Suryoday Small Finance Bank (SSFB) has increased interest rates on fixed deposits (FDs) of less than ₹2 crore with a term of one to five years by 49 to 160 basis points from May 5, 2023 .

The bank offers an interest rate of 9 percent and higher in two maturity tranches: 999 days and five years.

Upon review, the highest interest rate the bank is offering is 9.10 percent in five-year FD, up from 7.50 percent previously. Senior citizens will now earn 9.60 percent interest over this term.

Also Read: Inclusion Loans Will Be 50% Of Our Book: Baskar Babu, MD & CEO, SSFB

In the 999-day maturity segment, SSFB now offers 9 percent interest from 8.51 percent previously.

R Baskar Babu, MD & CEO, SSFB, said that the higher FD rate offer is for a limited period, from May 5 to May 30, to further increase liabilities. This, in turn, can help reduce your credit-to-deposit ratio from around 120 percent to around 110 percent.

The bank also offers interest rates of up to 7 per cent to its customers for savings accounts above ₹5 lakh up to ₹2 crore slab.

The upward revision to FDs comes against the backdrop of improving credit-raising in the banking system and RBI focused on accommodation withdrawal.

SSFB revised the FD interest rates in March 2023. The bank then raised interest rates on the 5-10 year term by between 75 and 125 bp. It had also revised interest rates on savings accounts up to 200 bp.

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