The State Savings and Finance Board (SSFB) said it would be adjusting the interest rates on fixed deposits beginning on May 5th, 2023. The bank has increased the interest rates on fixed deposits with terms ranging from one to five years by between 49 and 160 basis points (bps).
Following the amendment, SSFF has begun taking deposits from ordinary residents with maturities ranging from seven days to ten years at an interest rate ranging from 4.00% to 9.10%.
The new rates for older folks vary from 4.50 percent to 9.60 percent, and this applies to deposits that are less than 2 crore rupees.
According to the statement released by the bank, normal customers may now get an interest rate of 9.10 percent on 5-year deposits, while senior citizens can receive an interest rate of 9.60 percent on these same accounts.
The Senior Citizen Savings Scheme (SCSS) has a number of drawbacks and limits that prospective investors need to be aware of before making any investments.
Should Senior Citizens deposit their money in a new SCSS account rather than closing their existing one in order to maximize their interest?
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Interest Rates on Fixed Deposits Offered by Suryoday Bank (SSFB)
- The bank is now giving an interest rate of 6.85% on 1-year Fixed Deposits to ordinary customers, while offering a rate of 7.35% to senior people.
- For fixed deposits with a term of two years, the bank is now giving an interest rate of 8.5% to general clients and 9% to senior people.
- The bank is providing an interest rate of 9% to ordinary consumers for their 999-day fixed deposit, while providing an interest rate of 9.5% to senior people.
- The bank is providing ordinary customers with an interest rate of 7.25% on their 3-year Fixed Deposit, while providing senior citizens with an interest rate of 7.75%.
- The bank is providing an interest rate of 6.75% on 4-year Fixed Deposits to ordinary clients, while providing an interest rate of 7.25% to senior people.
- The bank is now giving an interest rate of 9.1% on 5-year fixed deposits to ordinary clients, and an interest rate of 9.6% to senior people.
- The bank is providing ordinary customers with an interest rate of 7.25% on their 6-year Fixed Deposit, while providing senior citizens with an interest rate of 7.75%.
- The bank is providing an interest rate of 7.25% to ordinary consumers for a 7-year Fixed Deposit, while providing an interest rate of 7.75% to senior people.
- The bank is providing an interest rate of 7.25% to ordinary consumers for an 8-year Fixed Deposit, while providing an interest rate of 7.75% to senior people.
- The bank is providing an interest rate of 7.25% to ordinary consumers for a 9-year Fixed Deposit, while providing an interest rate of 7.75% to senior people.
- The bank is providing ordinary customers with an interest rate of 7.25% on their 10-year Fixed Deposit, while providing senior citizens with an interest rate of 7.75%.
(The aforementioned interest rates will become effective as of May 5, 2023)
Customers of SSFB who have savings accounts with balances of more than Rs. 5 lakhs and less than Rs. 2 crore can get an interest rate of up to 7.00 percent, depending on the amount of their balances.
The bank informed its customer base that “this is the highest interest rate that the bank offers to its customers, and also your deposits are backed by DICGC in this bank.”
