Summary of this article
Suryoday Small Finance Bank revised its fixed deposit rates on August 15, 2026.
It offers senior citizens a maximum of 8.50 per cent interest on FD tenure of five years.
The SFBs are covered under DICGC insurance.
Amid constant market volatility, if a bank offers a deposit rate of 8.50 per cent on its fixed deposit (FD), would you go for it? On Independence Day, August 15, Suryoday Small Finance Bank (SFB) updated its FD rates, offering senior citizens (60 years and above) up to 8.50 per cent. The bank is offering a deposit rate of 8.25 per cent to the general public (people less than 60 years of age).
Typically, banks charge a penalty on premature FD withdrawal, but in the case of this bank, accountholders can enjoy no premature withdrawal penalty on selected tenure FDs.
The Bank said through a notification on its website, “Premature withdrawal of Cumulative Payout Fixed Deposits booked for 1-year tenure will not attract any penalty charges.”
The same benefit is available on the 5-year FD with the bank as well.
“Premature withdrawal of Cumulative and Quarterly Payout Fixed Deposits booked for 5-year tenure will not attract any penalty charges,” the notification said.
Here are the effective deposit rates by Suryoday SFB after the revision for seniors.
4.15 per cent for 7-14 days
4.40 per cent for 15-45 days
4.65 per cent for 46-90 days
5.15 per cent for 91 days to six months
6.65 per cent for six months and one day
5.65 per cent for above six month one day to nine months
6.15 per cent for above nine months to less than one year
7.40 per cent for one year
7.40 per cent for one year to less than 18 months
7.95 per cent for 18 months
7.40 per cent for more than 18 months to two years
7.40 per cent for more than two years to less than 30 months
8.25 per cent for 30 months
7.40 per cent for 30 months to three years
6.90 per cent for more than three years to less than five years
8.50 per cent for five years
7.40 per cent for above five years to 10 years
These rates are for callable FDs below Rs 3 crore and can be withdrawn before maturity.
The yield on the highest deposit rate FD for senior citizens (five-year FD offering 8.50 per cent) comes out to be 8.77 per cent if the fund is not withdrawn before maturity. Similarly, for the general public, the highest yield can go up to 8.51 per cent on an FD of the same tenure.
While considering bank FDs, one needs to know that SFBs are covered under the Deposit Insurance and Credit Guarantee Corporation (DICGC) cover for up to Rs 5 lakh, including the aggregate funds lying in the savings and current accounts, and fixed and recurring deposits, per bank.
