Latest news with #SuryodaySmallFinanceBank
Time of India
3 days ago
- Business
- Time of India
Last day to lock in at 9.10% FD rate: This bank to cut fixed deposit interest rates from tomorrow
For fixed deposit investors, today is the last date to book FD at higher rate of up to 9.10% per annum. This is because Suryoday Small Finance Bank announced a revision in FD interest rates effective from June 1, 2025. The revision in FD rates will impact both general public and senior citizen investors. Notably, the bank is currently offering one of the most attractive FD interest rates in the market — up to 9.10% per annum on five-year FD tenure for senior citizens. Special FD interest rate up to 7.8%: IDBI Bank revises FD rates across special deposits, check Utsav FD deadline This highest FD interest rate of 9.10% is applicable for a 5-year deposit tenure and is available only until May 31, 2025. That means investors have just today to take advantage of this high return before the revised, likely lower, rates come into effect. Why banks are revising FD rates now In the recent months, banks are on the spree to revise the FD interest rates. This includes both for their regular FDs and special FDs launched. FD interest rates are revised because the Reserve Bank of India (RBI) has cut the repo rate from the start of 2025. In total, RBI has cut repo rate by 50 basis points. The next policy is on June 6, 2025, where RBI can cut repo rate again due to low inflation. New FD rates from June 1, 2025, for Senior Citizens For senior citizens, the revised FD rates will be between 4.4% and 8.8% per annum, starting June 1, 2025. The highest FD interest rate of 8.8% is offered on tenure above 30 months to 36 months. The bank has uniformly reduced rates by 10 bps across all tenures, while the 5-year FD tenure sees the sharper cut of 70 bps-down from 9.1% to 8.4%. Live Events Till May 31, 2025, the bank offers highest FD interest rate 9.10 % on tenure of 5 Years. New FD rates from June 1, 2025 for general public From June 1, 2025, Suryoday Small Finance Bank will offer interest rates on FDs ranging from 4% to 8.4% for general citizens on deposits below Rs 3 crore. The high FD rate of 8.4% is offered tenure above 30 months to 36 months. 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%. Till May 31, 2025, the bank offers highest FD interest rate 8.6% on tenure of 5 Years. New rates from June 1, 2025 Period Interest Rate (Per Annum) Senior Citizen Rate (Per Annum) 7 Days to 14 Days 4.00% 4.40% 15 Days to 45 Days 4.25% 4.65% 46 Days to 90 Days 4.50% 4.90% 91 Days to 6 Months 5.00% 5.40% 6 Month 1 Day 7.25% 7.65% Above 6 Month 1 Day to 9 Months 5.50% 5.90% Above 9 Months to less than 1 Year 6.00% 6.40% 1 Year 7.90% 8.30% Above 1 Year to 15 Months 8.00% 8.40% Above 15 Months to 18 Months 8.25% 8.65% Above 18 Months to 2 Years 8.10% 8.50% Above 2 Years to 30 Months 8.15% 8.55% Above 30 Months to 36 Months 8.40% 8.80% Above 3 Years to less than 5 Years 6.75% 7.15% 5 Years 8.00% 8.40% Above 5 Years to 10 Years 7.25% 7.65% FD rates till May 31, 2025 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%
India Today
5 days ago
- Business
- India Today
From PF access to free Aadhaar update: 5 key financial changes in June 2025
Starting June 1, 2025, several significant financial changes will take effect across India, impacting aspects such as savings, credit card rules, and provident fund (PF) access, among 3.0 GOES LIVEAmong the most notable changes is the launch of the upgraded EPFO 3.0 system by the Employees' Provident Fund Organisation from June new system aims to simplify the process of PF withdrawals, streamline Know Your Customer (KYC) updates, and expedite claim processing. A key feature of this update is the introduction of ATM-like cards, facilitating easier and quicker access to EPF funds for FIXED DEPOSITS RATES Suryoday Small Finance Bank joins other financial institutions in lowering interest rates on fixed deposits (FDs). From June 1, 2025, the bank will offer interest rates ranging from 4% to 8.4% for deposits below Rs 3 crore, with the highest rate applicable to tenures between 30 to 36 the interest rate for 5-year FDs will decrease by 60 basis points, dropping from 8.6% to 8%. This shift reflects broader market trends as banks adjust to changing economic IN CREDIT CARD RULESStarting June 20, 2025, Axis Bank will introduce phased changes to its REWARDS Credit Card. Key changes involve point accrual rules, merchant category revisions, and changes in the validity of reward update will help cardholders better comprehend their card benefits and manage their spending more NEW RULES FOR MUTUAL FUNDSadvertisementIn the realm of mutual funds, the Securities and Exchange Board of India (Sebi) has introduced changes to the cut-off timings for overnight mutual fund schemes, starting June 1, new cut-off times are set at 3 PM for offline transactions and 7 PM for online transactions. Any order made after these times will be processed the next working day and may get a different NAV than expected. This adjustment is expected to enhance the management of client funds and the movement of CARD UPDATE DEADLINEThe deadline to update your Aadhaar details online for free is June 14, 2025. Those who fail to update their identity and address proof documents by this date will incur a fee of Rs 25 for updates through the online portal or Rs 50 at physical Aadhaar centres. This deadline underscores the importance of maintaining up-to-date personal information in official the implementation of these rules reflects ongoing efforts to optimise financial systems in India. Stakeholders are encouraged to review these changes closely to ensure compliance and maximise their financial advantages.
