Suryoday Small Finance Bank

What Suryoday Small Finance Bank does

Suryoday Small Finance Bank Limited is a publicly listed Indian Small Finance Bank headquartered in India, operating under a license issued by the Reserve Bank of India in 2016 after transitioning from a microfinance institution founded in 2010. The bank serves over 4.2 million customers across 16 states and union territories through a distribution network of 715+ banking touchpoints — including branches and business correspondent locations — and 8,500+ employees. Its customer base spans retail, business, rural/inclusive finance, NRI, and government/institutional segments, with a strategic focus on underserved rural and semi-urban populations.

The product portfolio is structured across savings accounts (Savings Supreme, Classic, Aditya), current accounts, fixed deposits (domestic, tax saver, recurring), and a lending suite covering micro home loans, home loans, two-wheeler loans, joint liability group loans, Vikas loans, small ticket individual loans, and loan against property. The bank also offers FD-backed secured credit cards on the RuPay network, debit cards, life and general insurance distribution, and mutual funds and broking services. Digital infrastructure consists of the Suryoday Mobile Banking App (Android v20.0.49, iOS v15.0.46), Internet Banking, UPI integration, and the Suryoday Biz App for business customers, with a premium banking tier called Espire Premium Banking for high-value clients.

The revenue model is anchored in net interest income from lending (with inclusive finance products yielding 25-26.50% p.a.) and deposit mobilization (savings up to 7.60% p.a., RD at 8.10% p.a.), supplemented by transaction fees, card-related charges, and distribution commissions on insurance and mutual funds. Go-to-market combines direct-to-consumer banking through multi-channel distribution (branches, mobile, internet, business correspondents, UPI) with product-led growth via self-serve digital onboarding. The company is publicly listed with formal investor relations and stock exchange disclosures, and operates with DICGC-insured deposits providing regulatory credibility for its deposit-gathering franchise.

Name

Suryoday Small Finance Bank

Legal name

Suryoday Small Finance Bank Limited

Website

https://suryodaybank.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Suryoday Small Finance Bank is a publicly listed Indian Small Finance Bank serving 4.2 million+ retail, business, NRI, and rural customers across 16 states with savings, deposits, loans, credit cards, and insurance products through 715+ banking touchpoints and digital channels.

Ownership category

akta.pro rank

Product category

Small Finance Banking

NAICS

Commercial Banking (522110), Savings Institutions and Other Depository Credit Intermediation (522180), Credit Card Issuing (52221), Sales Financing (52222)

SIC

National Commercial Banks (6021), Short-Term Business Credit Institutions (6153), Personal Credit Institutions (6141)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), SBA/Government-Backed & Development Finance Loans (FSAKAGAI), Small-Dollar Short-Term Installment Loans (Non-payday) (FSAKAMAI)

Keywords

• Small finance banking
• Microfinance lending
• Inclusive banking
• Savings deposits
• Rural banking services

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income from Loans: Primary revenue stream from lending activities including micro home loans, home loans, two-wheeler loans, and inclusive finance products. Interest rates range from 10% to 26.50% p.a. depending on product and customer segment.
2. Deposit Taking and Interest Expenses: Acceptance of savings deposits, fixed deposits, recurring deposits, and current accounts. Savings Supreme offers up to 7.60% p.a. interest rate. Regular Recurring Deposit offers 8.10% p.a.
3. Fee-based Income: Income from banking services including account maintenance, transaction fees, and card-related charges on credit cards and debit cards
4. Insurance Distribution: Distribution of life insurance and general insurance products, earning commission on policies sold
5. Mutual Funds and Broking: Distribution of mutual fund products and broking services, earning distribution commissions

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

Suryoday Small Finance Bank provides retail and inclusive banking services through savings accounts, fixed and recurring deposits, current accounts, and a range of lending products (micro home loans, home loans, two-wheeler loans, joint liability group loans, Vikas loans, and small ticket individual loans). It also distributes third-party insurance and mutual fund products and issues FD-backed secured credit cards. Customers access these services through 715+ branches, business correspondents, a mobile banking app, and internet banking across 16 Indian states and union territories.

