Suryoday Small Finance Bank (SSFB) Joins Hand with Tarrakki to offer digital fixed deposits

Suryoday Small Finance Bank has partnered with Tarrakki, a new fintech platform, to develop and offer digital fixed deposits. Through this relationship, Tarrakki will assist in developing tech products that surpass older systems, allowing SSFB to swiftly onboard new customers and offer digital fixed deposit products. This collaboration will take the shape of software development kits (SDKs) and white-label services. Suryoday Small Finance Bank is a premier new-age digital bank in India, committed to digital products that improve client centricity.

This next-generation platform, driven by Tarrakki, will reduce the cost and time necessary for product launches by the bank and its partners. It includes mobile and web apps with no code and secure SDKs.

“Our tie-up with Suryoday Small Finance Bank is an important milestone in our journey in digital finance. We are confident that Suryoday Small Finance Bank will pave the path for India’s banking revolution. We are working on many plans to introduce industry-first products,” Saumya Shah, Co-Founder Tarrakki, said. Tarrakki’s partners have been able to save over 80% costs and go to market 8-10x quicker by using the Tarrakki stack

For Suryoday Small Finance Bank, this partnership is a significant step in becoming a digital-first bank. “We believe that the launch of our neo-banking stack, in association with Tarrakki, will help build operational efficiencies and achieve the next level scale. The aim is to tap the market faster with a solid digital portfolio,”Vishal Singh, Chief Information Officer& Head Digital Banking of Suryoday Small Finance Bank said.

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Tarrakki aggregates and offers a variety of products, including mutual funds, fixed deposits from top banks and NBFCs, and more, all under one roof. The agreement benefits both organisations since Suryoday wants to go digital for its next phase of deposit growth, and Tarrakki’s IT experience can help it along the way. The collaboration would also enable Suryoday Small Finance Bank to broaden its reach through digital collaborations. The bank reported a 47.3% year-on-year (YoY) increase in net profit to ₹70.1 crore for the first quarter ended June 30, 2024. This relationship demonstrates the bank’s commitment to digital innovation and growth.