Suryoday Small Finance Bank announced on March 4 that it has increased its interest rates on fixed deposits (FD) maturing after 25 months by 41 basis points (bps) to 9.25 percent. According to a press release from the bank, regular customers will now receive an interest rate of 9.01 percent, while senior citizens will enjoy a rate of 9.25 percent.
The bank stated, “Deposits of less than Rs 2 crore with maturity periods ranging from seven days to 10 years are now accepted at interest rates varying between 4 percent and 9.01 percent for the general public and between 4.50 percent and 9.25 percent for senior citizens.”
Furthermore, the bank is providing savings account customers in the Rs 5-25 crore bracket with interest rates of up to 7.75 percent.
As of the October-December quarter of 2023-24, the bank’s total deposits surged by 38 percent to reach Rs 6,484 crore compared to Rs 4,697 crore.
