Suryoday Small Finance Bank (SSFB) commences its operations in Bangalore, Hyderabad and Varanasi – launches its first Branch

• Suryoday SFB Launches three inaugural branches back to back in Bangalore on 22^nd Apr, in Hyderabad- Telengana on 23^rd apr and in Varanasi- UP on 24^th apr
• The Bank has recently raised capital of Rs. 248 crs, which will give them a strong backing to pursue their business plans.”
• Offers one of the most competitive deposit rates in the industry. Currently, a savings account can get an interest rate of up to 7.25%, and on an FD, the customer can earn up to 9% interest rate.
• For senior citizens, the interest rate offered is upto 9.5%
• SSFB has a deposit base of Rs. 1,600 crs. The gross loan portfolio is nearly Rs 3,000 crs.

Suryoday Small Finance Bank (SSFB), one of the fastest growing small finance banks announced the commencement of its banking operations in three new geographies.

First branch in Bangalore was inaugurated by Shri G. K Mahantesh, President of Cricket Association for the Blind in India (CABI) & World Blind Cricket (WBC) on 22^nd April, The first branch in Hyderabad and Telangana state was inaugurated by Mr. A.K Padhy, GM (Finance), NMDC on 23^rd April and first branch in UP- Varanasi was inaugurated by Mr. Sunil Kumar Vaish, Kashi Gomti Samyut Gramin Bank on 24^th April

Speaking on the occasion, Mr. Baskar Babu – MD & CEO, Suryoday Small Finance Bank said, “Suryoday Small Finance Bank is focused on ensuring financial inclusion of the unbanked and under-banked through innovative banking practices.

We are happy to start our banking operations in Bangalore, Hyderabad, and Varanasi. With the launch of these branches we look to further spread our network across India.

He further added “We have completed 2 years of operations as a Small Finance Bank and we plan to continue building a healthy book and generate wealth for our customers. In this financial year, the focus will be to deliver not just excellent customer experience but to create delight factors for all the segments we cater to, through technological initiatives and innovations”

 Suryoday Small Finance bank offers one of the most competitive deposit rates in the industry. Currently, a savings account can get an interest rate of up to 7.25%, whereas, on fixed deposits, the customer can earn up to 9% interest rate. For senior citizens, the interest rate offered is 9.5% for 950 days term. Suryoday offers one the most competitive interest rates on deposits to our customers because of the robust business model with low operating costs. The interest on the savings account is credited every month

About Suryoday Small Finance Bank

Suryoday Small Finance Bank Ltd is a Scheduled Commercial Bank and commenced banking operations in January 2017.

The bank predominantly provided microfinance loans to customers but has gradually diversified its product offerings to offer retail loans like home loans, commercial vehicle loans, secured and unsecured loans. The bank operates across 10 States and Union Territories through a network of over 380 branches/doorstep-centers and a portfolio of ~INR 3,000 Crs. .

The Bank currently has a long-term credit rating of ‘A’ by ICRA and short-term credit rating ‘A1+’ by CRISIL. The Bank’s website www.suryodaybank.com offers comprehensive details about its products and services.