Latest news with #SSFB
Business Standard
08-08-2025
- Business
- Business Standard
Torus Digital enters strategic partnership with Suryoday Small Finance Bank, launches 3-in-1 Savings & Investment Account
PRNewswire Mumbai (Maharashtra) [India], August 8: Torus Digital, an innovative wealth technology company, has established a strategic partnership with Navi Mumbai-based Suryoday Small Finance Bank (SSFB) to launch a 3-in-1 Savings and Investment Account. Key Highlights: - Deep-integrated banking, trading and demat account for seamless savings and investment experience - Aim to penetrate underserved segments with an affordable, digital-first approach - Key features like 'Invest your Interest' and 'Block Funds' facility designed to make investment easy for both passive and active investors Over the next 4 to 5 years, more than 100 million retail investors are expected to enter the Indian investment market. Already, nearly 2 million digital investment accounts are being opened every month across the country. In response to this growing demand, the 3-in-1 account offers a comprehensive financial solution tailored for this new wave of investors. Torus Digital has partnered with Suryoday Small Finance Bank to offer a unified approach to savings, trading, and demat services. This unified approach allows users to manage their finances with greater ease, transparency, and efficiency. Torus Digital offers a savings interest rate of up to 7.75% per annum, 88% higher than traditional Indian banks. The IYI feature includes three Nifty 50 ETFs, providing a safe investment avenue with a potential 15% CAGR. Users can open zero-balance savings accounts, trade across NSE and BSE at flat rates, and maintain a lifetime free demat account. Through this partnership, Suryoday Small Finance Bank, serving over 3.4 million customers through 710+ banking outlets across 15 states and Union Territories, aims to enhance its digital presence and expand access to a wider, more diverse customer segment. Commenting on the launch, Prakarsh Gagdani, Chief Executive Officer, Torus Digital, said, " We are building a future where personal finance is not fragmented but integrated. Our 3-in-1 account brings simplicity and intelligence into the everyday financial lives of our users. In partnership with SSFB, we're redefining the customer experience by making saving, trading, and investing accessible to everyone, especially in underserved segments of India. We are aiming to onboard over 1 million customers within the next 2 to 3 years." Commenting on the partnership, Vishal Singh, Chief Information Officer and Head - Digital Banking at Suryoday Small Finance Bank (SSFB), said, " At Suryoday, we've always aimed to deliver innovative banking experiences. Our strategic partnership with Torus Digital will allow us to bridge the gap between traditional banking and modern investing, offering a robust '3-in-1' account that caters to both savers and investors. Customers can now embark on their financial journey at no cost, with zero account opening charges, and seamlessly save, trade, and invest all in one unified platform." The account also features 'Invest Your Interest' (IYI), allowing users to automate their monthly interest investment into ETFs through SIPs starting at just ₹27, potentially increasing returns by up to 15%. The account is integrated with Torus Digital's broking platform, allowing seamless trading without the need to transfer funds. The account also provides unmatched liquidity and control with T+1 trade payouts credited directly into the same account. Torus Digital offers a Trading and Demat account with a variety of investment products, including equities, mutual funds, IPOs, derivatives, ETFs, and indices. Users can enjoy flat trading charges, zero account opening charges, 4x leverage with margin trading, chart-based execution, and advanced algo trading. The Demat Account, regulated by CDSL, offers lifetime free AMC, 100% digital onboarding, and low DP charges. Torus Digital's strategic partnership with SSFB aims to simplify investing and foster financial inclusion through digital innovation. They aim to build a robust retail investor base and target an AUM of ₹4,000-5,000 crore over the next 2 to 3 years. About Torus Digital Mumbai-based Torus Digital is a next-generation wealth technology platform spread across 10+ locations in India, offering a comprehensive suite of broking and digital banking services in partnership with Suryoday Small Finance Bank Ltd. Operating under the regulatory purview of the RBI, SEBI, and IRDA, Torus Digital provides users with seamless access to investment