10th January 2025, Mumbai: Suryoday Small Finance Bank (SSFB), a leading new-age digital bank in India, today announced its partnership with Tata Digital to extend its FD Offerings. This collaboration will enable SSFB to leverage Tata Neu’s reach, providing retail customers with access to the deposit scheme. This partnership signifies SSFB’s commitment to digital innovation and revolutionizing the customer experience.
SSFB FD offering will be available on the Tata Neu platform, where customers can invest in fixed deposits at interest rates of up to 9.1% without the need for a savings account. Customers can start investing with as little as Rs. 1,000; the entire onboarding process can be completed within a few minutes.
Commenting on the partnership, Vishal Singh, Chief Information Officer and Head – Digital Banking at Suryoday Small Finance Bank, said, “Suryoday has always aimed to offer competitive interest rates for fixed deposits to its customers. Our digital deposit product offers customers the convenience to open, operate and liquidate deposits entirely online. Partnering with Tata Digital expands our reach, allowing us to offer products like this to a wider customer base.”
Gaurav Hazrati, Chief Business Officer, financial services at Tata Digital, said, “Fixed deposits have long been a trusted choice for building a safe and stable investment portfolio. With our Fixed Deposit Marketplace, we aim to democratize access to high-yield, fixed-return instruments from multiple trusted providers. This platform is designed to offer competitive interest rates, empowering investors to grow their wealth.”
SSFB has been known for simplifying the banking experience for its customers. With this partnership, the bank is, expected to expand, its reach and the availability of its deposit scheme offerings. In FY25, Suryoday has partnered with several new-age companies to extend its digital fixed deposit offerings. With an interest rate of up to 9.10%, the bank also offers flexible tenure options and hassle-free withdrawals.
About Suryoday Small Finance Bank Limited:
Suryoday Small Finance Bank Limited is a scheduled commercial bank. Commencing its operations as an NBFC the bank has, for over a decade, with a clear focus, served customers in the unbanked and underbanked segments and promoted financial inclusion. Pursuant to receipt of the RBI final approval, Suryoday started its operations as a 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. It also 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 704 banking outlets, with a strong presence in Maharashtra, Tamil Nadu and Odisha. We offer a wide array of services to our customers through our array of asset and liability products via our multiple delivery channels. Suryoday SFB is listed on NSE and BSE.