Product overview

Suryoday Small Finance Bank operates as a digital and personal banking partner offering a comprehensive suite of banking products across savings accounts (Savings Supreme, Savings Classic, Savings Aditya), current accounts (Current Supreme, Current Classic, Current Aditya), and term deposits (Domestic Fixed Deposit, Tax Saver Fixed Deposit, Regular Recurring Deposit). The bank provides various loan products including Micro Home Loans, Home Loans, Two-Wheeler Loans, Joint Liability Group Loans, Vikas Loans, Small Ticket Individual Loans, and Loan Against Property. Its digital banking infrastructure centers on the Suryoday Mobile Banking App and Internet Banking platform, complemented by Business Correspondent services and the Suryoday Biz App for business customers. The bank also offers FD-Backed Secured Credit Cards through the RuPay network (Platinum and Select tiers), along with debit cards, insurance products (life and general), and investment products including mutual funds and social security schemes. The product portfolio is structured to serve diverse customer segments including retail, business, rural, NRI, and government/institutional clients across 16 states and UTs in India.

Differentiator

Problem solved

Functional benefit

Brands

• Suryoday SFB: Short form brand name used for the bank in customer testimonials and marketing materials.
• Savings Supreme
• Savings Classic
• Savings Aditya
• Current Supreme
• Current Classic
• Current Aditya
• Suryoday Biz App
• Espire Premium Banking

Products and services

• Savings Supreme Premium savings account requiring an average monthly balance of ₹1,00,000, offering interest rates up to 7.60% p.a. on balances between ₹5 Crores to ₹25 Crores, and a daily ATM withdrawal limit of ₹1,00,000. Targeted at retail customers seeking high interest on idle balances.
• Savings Classic Standard savings account with average monthly balance requirement between ₹10,000 and ₹40,000, and a daily ATM withdrawal limit of ₹40,000. Targeted at retail customers seeking everyday banking services.
• Savings Aditya Entry-level savings account with minimum average monthly balance of ₹5,000 and a daily ATM withdrawal limit of ₹40,000. Targeted at entry-level retail customers seeking accessible banking.
• Domestic Fixed Deposit Term deposit product with minimum investment of ₹1,000, minimum tenure of 7 days, and premature withdrawal facility. Can be booked online via net banking or mobile banking. Targeted at retail customers seeking higher deposit returns than other banks.
• Tax Saver Fixed Deposit Tax-saving fixed deposit with maximum investment of ₹1.5 Lakh and 5-year lock-in period, eligible for tax benefits under Section 80C of the Income Tax Act. Targeted at retail customers seeking tax-efficient investment options.
• Regular Recurring Deposit Recurring deposit product with interest rate of up to 8.10% p.a. and minimum tenure starting at 6 months, ideal for young investors building savings habitually.
• Current Supreme Premium current account with average quarterly balance requirement of ₹50,000, featuring RuPay Platinum debit card and auto-sweep facility on request. Targeted at business customers with higher transaction volume.
• Current Classic Standard current account with average monthly balance requirement of ₹25,000, featuring a Classic RuPay debit card. Targeted at small business customers.
• Current Aditya Basic current account with no average balance requirement. Targeted at micro and small businesses seeking zero-balance business banking.
• Micro Home Loans Home loan product for inclusive finance segment offering loan amounts from ₹2,00,000 to ₹20,00,000 with tenure up to 180 months and attractive rate of interest. Targeted at underserved borrowers seeking small-ticket housing finance.
• Home Loan Standard home loan starting from ₹10,00,000 with tenure up to 240 months and interest rates from 10% to 13% p.a. Targeted at retail customers seeking property financing.
• Two-Wheeler Loan Vehicle loan for two-wheelers with loan amounts from ₹15,000 to ₹1,50,000, tenure up to 48 months, and interest rates starting at 18% p.a. Targeted at retail customers seeking affordable vehicle financing with minimum documentation.
• Joint Liability Group Loan Group lending product for inclusive finance segment with loan amounts of ₹51,000 to ₹60,000, tenure of 12 to 24 months, and interest rates of 25.35% to 26.50% p.a. Targeted at rural and semi-urban underserved borrowers in self-help / joint liability groups.
• Vikas Loan Micro business loan with loan amounts from ₹65,000 to ₹2,00,000, tenure of 24 to 36 months, and interest rate of 25.99% p.a. Targeted at micro-entrepreneurs and small business borrowers.
• Small Ticket Individual Loan Small personal loan product for inclusive finance segment with loan amounts ranging from ₹55,000 to ₹1,05,000. Targeted at borrowers needing small-ticket personal credit.
• Loan Against Property Secured business loan allowing borrowers to pledge property assets to obtain financing. Targeted at business and retail customers with property collateral.
• Micro Mortgages Small-ticket mortgage loans for property financing in the inclusive finance segment. Targeted at underserved and rural borrowers seeking property finance.
• FD-Backed Secured Credit Card Secured credit card backed by fixed deposit, featuring lifetime-free usage (with cashback cap of ₹3,000), UPI-powered payments, year-round RuPay offers, and instant virtual card availability. Available as RuPay Platinum or RuPay Select variants. Targeted at new-to-credit customers seeking entry into credit cards.
• RuPay Platinum Credit Card Platinum tier secured credit card under the RuPay network backed by fixed deposit, offering enhanced cashback benefits and UPI-powered payments.
• RuPay Select Credit Card Premium tier secured credit card under the RuPay network backed by fixed deposit, offering select category benefits.
• Mutual Funds and Broking Distribution of third-party mutual fund products and broking services for customers seeking investment options, with the bank earning distribution commissions. Targeted at retail customers.
• Life Insurance Distribution of third-party life insurance products through the bank channel, with the bank earning commissions on policies sold. Targeted at retail customers.
• General Insurance Distribution of third-party general insurance products including health, motor, and property insurance through the bank channel, with the bank earning commissions on policies sold. Targeted at retail customers.
• Social Security Schemes Government-backed social security investment products distributed through the bank. Targeted at retail customers seeking government-backed long-term savings products.
• Espire Premium Banking Premium banking service for high-net-worth individuals with exclusive benefits and personalized services. Targeted at affluent retail customers.

