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Nagpur, 26th March 2019: Suryoday Small Finance Bank (SSFB), one of the fastest growing small finance banks today announced the commencement of its banking operations in Nagpur by launching its first bank branch. The branch was inaugurated by Mr. Kailash Chandra Agrawal, Chairman – Vidarbha Urban Bank Co-op Associations Ltd and Director – The Maharashtra Urban Co – op Banks Federation Ltd.
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 un-banked and under-banked through innovative banking practices. We have had our Micro Finance presence in Nagpur and Vidarbha regions since 2012. We are happy to start our banking operations today with our first bank branch in the Vidarbha region at Nagpur. Our focus will continue to be on providing the best customer experience, be it with innovative products or with the best in class technology.
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. We are able to offer one the most competitive interest rates on deposits to our customers because of our robust business model with low operating costs”
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. The interest on savings account is credited every month.
About Suryoday Small Finance Bank
Suryoday Small Finance Bank Ltd (previously known as Suryoday Micro Finance Ltd) kick-started its banking operations in January 2017. As on Feb 2018, it has 377 banking outlets across 10 states/union territories Maharashtra, Tamil Nadu, Puducherry, Odisha, Gujarat and Madhya Pradesh, Chattisgarh and Karnataka, Uttar Pradesh and Delhi-NCR apart from its existing 213 door step banking outlets.
The Bank’s net worth as of Feb 2019 was Rs. 637 Crores
long-term credit rating ‘A’ by ICRA and short-term credit rating ‘A1+’ by CRISIL.
On the liabilities side, SSFB offers CASA, FD, Tax saver FD and RD products with 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 for an FD, the customer can earn up to 9% interest rate. For senior citizens, the interest rate offered is 9.5%
The Bank’s website www.suryodaybank.com offers comprehensive details about its products and services.