FD Rates Hike: At a time when major banks like SBI, HDFC, and ICICI are slashing fixed deposit (FD) interest rates, Suryoday Small Finance Bank has gone against the tide and increased its FD rates by up to 41 basis points, offering one of the highest returns on FDs in the current market.
Under the revised rates, senior citizens can now earn up to 9.10% per annum on select FD tenures, while regular customers can fetch up to 8.60%, particularly for 5-year and 1001-day fixed deposits. The move comes as a welcome relief for depositors looking for stable, high-yield returns amid rate cuts from larger lenders.
FD Rate Hike
- 1-Year FD: 7.90% for general customers, 8.40% for senior citizens
- 15-Month FD: 8.00% (general), 8.50% (senior citizens)
- 18-Month FD: 8.25% (general), 8.75% (senior citizens)
- 30–36 Month FD: 8.40% (general), 8.90% (senior citizens)
- 5-Year FD: 8.60% (general), 9.10% (senior citizens)
- 10-Year FD: 7.25% (general), 7.75% (senior citizens)
RD Rates Also See a Boost
Suryoday has also raised interest rates on Recurring Deposits (RDs). A 5-year RD now earns 8.60% for regular depositors and 9.10% for seniors, matching the best FD rates. Even short-term RDs like 12 months are offering 7.90%–8.40%, making them a lucrative option.
Safe Investment Backed by DICGC
All deposits with Suryoday Small Finance Bank are insured up to ₹5 lakh under the DICGC insurance scheme, offering investors security alongside attractive returns. For senior citizens in particular, these FD rate hikes present an excellent opportunity to lock in higher returns without the risk of market-linked instruments.
With the RBI recently trimming the repo rate, most big banks have started lowering their deposit rates. Suryoday’s move stands out as it bucks this trend, positioning itself as an attractive destination for safe, high-return fixed income investments. As interest rates may not stay high forever, financial advisors recommend locking into these rates now for longer tenures.