In a steady climb, bank fixed deposit (FD) interest rates have seen a consistent rise since last year, driving a surge in FD investments.
Investors now enjoy the highest returns following Suryoday Small Finance Bank’s latest FD rate announcement.
The bank has revamped its FD interest rates, offering a window to invest in FDs spanning 7 days to 10 years.
Notably, select FD periods have been adjusted, granting investors an impressive interest of up to 9.1%.
These new rates take effect from August 7th, 2023.
Suryoday Small Finance Bank’s Revised FD Rates
Under the revised rates from Suryoday Small Finance Bank, the general public can earn interest ranging from 4.00% to 8.60% for FD tenures spanning 7 days to 10 years.
For senior citizens, the rates range from 4.50% to 9.10% for the same tenure range.
These rates are applicable to FDs totaling less than Rs 2 crore.
For periods exceeding 9 months but less than 1 year, a 6.00% interest rate is available to general customers, with senior citizens benefitting from a 6.50% interest rate.
Investments held for 1 year to 15 months yield 8.25% interest for the general populace and 8.75% for senior citizens.
A term of 5 to 10 years attracts a 7.25% interest rate for regular customers and 7.75% for senior citizens.
For a 5-year investment, both general and senior citizens receive 8.25% and 8.75% interest, respectively.
The duration of 2 to over 3 years garners an interest of 8.60% for the general public and 9.10% for senior citizens.
Navigating Investment Safety in Smaller Banks
Concerns over the safety of investing in smaller banks are addressed by RBI regulations.
Deposits of up to Rs 5 lakh in small finance banks are insured, providing customers protection in the event of a bank collapse.
However, prudent consideration of the risk appetite of the specific Small Finance Bank is advised for investments exceeding this limit.
