Interest Rate, Charges & Fees

Rate of Interest on Torus Digital Savings Account

Q: Are there minimum balance requirements to earn interest?

Torus Digital offers accounts with no mandatory minimum balance requirements. However, maintaining a higher balance lets you access high savings account interest rates through tiered slabs.

Daily closing balance slabs (Domestic/NRE/NRO)	% rate per annum*
Up to and including ₹1 Lakh	2.50%
Above ₹1 Lakh up to & including ₹5 Lakh	4.00%
Above ₹5 Lakh up to & including ₹10 Lakh	7.25%
Above ₹10 Lakh up to & including ₹2 Crore	7.50%
Above ₹2 Crore up to & including ₹5 Crore	7.50%
Above ₹5 Crore up to & including ₹25 Crore	7.75%
Above ₹25 Crore	7.25%

Note

*Rates are subject to change at the sole discretion of Suryoday Bank.
Interest will be calculated on the daily closing balance in the Savings Account, as per extant guidelines from the Reserve Bank of India.
Slab rates are applicable on the incremental amount based on the daily closing balance in the Savings Account.
Interest payout will be made on a monthly basis on the first day of the calendar month.

Average monthly balance	NIL
Charges for non-maintenance of minimum balance	NIL
Minimum Initial Payment	NIL
Transaction Limit NEFT	₹1,00,00,000
Transaction limit UPI (per day)	₹2,00,000
Transaction Limit IMPS	₹5,00,000
Email Statement	Free
Passbook	Free
Duplicate/Adhoc Statement	₹100 per instance
Free Cheque Leaves (per quarter)	20 leaves free
Additional Cheques (per leaf)	₹2 per leaf
Debit Card Issuance	NIL
Annual Debit Card Charges	NIL
Reissue Charges (Loss/Damage)	₹299
ATM Withdrawal Limit	₹1,00,000/day
POS Withdrawal Limit	₹1,50,000/day
Free Other Bank ATM Transactions	Unlimited
Cash Deposit Free Limit	₹2,00,000 or 3x AMB
Charges Beyond Free Cash Deposit	₹4 / ₹1,000 (Min ₹50)
Free Micro ATM Transactions	5 free
Micro ATM/AePS Charges Beyond Free Transactions	₹10 per transaction
RTGS/IMPS Free Transactions	Unlimited
NEFT Free Transactions	Unlimited
UPI Free Transactions	Unlimited
RTGS Charges (Above 5,00,000)	Nil
NEFT Charges	₹2 to ₹8 per transaction
IMPS Charges (Above 1,00,000)	₹10
DD Issuance Charges (Above 10,000)	₹2 per ₹1,000
Cheque Stop Payment (per instrument)	₹50
Cheque Return (Inward)	₹200
ECS Return Charges	₹200
Account Closure	NIL
Dormancy Activation	NIL
SMS Alert Charges	NIL
Standing Instructions Charges	Free
Signature/Photo Attestation	₹100
Duplicate TDS Certificate	₹100
Record Retrieval Charges	₹100
Doorstep Banking	₹50/month

Note

*Rates are subject to change at the sole discretion of Suryoday Bank.
Interest will be calculated on the daily closing balance in the Savings Account, as per extant guidelines from the Reserve Bank of India.
Slab rates are applicable on the incremental amount based on the daily closing balance in the Savings Account.
Interest payout will be made on a monthly basis on the first day of the calendar month.

Features of Torus Digital Savings Account

• Attractive Interest Rates : Earn up to 7.75% per annum on your savings and enjoy high savings account interest rates available in the market.

• Monthly Interest Payouts : Unlike quarterly payouts in many banks, interest is credited monthly, giving you quicker access to your earnings.

• Daily Closing Balance Calculation : Interest is calculated daily on your savings account balance, ensuring maximum returns.

• No Minimum Balance Requirements : Enjoy the freedom of maintaining a zero-balance account with no charges on low average monthly balance (AMB).

• Potential to Earn 15%* More : Earn up to 15%* extra on your savings account balance by investing in ETFs with our ‘Invest Your Interest’ feature, starting with SIPs as low as INR 27.

