Suryoday Small Finance Bank (SSFB) commences its operations in Vijayawada, launches its first Branch at Balaji Nagar

New Delhi: Suryoday Small Finance Bank (SSFB), one of the fastest growing small finance banks announced the commencement of its banking operations in Vijayawada by launching its first bank branch today at Balaji Nagar, Krishnalanka. The branch was inaugurated by Lt Cdr. B. M. Ravindranath Reddy (Dy. Chief Executive Officer, Andhra Pradesh Maritime Board) and Mr. Venkateswara Reddy (President – Hire Bus Owners Welfare Association, Andhra Pradesh).


The Bank has now set its sights on becoming ‘the Bank’ for its 1.85 million customers. In the current year, the bank will concentrate in terms of enabling the bank’s existing MFI customers to become full-fledged banking customers


The bank will focus on retail individual customers and senior citizens and will also start corporate salary accounts for medium and large corporates in Andhra Pradesh. It also has diversified product offerings such as affordable home loans, commercial vehicle loans, secured business loans.

It also plans to introduce it’s products such as NRI accounts, Health & Wellness Savings Accounts, MFI loans, Vikas Loans, Shopkeeper Loans etc. to new and existing customers.


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. Continues to expand reach in states where we currently don’t have presence.


The bank with its core value of customer centricity, will continue to strengthen its relationship with its wide customer base. With an endeavor to bring banking solutions to the ‘banked’, ‘under-banked’ and the ‘un-banked’ sections of the society. We are happy to start our banking operations in Andhra Pradesh with our first bank branch in Vijayawada – Balaji Nagar. We offer one amongst 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 5 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 6.25%, whereas, on fixed deposits, the customer can earn up to 7% interest rate. For senior citizens, the interest rate offered is 7.3% The interest on savings account is credited every month.

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