FD Interest Rate: Suryoday Small Finance Bank (SSFB) has changed the interest rates on Fixed Deposits. The bank has increased the interest rates on fixed deposits (FDs) of Rs 2 crore from one to five years by 49 to 160 basis points (BPS).
The bank said in a statement that the new interest rates have become effective from May 5. The bank is offering more than 9 percent interest on FD. Senior citizens will get an additional interest of 50 basis points.
Additional interest to senior citizens
Suryoday Small Finance Bank is offering an interest of more than 9 percent on fixed deposits maturing in 999 days and five years. After the change in interest rates, the bank is offering interest between 4.00 per cent to 9.10 per cent on FD to the general public. The bank is offering interest ranging from 4.50 per cent to 9.60 per cent to senior citizens on FDs of less than Rs 2 crore for a tenure of seven years to 10 years.
Rates were increased in March as well
Suryoday Small Finance Bank had earlier changed its FD interest rates in March 2023. The bank had then increased interest rates by 75 to 125 basis points for FDs ranging from five to 10 years. Apart from this, the bank had also increased the interest on savings account by 200 basis points. SSFB is offering interest at the rate of up to 7.00 per cent to its savings account customers in the slab of Rs 5 lakh to Rs 2 crore.
These banks are also offering strong interest
Apart from SSFB, Unity Small Finance Bank is offering an interest rate of 9.50 per cent on FDs maturing in 1,001 days for its senior citizen customers. At the same time, for others, the bank is offering interest at the rate of 9 per cent on FDs of the same duration. Utkarsh Small Finance Bank is also offering 9 percent interest rate on FDs maturing in 700 days for its senior citizens. At the same time, for others, the interest rate on deposits of the same duration has been fixed at 8.25 percent.
In the last financial year, the Reserve Bank had increased the repo rate continuously. Due to this, banks also increased the interest rates of their FDs. In the current financial year, the central bank has not yet increased the repo rate.