• Block Funds Facility : Trade in stocks while still earning monthly interest on your savings account balance with our ‘Block Funds’ Facility.

• Digital RuPay Debit Card : Transact securely both domestically and internationally using digital Rupay Debit Card, in partnership with SSFB Ltd.

• 100% Digital Process : Open a savings account in minutes and manage it effortlessly through our secure mobile app or website.

Frequently Asked Questions

1. What are savings account interest rates?

Savings account interest rates are the percentage returns you earn on the funds deposited in your account. At Torus Digital, these rates can go as high as 7.75% per annum, ensuring attractive earnings for account holders. These rates are calculated daily on the savings account balance and paid monthly, offering consistent returns.

2. How is the interest on savings accounts calculated?

Savings account rates are calculated daily on the daily closing balance on your savings account using the formula:
This approach allows you to accumulate wealth over time with very little effort on your part, making it a convenient way to grow your savings.
Interest= (Balance × Rate of Interest)/ 365
The total interest earned is credited monthly. Higher balances fall into higher rate slabs, maximizing your earnings.

3. What factors affect savings account interest rates?

Factors influencing savings account interest rates include the account type, deposited balance, and the bank’s policies. Incremental balances in higher tiers earn better rates. Additionally, market conditions and Reserve Bank of India (RBI) guidelines often affect the rates.

4. Is there a maturity period for savings accounts?

No, savings accounts don’t have a maturity period. They are designed for regular transactions, letting you deposit or withdraw funds anytime. Unlike fixed deposits, savings accounts remain liquid, ensuring accessibility while earning interest.

5. Are there fees for high-interest savings accounts?

No, there are no additional charges or fees for high-interest savings accounts. You can enjoy best-in-class interest rates of up to 7.75% per annum on your Torus Digital Savings Bank account, powered by SSFB Ltd.

6. Are savings account interest rates taxable?

Yes, the interest earned on savings accounts is taxable if it exceeds ₹10,000 annually (₹50,000 for senior citizens). The amount exceeding the limit is added to your income and taxed as per applicable slabs.

7. When will my interest be credited to my savings account?

At Torus Digital, the interest on your savings account is credited monthly, specifically on the first day of the calendar month. This ensures that you receive your earnings regularly without waiting for quarterly payouts.

8. Are there minimum balance requirements to earn interest?

Torus Digital offer accounts with no mandatory minimum balance requirements. However, maintaining a higher balance lets you access high savings account interest rates through tiered slabs.

9. Will my interest rate change over time?

Yes, savings account rates may change based on the bank’s discretion or external factors like market trends and RBI regulations. Torus Digital ensures transparency by notifying account holders of any rate revisions.

10. How often is the interest paid out?

Interest on your savings account is credited monthly, providing you with faster access to the interest earned. This monthly payout feature helps you reinvest or utilize your funds sooner compared to quarterly payouts.

11. What happens if I withdraw money from my savings account?

If you withdraw money, the daily closing balance decreases, which can impact the interest earned. Maintaining a higher balance ensures that you fall into higher slabs to maximize earnings.

12. Is there a penalty for early withdrawals from savings accounts?

No, savings accounts do not impose penalties for withdrawals. You can access your funds whenever needed without worrying about any fees or charges, unlike fixed deposits or other investment options.

13. Are there different types of savings accounts with varying interest rates?

Currently, Torus Digital provides a standard zero-balance savings bank account in partnership with SSFB Ltd. This account boasts competitive interest rates of up to 7.75% per annum, along with monthly payouts, ensuring regular returns on your savings.

14. How can I increase my savings account interest rate?

To increase your earnings, maintain a higher balance to qualify for better slabs and choose accounts offering high savings account interest rates.

Congratulations,

Your Digital savings bank account opening journey is complete.

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* Disclaimer: Torus Financial Markets Pvt. Ltd. is the authorized broking partner of Torus Digital Pvt Ltd, responsible for the opening of trading and demat accounts and the execution of trades.

Interest Rate, Charges & Fees

Rate of Interest on Torus Digital Savings Account

Note

Note

Features of Torus Digital Savings Account

Frequently Asked Questions

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