Named customers4 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core and minor.

• RuPaycoreTechnology or IntegrationPartnership with RuPay payment network for credit and debit card issuance. The bank offers RuPay Platinum and RuPay Select credit cards backed by fixed deposits. Cards feature UPI-powered payments and year-round offers.
• DICGC (Deposit Insurance and Credit Guarantee Corporation)coreOthersThe bank is registered with DICGC for deposit insurance coverage, providing customer deposits with government-backed insurance protection.
• DoT Sanchar SaathiminorStrategic or Co-development PartnerIntegration with Department of Telecommunications' Sanchar Saathi mobile safety app to help customers track lost phones, verify devices, and prevent fraud.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Spice Money: Spice Money is a business correspondent and digital banking platform serving rural India, overlapping with Suryoday's BC-led distribution model. Comparable as an emerging fintech-led channel for financial inclusion.

Direct peers

• Bandhan Bank: Bandhan Bank originated as a microfinance institution and converted to a universal commercial bank, with a strong microfinance and small-ticket lending legacy. Comparable to Suryoday's inclusive finance positioning and the SFB-to-UB transition path.
• Equitas Small Finance Bank: Equitas SFB is a closely comparable SFB with comparable asset size, product mix (microfinance, vehicle finance, home loans, deposits), and branch network. Useful for relative valuation and product benchmarking.
• Ujjivan Small Finance Bank: Ujjivan SFB is another RBI-licensed small finance bank with roots in microfinance, serving urban and rural poor with similar deposit and small-ticket loan products. A direct peer given shared microfinance-to-SFB origin and inclusive finance focus.
• ESAF Small Finance Bank: ESAF SFB is another microfinance-turned-SFB with comparable customer base in underserved segments and similar product offerings. Relevant for benchmarking branch economics and microfinance loan yields.
• Utkarsh Small Finance Bank: Utkarsh SFB is a similar-sized SFB with microfinance origins, serving rural and semi-urban customers, and offering small-ticket loans and deposits. Competitive overlap in the microfinance-to-SFB segment.
• Jana Small Finance Bank: Jana SFB is another small finance bank with a similar focus on financial inclusion and underserved markets. It offers comparable deposit and loan products targeting nano-entrepreneurs and small businesses.
• AU Small Finance Bank: AU Small Finance Bank is the largest Indian SFB by market cap, with a comparable product suite (savings, deposits, loans, credit cards) and similar focus on underserved retail and MSME segments. It is the most direct comparable for Suryoday given shared SFB charter and customer base.

Broad incumbents

• Federal Bank: Federal Bank is a larger private-sector commercial bank that competes with Suryoday in semi-urban retail and SME banking. Comparable as a broader incumbent in the same product categories.
• RBL Bank: RBL Bank is a private-sector commercial bank with comparable retail and MSME banking focus. Serves as a broader incumbent against which Suryoday's product economics and growth can be benchmarked.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/SuryodayBank
• YouTubeyoutube.com/channel/UCLMAdM6wbe_X-Ude_aXnuIQ
• Facebookfacebook.com/suryoday.bank.3
• LinkedInlinkedin.com/company/suryoday-microfinance-private-limited
• Instagraminstagram.com/suryodaybank

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds7 records

Investors20 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Suryoday Small Finance Bank