Suryoday Small Finance Bank RD Interest Rates

Suryoday Small Finance Bank - it is a brand new bank that was launched on January 23rd, 2017. The goal of the bank is to provide the greatest banking solutions to the 'banked,' 'under-banked,' and 'unbanked' segments of society.

Today, the bank has various products and services offered to its customers, including savings accounts, investment schemes, online banking, transfers, and more. Among these products and services, this post discusses the details of recurring deposits, interest rates, and other information.

Suryoday Small Finance Bank RD Rates

This is the table of the Suryoday Bank RD interest rates:

Tenure

Interest Rate for General Customers

Interest Rates for Senior Citizens

6 months

4.75%

5.00%

9 months

5.25%

5.75%

12 months

6.50%

7.00%

15 months

6.50%

7.00%

18 months

6.50%

7.00%

21 months

6.50%

7.00%

24 months

6.50%

7.00%

27 months

7.00%

7.50%

30 months

7.00%

7.50%

33 months

7.00%

7.50%

36 months

7.00%

7.50%

More than 3 Years - less than 5 Years

6.50%

7.00%

5 Years

6.75%

7.25%

More than 5 Years - 10 Years

7.25%

6.50%

What is a Recurring Deposit of the Suryoday Small Finance Bank?

A pre-specified amount is placed at regular intervals in a Suryoday Small Finance Bank RD account, and its term ranges from 6 months to 10 years, with monthly installments of 12, 24, 36, 48, 60, 72, 84, 96, 108, and 120 months.

The maximum deposit amount for an RD is unlimited. When you open an RD account, you must provide instructions for the disposition of maturity profits. Loans or overdrafts of up to 90% of the deposited amount are available. The rate of interest on RDs is the same as that on term deposits. The rate applicable to all Senior Citizens aged 60 and up will be 0.50% higher than the rate applicable to general consumers.

Suryoday Small Finance Bank is an excellent investment for persons with limited income. The advantage of RDs is that you obtain the same interest rate for the duration of the RD, even if future RD rates are lower.

Characteristics of the Recurring Deposit

  • Suryoday SFB will provide recurring deposit accounts in which customers can invest a specified sum of money each month in their recurring deposit account with the bank.
  • The interest will be calculated at the predetermined rate based on the amount and tenure.
  • The number of monthly installments can be placed by providing the bank Standing Instructions to transfer (withdraw) a predetermined amount on a fixed date of the month from the customer's saving bank as per his/her mandate and crediting the RD account. Cash deposits will also be permitted in the RD.
  • The minimum RD installment amount is Rs 100. (and multiples of Rs 1 thereof)
  • The rate on early withdrawal would be 1% lower than the rate from the lesser of the two:
  • The rate for the initial/contractual tenure for which the deposit was made (as on the date of booking the deposit)
  • Rate applicable to the actual duration of the deposit with the bank (as on the date of booking the deposit)
  • (In the case of a premature withdrawal before one month, the customer receives only the principal amount.)
  • The interest rates for recurring deposits will be the same as those for fixed deposits.
  • Interest on deposits is compounded quarterly at the applicable rates.
  • Recurring Deposit accounts can be kept for a minimum of 6 months and in increments of three months thereafter, up to a maximum of 10 years.

Who is Eligible for an RD Account with Suryoday?

  • Individuals who live there.
  • The minimum needed -
  • Amount: A minimum of Rs. 100/-, followed by multiples of Rs. 1/-
  • Minimum tenure: 6 months
  • Suryoday SFB Savings Account

Taxes Charged Over the Recurring Deposit

TDS would not be deducted from total interest generated up to Rs. 10,000. When the total interest collected in a fiscal year surpasses Rs 10,000, 10% TDS is levied. You are free to request a refund for any additional TDS paid. Previously, there was no TDS on RD; however, on June 1, 2015, TDS on RD became applicable under Section 194A.

FAQs

Q1. Can I get an overdraft over my RD account with Suryoday Small Finance Bank?

Yes, you can get the overdraft facility. It can be up to 90% of the value of the RD amount in the account.

Q2. Do I have to have a savings account with Suryoday Small Finance Bank to open a recurring deposit account with that bank?

Yes. You will have to have a savings account with the Suryoday Small Finance Bank to open an account with that bank. 

Q3. Will I lose interest if I make a pre-closure of the RD account?

Yes. This is because the interest is compounded annually. 

Q4. Will the interest rate over this RD keep changing?

Yes. It will frequently change, for which you need to keep track of the current rates.

Q5. Can I make a partial withdrawal of the RD amount?

No, you cannot make a partial withdrawal, but you can make a pre-closure of the account.

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