Time of India
7 days ago
- Business
- Time of India
Hurry up! Only 5 days left for senior citizens to book FDs at 9.1% for 5 years as this bank cuts interest rates
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. ICICI Bank cuts FD interest rate by up to 20 bps: Senior citizens can earn 7.35% on these tenures 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%. HDFC Bank cuts FD interest rate by up to 20 bps: Senior citizens can earn 7.35% on these tenure Live Events Customers planning to invest at the current higher rates are advised to do so before the revised rates take effect. 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% Suryoday SFB FD interest rates applicable from June 1, 2025 Period Interest Rate (Per Annum) Senior Citizen Rate (Per Annum) 7 Days to 14 Days 4.00% 4.40% 15 Days to 45 Days 4.25% 4.65% 46 Days to 90 Days 4.50% 4.90% 91 Days to 6 Months 5.00% 5.40% 6 Month 1 Day 7.25% 7.65% Above 6 Month 1 Day to 9 Months 5.50% 5.90% Above 9 Months to less than 1 Year 6.00% 6.40% 1 Year 7.90% 8.30% Above 1 Year to 15 Months 8.00% 8.40% Above 15 Months to 18 Months 8.25% 8.65% Above 18 Months to 2 Years 8.10% 8.50% Above 2 Years to 30 Months 8.15% 8.55% Above 30 Months to 36 Months 8.40% 8.80% Above 3 Years to less than 5 Years 6.75% 7.15% 5 Years 8.00% 8.40% Above 5 Years to 10 Years 7.25% 7.65% In order to benefit from the higher current rates, investors who want to optimise their interest income from fixed deposits, particularly senior citizens, should think about scheduling their FDs before June 1, 2025. Even the most competitive rates will yield less profits following the change. FD rate revisions by other banks In the past 10 days, big banks such as State Bank of India (SBI), HDFC Bank, Canara Bank, and ICICI Bank have reduced their fixed deposit interest rates on their highest tenures.
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India.com
26-05-2025
- Business
- India.com
5 Small Finance Banks Offering 8-9% Interest Rates For Senior Citizen --Check List
photoDetails english 2906349 Updated:May 26, 2025, 11:18 AM IST 1 / 7 Senior Citizen looking to earn higher returns on their savings can check out these top fixed deposit options with attractive interest rates. 2 / 7 These are short-term investment with high returns. These banks offer some of the best rates on five-year tenure FD on a capital of up to Rs 3 crore for senior citizen. 3 / 7 The banks offering between 8 and 9 percent interest rates are as follows: Suryoday Small Finance Bank: up to 9.1% Unity Small Finance Bank: up to 8.65% NorthEast Small Finance Bank: up to 8.5% Utkarsh Small Finance Bank: up to 8.25% Jana Small Finance Bank: up to 8.2% 4 / 7 It must be noted that when interest earned by senior citizen (aged 60 years or more) crosses Rs 1 lakh in a financial year, banks are required to deduct Tax Deducted at Source (TDS), even if the individual's actual tax liability is zero. 5 / 7 In the above circumstances, Form 15H --a self-declaration form that senior citizens aged 60 years-- can help avoid this deduction. Senior citizens can submit the form to their bank or financial institution declaring that their total income falls below the taxable limit. 6 / 7 As a result, banks are instructed not to deduct TDS from their interest earnings. This saves retirees from the inconvenience of filing returns just to claim a TDS refund. 7 / 7 Under the new income tax regime, if the total income of senior citizen does not exceed Rs 12 lakh in a financial year, they are eligible for a full rebate under Section 87A. (Disclaimer: The article is meant for only informational purpose and is not intended to constitute financial advice to any person)
Time of India
25-05-2025
- Business
- Time of India
Senior citizens looking for FD options? These banks offer interest rate of up to 9.1%
Senior citizens can earn up to 9.1% interest rate on fixed deposits for a five-year tenure on a capital of up to Rs 3 crore. Here is a list of banks where individuals aged 60 and above can consider opening a fixed deposit, offering interest rates of up to 9.1% as of May 21, 2025, as per the Suryoday Small Finance Bank: up to 9.1% Unity Small Finance Bank: up to 8.65%. NorthEast Small Finance Bank: up to 8.5% Utkarsh Small Finance Bank: up to 8.25% Jana Small Finance Bank: up to 8.2% However, financial experts urge caution when investing in small finance banks as they have potentially higher risk as compared to commercial banks. Although all deposits are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to Rs 5 lakh, the business models of these banks differ from scheduled commercial banks, potentially exposing depositors to higher risks according to ET. How to tackle TDS, for senior citizens Banks are required to deduct Tax Deducted at Source (TDS) if the total interest earned on FDs in a financial year exceeds Rs 1 lakh. However, TDS is not an additional tax and can either be refunded or adjusted when filing your Income Tax Return (ITR). For example, under the new tax regime for FY 2025-26, a senior citizen earning Rs 11 lakh annually won't have to pay any income tax, thanks to the Section 87A tax rebate applicable for incomes up to Rs 12 lakh. Despite this, banks will still deduct TDS once the interest income crosses the Rs 1 lakh threshold. To avoid unnecessary TDS deductions in such cases, eligible senior citizens can submit Form 15H to their banks, declaring that their total income is below the taxable limit. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
