SSFB makes debut in Hyderabad

Hyderabad: Suryoday Small Finance Bank (SSFB) commenced its banking operations in Hyderabad by launching its first bank branchon Monday. The branch was inaugurated by AK Padhy, General Manager (Finance), NMDC.

Speaking on the occasion, Baskar Babu – MD & CEO, SSFB said, "SSFB is focused on ensuring financial inclusion of the un-banked and under-banked through innovative banking practices and continues to expand our reach in states where we currently don't have a presence.

We are happy to start our banking operations in Telangana with our first bank branch in Hyderabad and we will offer one the most competitive interest rates on deposits to our customers because of our robust business model with low operating costs".

He further added "We have completed 2 years of operations as a small finance bank and we plan to continue building a healthy bookandgenerate 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."

SSFB 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 per cent, whereas, on fixed deposits, the customer can earn up to 9 per cent interest rate. For senior citizens, the interest rate offered is 9.5 per cent for 950 days term. The interest on savings account is credited every month.