Product Details
Bank Name
Suryoday Small Finance Bank
Eligibility
Resident individuals
Hindu Undivided Family
Interest Rate
8.75%
Tenure
5 years lock in period
Fixed Deposit Type
Tax Saver
Tax Saver Fixed Deposits
Tax Benefits
Tax exemption under section 80C of Income Tax Act up to INR 1,50,000 per FY
Credit Ratings
CRISIL A1+
Interest Payment Frequency
On maturity. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.
Cummulative/Non-Cummulative
No information provided
Features
Minimum Amount – Rs. 1,000 & in Multiples of Rs. 1/- Maximum amount – Rs. 1.5 Lakhs (in a FY) Tenure: 5-years lock-in period Nomination facility available Premature withdrawal, Loan against Fixed Deposit and Auto-renewal facility is not permitted. PAN is mandatory to book Tax Saver Fixed Deposits.
Minimum Investment Amount
Rs 1,000
Features & Benefits
Pros
Tax deduction
Encourages savings
Cons
Lock in period
Pros & Cons
Account Opening Procedure
How to Open?
Application Procedure
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