or based on bank initiatives, exclusive perks or attributes tailored for senior citizens may be presented.

Suryoday Small Finance Bank FD Interest Rate for Senior Citizens

TenureSenior Citizen FD Rate
7 days - 14 days4.50%
15 days - 1 month 14 days4.75%
1 month 15 days - 2 months 29 days5.00%
2 months 30 days - 5 months 27 days5.50%
5 months 28 days - 9 months6.00%
9 months 1 day - 11 months 29 days6.50%
11 months 30 days - 11 months 30 days7.35%
1 year - 2 years 8 months 24 days8.75%
1 year - 1 year 2 months 29 days8.80%
1 year 2 months 30 days - 1 year 11 months 30 days9.00%
2 years - 2 years 11 months 30 days9.10%
2 years 8 months 25 days - 2 years 8 months 25 days9.00%
2 years 8 months 26 days - 2 years 11 months 30 days7.75%
3 years - 4 years 11 months 28 days7.30%
4 years 11 months 29 days - 4 years 11 months 29 days9.60%
4 years 11 months 30 days - 9 years 11 months 28 days7.80%

Note: All interest rates shown above are as on 4th Aug 2023


  • The account holder must be a resident individual of India.
  • Must be 60 years old or above at the time of starting the FD.
  • The offer is exclusively for senior citizens, not applicable to NRIs or institutional entities.

Documents Required to Open a Suryoday Fixed Deposit for Senior Citizens

Identity Proof

  • Aadhaar card
  • Voter ID
  • Ration card
  • Passport
  • PAN card
  • Driving Licence


Address Proof

  • Bank Statement
  • Cancelled Cheque
  • Utility Bills


Is there a special scheme for senior citizens?

Yes, Ujjivan Small Finance Bank  offers a unique 'Senior Citizen Care' FD, which is designed to provide added advantages over the standard FD schemes.

Can I break my Senior Citizen FD prematurely?

Yes, although doing so might result in a penalty. It's advisable to confirm specifics with the bank.

Is TDS applicable on the interest earned from Senior Citizen FD?

Yes, TDS is levied if the cumulative interest earned during a fiscal year crosses the threshold set by the Income Tax department.


Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.

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