opportunities across NSE and BSE segments--including equities, mutual funds, IPOs, derivatives, ETFs, and indices, with the highest standards of transparency, security, and integrity. With a strong focus on accessibility and innovation, the Torus Digital mobile app is available for download on both the Google Play Store and Apple App Store, enabling users to manage their finances and investments anytime, anywhere. About Suryoday Small Finance Bank Suryoday Small Finance Bank Limited is a scheduled commercial bank. Commencing its operations as an NBFC and for over a decade, with a clear focus on serving customers in the unbanked and underbanked segments and promoting financial inclusion. Pursuant to receipt of the RBI Final Approval, Suryoday started its operations as an SFB on January 23, 2017. Suryoday is among the leading SFBs in India in terms of net interest margins, return on assets, yields and deposit growth and had the lowest cost-to-income ratio among SFBs in India in Fiscal 2020. The bank has a wide presence across 15 states and UTs across India through its 710 banking outlets, with a strong presence in Maharashtra, Tamil Nadu and Odisha. SSFB offers a wide array of services to customers, through its array of asset and liability products, via multiple delivery channels. Suryoday SFB is listed on NSE and BSE
Time of India
12-05-2025
- Business
- Time of India
FD interest rate up to 9.10%: This bank hikes fixed deposit interest rates by 41 bps; Check details here
Suryoday Small Finance Bank (SSFB) has taken a distinctive step by revising its Fixed Deposit (FD) interest rates upward for deposits less than Rs 3 crore, defying the prevailing trend of rate reductions among major banking institutions. #Operation Sindoor The damage done at Pak bases as India strikes to avenge Pahalgam Why Pakistan pleaded to end hostilities Kashmir's Pahalgam sparks Karachi's nightmare Suryoday Small Finance Bank has increased rates by up to 41 basis points (bps) for select tenures, notably on the 25-month slab. Post-revision, general customers will earn FD rates ranging from 4% to 8.60%, while senior citizens enjoy rates from 4.5% to 9.10%, according to the bank's press release. Post office vs bank FD: Highest 3-year interest rate on fixed deposit for Rs 5 lakh investment in 2025 by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Nguyen Cu Trinh: Beautiful New Senior Apartments with Two Bedrooms Senior Apartments | Search Ads Search Now Even though major banks like State Bank of India (SBI), HDFC Bank, ICICI Bank, and smaller lenders like Shivalik Small Finance Bank and Utkarsh Small Finance Bank have lowered their fixed deposit (FD) interest rates in response to the Reserve Bank of India's (RBI) recent 25 basis point repo rate cut, Suryoday Small Finance Bank is the only one that has raised its FD rates. Bank of Baroda, Kotak Mahindra Bank revise FD interest rates: Check latest rates in May 2025 Live Events Regular Suryoday Small Finance Bank customers get 8.60% per annum on 5-year and 1001-day tenures, and 8.00% for deposits between 1 year and 15 months. Senior citizens benefit from up to 9.10% on 5-year FDs and a 9.42% annualized yield on tax-saving FDs. Recurring Deposits (RDs) also offer up to 8.60% for 5 years, after the latest revision. Latest Suryoday Small Finance Bank FD rates Period Interest Rate (Per Annum) Senior Citizen Rate (Per Annum) 7 Days to 14 Days 4.00% 4.50% 15 Days to 45 Days 4.25% 4.75% 46 Days to 90 Days 4.50% 5.00% 91 Days to 6 Months 5.00% 5.50% 6 Month 1 Day 7.25% 7.75% Above 6 Month 1 Day to 9 Months 5.50% 6.00% Above 9 Months to less than 1 Year 6.00% 6.50% 1 Year* 7.90% 8.40% Above 1 Year upto 15 Months 8.00% 8.50% Above 15 Months to 18 Months 8.25% 8.75% Above 18 Months to 2 Years 8.10% 8.60% Above 2 Years to 30 Months 8.15% 8.65% Above 30 Months to 36 Months 8.40% 8.90% Above 3 Years to less than 5 Years 6.75% 7.25% 5 Years 8.60% 9.10% Above 5 Years to 10 Years 7.25% 7.75% Source: Bank website RD interest rates Period Interest Rate (Per Annum) Senior Citizen Rate# (Per Annum) 6 Months 5.00% 5.50% 9 Months 5.50% 6.00% 12 Months 7.90% 8.40% 15 Months 8.00% 8.50% 18 Months 8.25% 8.75% 21 Months 8.10% 8.60% 24 Months 8.10% 8.60% 27 Months 8.15% 8.65% 30 Months 8.15% 8.65% 33 Months 8.40% 8.90% 36 Months 8.40% 8.90% Above 3 Years to less than 5 Years 6.75% 7.25% 5 Years 8.60% 9.10% Above 5 Years to 10 Years 7.25% 7.75% 11 Years - 25 Years* 6.36% 6.36% Are small finance banks safe to invest in? All Suryoday Small Finance Bank FDs are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to Rs 5 lakh per depositor, ensuring safety and reliability.
