New Delhi: 

At a time when several banks have reduced their interest rates on their Fixed Deposits schemes, Suryoday Small Finance Bank (SSFB) has increased its FD interest rates for deposits less than Rs 3 crore.

Suryoday Small Finance Bank customers must note that the banks’ website stated that interest rates are subject to change at the sole discretion of the lender. The bank will calculate the interest rate on the daily closing balance in the Savings Account, as per extant guidelines from the Reserve Bank of India.

The slab rates are applicable on the incremental amount based on the daily closing balance in the Savings Account. Interest payout will be made on a monthly basis on the first day of the calendar month.

Suryoday Small Finance Bank has announced to raise the interest rates by up to 41 basis points (bps) for select tenures. Following the revision, general customers will be eligible to get rates ranging between 4 percent to 8.60 percent, while senior citizens will be entitled to get 0.50 percent more than the general customers, the bank’s press release mentioned.

Following the Reserve Bank of India’s announcement of slashing repo rate by 25 basis points in the first week of April, several banks, ICICI Bank, State Bank of India (SBI), HDFC Bank, and others announced reduction in their fixed deposit interest rates. It may be noted that Shivalik Small Finance Bank and Utkarsh Small Finance Bank also reduced theri returns on FD schemes.

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