Suryoday Small Finance Bank (SFB) has hiked interest rates on fixed deposits by 25-52 basis points (bps), effective November 2, 2022, across all tenures. Following the revision, the bank is now accepting deposits of less than Rs 2 crore maturing in 7 days to 10 years at an interest rate of 4 per cent to 8.01 per cent for the general public and 4.50 per cent to 8.26 per cent for senior persons.
Regular customers can now get an 8.01 percent interest rate on 999 days deposits, while senior people can get an 8.26 percent interest rate. “This is the highest interest rate that the bank offers to its customers, also your deposits are backed by DICGC in this bank, making an investment decision soon will result in addressing your mid-term goals of 999 days,” the bank said in a statement.
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Suryoday Small Finance Bank’s Latest FD Interest Rates:
7 days to 14 days: 4.00 per cent for General Public; 4.50 per cent for Senior Citizens
15 days to 45 days: 4.25 per cent for General Public; 4.75 per cent for Senior Citizens
46 days to 90 days: 4.50 per cent for General Public; 5.00 per cent for Senior Citizens
91 days to 6 months: 5.00 per cent for General Public; 5.50 per cent for Senior Citizens
6 months to 9 months: 5.50 per cent for General Public; 6.00 per cent for Senior Citizens
More than 9 Months to less than 1 Years: 6.00 per cent for General Public; 6.50 per cent for Senior Citizens
1 Year to 1 Year 6 months: 7.00 per cent for General Public; 7.50 per cent for Senior Citizens
More Than 1 Year 6 months to 2 Years: 7.51 per cent for General Public; 8.01 per cent for Senior Citizens
Above 2 Years to 998 Days: 7.51 per cent for General Public; 8.01 per cent for Senior Citizens
999 Days: 8.01 per cent for General Public; 8.26 per cent for Senior Citizens
32 Months 27 Days to 3 Years: 7.25 per cent for General Public; 7.75 per cent for Senior Citizens
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More Than 3 Years to less than 5 Years: 6.75 per cent for General Public; 7.25 per cent for Senior Citizens
5 Years: 6.75 per cent for General Public; 7.25 per cent for Senior Citizens.
Meanwhile, recently, leading private sector lender Axis Bank also announced an interest rate hike on FDs under Rs 2 crore. The bank raised the interest rates by up to 115 basis points for selected tenure, effective November 5.
With the new rates, Axis Bank’s FD rates now range between 3.5 to 6.5 per cent for the general public and 3.5 to 7.25 per cent for senior citizens. While the interest rate offered on a tenure slab of 7 days to 45 days remains at 3.50 per cent, deposits maturing in 46 days to 60 days will now have an interest rate hike by 50 bps, from 3.50 to 4 per cent. There has been an interest rate hike by 50 bps on deposits with a tenure of 61 days to 3 months, too.
The bank will now offer an interest rate of 4.50 per cent on these deposits. An interest rate of 4.50 per cent can now be availed on deposits maturing in 3 to 6 months, up by the 4.25 per cent interest rate in effect earlier. Axis Bank has pushed up the interest rate on deposits maturing in 6 months to 9 months, taking it to 5.50 per cent. The bank will offer a 5.75 per cent interest rate on deposits maturing in 9 months to a year.
