Suryoday Small Finance Bank has joined the growing list of banks that have lowered interest rates on fixed deposits (FDs) recently. The Navi Mumbai-based bank has announced a revision to its fixed deposit (FD) interest rates, which will take effect from June 1, 2025. The bank currently offers the highest interest rate of 9.10% on FDs to senior citizens; however, this rate will only be available until May 31, 2025, giving customers a narrow window of few days to lock in the existing high interest rate.
From June 1, 2025, Suryoday Small Finance Bank will offer interest rates on FDs ranging from 4% to 8% for general citizens on deposits below Rs 3 crore. The most notable change is in the 5-year FDs, where the interest rate has been reduced by 60 basis points (bps)-from 8.6% to 8%.
For senior citizens, the revised FD rates will be between 4.4% and 8.4%, starting June 1, 2025. The bank has uniformly reduced rates by 10 bps across all tenures, while the 5-year tenure sees the sharper cut of 70 bps-down from 9.1% to 8.4%.
Customers planning to invest at the current higher rates are advised to do so before the revised rates take effect.