5-year FDs offer 7.90% return; another bank revised interest rates in February

 

Another small finance bank has revised its FD interest rates this month. The new rates have come into effect. Senior citizens are also receiving additional returns. Let’s find out how much interest will be earned on investments for how long?

The trend of changes in fixed deposit interest rates continues. Suryoday Small Finance Bank has implemented new FD rates. After the changes, it is offering interest rates ranging from 4% to 7.90% for general citizens. All banks periodically revise interest rates. Therefore, it is advisable to visit the bank’s official website or nearest branch before investing.

The bank is also offering 20 bps additional interest to senior citizens. Those aged 60 years and above are getting returns ranging from 4.20% to 7.90%. However, this facility is available only to resident Indians.

The highest interest rate will be available on a tenure of this length.

The bank offers the highest return on a 5-year tenure. However, senior citizens do not receive any additional return on this maturity slab. The second highest rate is for an 18-month tenure. The bank offers 7.50% interest for general citizens and 7.70% for senior citizens. The bank offers a 7.25% return on a 1-year investment, while the interest rate for senior citizens is 7.45%.

Know these rules

If a customer opens a fixed deposit with this bank, simple interest is paid upon maturity for deposits of 6 months or less. Interest is paid quarterly for tenures longer than 6 months. Reinvestment interest is calculated every quarter and added to the principal amount to ensure interest is paid on the interest earned in the previous quarter. For monthly deposit schemes, interest will be calculated quarterly. There will be no premature exit penalty for cumulative fixed deposits booked for a period of 1 year.

Tenure-wise interest rates

7 days to 14 days – 4%
15 to 45 days – 4.25%
46 to 90 days – 4.50%
91 days to 6 months – 5%
6 months 1 day – 6.50%
6 months and more than 1 day and up to 9 months – 5.50%
More than 9 months and less than 1 year – 6%
1 year – 7.25%
More than 1 year and less than 13 months – 7.25%
18 months – 7.50%
More than 18 months and up to 2 years – 7.25%
More than 2 years and up to 3 years – 7.25%
More than 3 years and less than 5 years – 6.75%
5 years – 7.90%
More than 5 years and up to 10 years – 7.25%