Product Details
Bank Name
Suryoday Small Finance Bank
Account Name
Insta Saving Account
Account Type
Saving
Interest Rate
Up to and including Rs. 1 Lakh: 3.00%
Above Rs. 1 Lakh up to & including Rs. 5 Lakh: 5.00%
Above Rs. 5 Lakh up to & including Rs. 10 Lakh: 7.25%
Above Rs. 10 Lakh up to & including Rs 2 Crore: 7.50%
Free Debit Card
No.
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Account Opening Fees
10,000
Annual Maintenance Fees
Nil
Minimum Account Balance
Nil
Debit Card Charges
RuPay Classic EMV Chip Debit Card: INR 423. INR 200 from the second year onwards.
NEFT Charges
Unlimited free via Net Banking/Mobile Banking.
IMPS Charges
5 free via Net Banking/Mobile Banking. IMPS Payment (Outward) Upto INR 100,000 per transaction: INR 5. Above INR 100,000 to INR 500,000 per transaction: INR 10.
Fees and Charges
Insta Saving Account
Special Features
No charges on NEFT online transactions.
Eligibility Criteria
Indian resident.
Age should be a minimum of 18.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
High interest rate.
No minium balance requirement.
Free NEFT and IMPS (up to a limit)
Cons
No free debit card.
Minimum initial payment amount is 10,000.
Suryoday Small Finance Bank Insta Saving Account
The account offers good interest rate. Value add features are minimal. Overall it is a good account for those who operate the account online.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Account Opening and Procedure
How to open an Account?
Visit a Suryoday Bank Branch: Go to your nearest branch and inform the bank representative about your interest in opening a Insta Saving Account.
Submit Application: Fill out the necessary application form and submit it to the bank.
Link Existing Accounts: Specify the Savings Account(s) or Fixed Deposit(s) you want to link with the Share Your Smile Savings Account.
Choose Donation Percentage: Select the percentage of your interest earnings you wish to donate to charity. You can choose between 10% and 100%.
Select Charity: Choose the charitable organizations you want to support.