Suryoday Small Finance Bank (SSFB) updated fixed deposit interest rates from August 7, 2023. The 5-year interest rate was reduced by 85 basis points (bps).
Following the modification, the bank is now taking deposits of less than Rs 2 crore maturing in 7 days to 10 years at a rate of 4.00 per cent to 8.60 per cent for the general public and 4.50 per cent to 9.10 per cent for senior persons. Regular clients can now obtain an 8.60 per cent interest rate on deposits of 2 to 3 years, while senior people can get a 9.10 per cent interest rate. Customers with savings accounts worth more than Rs 5 lakhs but less than Rs 2 crore can earn interest rates of up to 7 per cent. This is the highest interest rate available to the bank’s customers.
The minimum duration for earning FD interest is seven days. The bank also changed the interest rates on its recurring deposits. Regular consumers will receive 8.25 per cent p.a. interest rates for retaining a recurring deposit amount for up to five years, while senior people will receive 8.75 per cent interest rates. The interest rate on a five- to ten-year RD is 7.25 per cent for regular consumers and 7.75 per cent for older customers.
Interest on cumulative deposits is compounded quarterly on the completion of correct quarters. The amount is determined proportionate to the period in the quarter for the broken period beyond completed quarters. The offered rate will apply to FDs booked under short-term regular packages.
In the event of a premature withdrawal, interest is calculated on the principal amount for completed quarters, and then for the balance term, interest is calculated on completed months and then on an actual number of days for incomplete months.
In the event of a premature withdrawal for the purpose of closing, renewing, or partially withdrawing a term deposit, interest shall be paid for the period the deposit remained with the bank at the rate of interest prevailing on the date the deposit was booked for such tenor, less the relevant penalty of 1%.