Senior Citizen : Recently, major banks like SBI, HDFC, and ICICI have been reducing interest rates on fixed deposits (FDs). In contrast, Suryoday Small Finance Bank (SSFB) has increased FD interest rates by up to 41 basis points on FDs under ₹3 crore, giving investors the opportunity for higher returns. This step comes at a time when other big banks are reducing their interest rates, making SSFB an attractive option for investors.

New FD Interest Rates by Suryoday Small Finance Bank

According to the bank’s new rates, general customers will now receive interest rates ranging from 4% to 8.60% on FDs. Meanwhile, senior citizens will get 4.5% to 9.10% interest.

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1. For a 5-year and 1001-day FD:

   

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   • General customers will receive 8.60%

   • Senior citizens will receive 9.10%

2. For a 1-year FD:

   • General customers will receive 7.90%

   • Senior citizens will receive 8.40%

3. For a 15-month FD:

   • General customers will receive 8.00%

   • Senior citizens will receive 8.50%

4. For an 18-month FD:

   • General customers will receive 8.25%

   • Senior citizens will receive 8.75%

5. For a 30 to 36-month FD:

   • General customers will receive 8.40%

   • Senior citizens will receive 8.90%

6. For long-term FDs (up to 10 years):

   • General customers will receive 7.25%

   • Senior citizens will receive 7.75%

Attractive Interest Rates on Recurring Deposits (RD)

SSFB has also introduced attractive interest rates on its Recurring Deposit (RD) plans.

• For a 12-month RD:

  • General customers will receive 7.90%

  • Senior citizens will receive 8.40%

• For a 5-year RD:

  • General customers will receive 8.60%

  • Senior citizens will receive 9.10%

Suryoday Small Finance Bank FD and RD Plans: A Safe Investment Option

Suryoday Small Finance Bank’s FD and RD plans could be an excellent option for those looking for safe investments with better interest rates. Additionally, all the bank’s fixed deposits are covered under DICGC insurance, providing each depositor with protection up to ₹5 lakh.

Beneficial for Senior Citizens

While many banks are cutting their interest rates, Suryoday Small Finance Bank’s special plans for senior citizens offer them better returns. If you are a senior citizen, this could be an excellent investment option for you. However, it is important to check the bank’s rating and financial stability before investing.

Conclusion

If you want to keep your money safe and earn good returns, Suryoday Small Finance Bank’s FD and RD plans could be an excellent option for you. Especially for senior citizens, the higher interest rates offer better benefits. So, taking advantage of these plans can help you grow and secure your savings.

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