Suryoday Small Finance Bank (SSFB) partners with Tata Digital: Get FD interest rates up to 9.1% without a savings account This collaboration will enable SSFB to leverage Tata Neus reach, providing retail customers with access to the deposit scheme
Suryoday Small Finance Bank (SSFB) announced its partnership with Tata Digital to extend its FD offerings. This collaboration will enable SSFB to leverage Tata Neu’s reach, providing retail customers with access to the deposit scheme, according to a press release by Suryoday Small Finance Bank.
What is the interest rate on Suryoday Small Finance Bank FD?
SSFB’s FD offering will be available on the Tata Neu platform, where customers can invest in fixed deposits at interest rates of up to 9.1% without the need for a savings account. Customers can start investing with as little as Rs. 1,000 and the onboarding process can be completed in a few minutes.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
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According to the Tata Neu release, “Customers can choose from both, banks and NBFCs like Suryoday Small Finance Bank, Shriram Finance, Bajaj Finance, for a wide range of investment options. Investments in bank deposits are safe and insured up to INR. 5 lakh under DICGC (The Deposit Insurance and Credit Guarantee Corporation) Insurance.”
Suryoday Small Finance Bank FD rates
Suryoday SFB offers interest rates between 4% and 8.60% for general citizens for tenures ranging from 7 days to 10 years. For senior citizens, the bank offers 4.50% to 9.10% on fixed deposit tenures
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PeriodInterest Rate (Per Annum)Senior Citizen Rate (Per Annum)7 days to 14 days4.00%4.50%15 days to 45 days4.25%4.75%46 days to 90 days4.50%5.00%91 days to 6 months5.00%5.50%6 Month 1 Day7.25%7.75%Above 6 Month 1 Day to 9 Months5.50%6.00%Above 9 months to less than 1 Year6.00%6.50%1 Year*8.05%8.55%Above 1 Year upto 15 months8.25%8.75%Above 15 months to 2 years8.50%9.00%Above 2 Years to 3 Years8.60%9.10%Above 3 Years to less than 5 Years6.75%7.25%5 Years8.25%8.75%Above 5 years to 10 years7.25%7.75%
How safe are Small Finance Banks?
Small Finance Bank (SFB) is a banking segment exclusively created by the Reserve Bank of India (RBI) to aid financial inclusion by offering basic banking services to the underserved and un-served sections of society.According to the AU Small Finance Bank website, “Like other types of banks in India, the RBI regulates and governs SFBs. Therefore, all the banking norms, such as Statutory Liquidity Ratio Requirements, Cash Ratio Reserve Requirements, etc., apply to them. Moreover, the RBI also defines aspects like Eligibility Criteria and Mandatory Promoter Contribution for SFBs. In other words, there are stringent regulations that SFBs must adhere to for their operations. As the RBI regulates the segment, SFBs are as safe as any other type of bank.”
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This story originally appeared on: India Times - Author:Faqs of Insurances
