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Suryoday Small Finance Bank to open 10 branches by Mar-end


Recently launched Suryoday Small Finance Bank today said it plans to open 10 branches by March end and will increase it to 90 by March 2018.

Last week, it had launched its first branch in Belapur, Navi Mumbai.

“We will have 10 branches by March 2017 and by June 2017 we should be having about 25, going up to 90 by March 2018. Our existing 226 door step service centers will also be converted to banking outlets in the next 12 to 18 months,” Suryoday Small Finance Bank managing director and CEO, R Baskar Babu, told reporters here.

He said over the next couple of months, the bank will launch branches across Maharashtra, Tamil Nadu, Odisha, Karnataka, Gujarat and Madhya Pradesh.

“Our focus will be on granular deposits to start with.

We want to make it even more special for our senior citizens with a higher interest and a steady stream of income as we will be crediting interest on a monthly basis,” Babu said.

The bank is offering a deposit rate of up to 9.75 per cent for senior citizens.

(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)