Mint
25-04-2025
- Automotive
- Mint
Suryoday Small Finance Bank two-wheeler loan: Interest rates, documents and application process
The Suryoday Small Finance Bank (SSFB) provides users a clearly defined and streamlined process for seeking two wheeler loans. The objective of this product offering is to make vehicle ownership more affordable and accessible to aspirational families across the country. With the benefit of competitive interest rates and minimal documentation, SSFB's two wheeler loans are designed to meet the needs of individuals coming from different financial backgrounds. Now, SSFB's two wheeler loan scheme provides for up to 90% financing of the on-road price of the vehicle. The loan amounts in this regard generally range from ₹ 50,000 to ₹ 1.5 lakhs. Further, the repayment tenure extends up to 48 months. This clearly provides borrowers with much needed flexibility in the entire loan repayment cycle. The applicable interest rates start from the range of 18% per annum and the bank ensures a hassle-free, digitally enabled application process with minimal paper work and documentation requirements. Note: The terms and conditions discussed above are illustrative in nature. For the updated loan terms, applicable interest rates and associated conditions refer to the official website of Suryoday Small Finance Bank. Visit the official website: Through the internet reach out to and then opt for the 'Two-Wheeler Loan' option. Submit personal details: Fill in the necessary information such as name, contact details, amount of loan needed and your present location. Carefully check the eligibility criteria: Use the online tool to understand your loan eligibility based on your income, repayment history, credit score and overall credit profile. Recheck the details and submit application: Fill and complete the application form, recheck the same for errors. Do ensure that you put in all the required details and upload necessary documents. Wait for the approval: The bank will review your application and communicate the decision promptly in a while. Do note the acknowledgement number provided to you at the end of your application. Keep it for future reference. Discuss with the customer support team: If you have doubts and need help, then through the official website only reach out to the customer care team of the bank for guidance. They will provide you the required help in applying for your two wheeler loan in seamless fashion. Applicants must furnish the following documents: Identity proof : Aadhaar card, passport or your PAN card will be required. : Aadhaar card, passport or your PAN card will be required. Address proof : Utility bills, rent agreement, original electricity bill or voter ID. : Utility bills, rent agreement, original electricity bill or voter ID. Proof of income: Original salary slips for salaried individuals or bank statements for self-employed applicants. The bank focuses on minimal documentation. This helps in simplifying the application process, thus making it available to a broader range of applicants. For any queries, clarifications or doubts applicants can contact Suryoday Small Finance Bank's customer service team on the number 1800-266-7711 as detailed on the official website. To check and obtain more details on the same, you can visit the official website of the bank: Through the official website you can also take the help of the bank's AI chat bot named 'TARA'. This is the bank's 24x7 'smile officer.' Further, the customer service team along with other bank representatives at any of the branches of the bank all across the nation are well equipped to guide you through the entire process of loan application and promptly address any important queries. Disclaimer: Mint has a tie-up with fintechs for providing credit; you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit scores. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit. First Published: 25 Apr 2025, 10:48 AM IST
