Blostem & Suryoday Small Finance Bank to offer digital fixed deposits

By Gloria Mathias

Blostem, a banking infrastructure platform, has partnered with Suryoday Small Finance Bank (SSFB), a digital bank, to revolutionise the customer experience.

This collaboration enables SSFB to leverage Blostem’s expertise in rapid product development and deployment. SSFB will introduce digital fixed deposit solutions and streamline customer onboarding to just one day. This partnership is a testament to SSFB’s commitment to digital innovation and growth.

Blostem’s no-code deposit stack empowers digital platforms to launch banking products like fixed deposits within a single day. With multiple platforms in India already utilizing this advanced technology, Blostem plans to expand its reach further, aiming to introduce fixed deposits on all major digital platforms within the following year.

“Our collaboration with Suryoday Bank marks a significant milestone in our mission to democratize access to banking products,” said Ravi Jain, Co-founder & Managing Director of Blostem. “By combining our agile and scalable technology infrastructure with deep-seated industry expertise and collaborative partnerships, we are empowered to craft tailored solutions that address the complex challenges of our clients. We are confident that our tech stack will facilitate over 50% of the digital FD business in the next two years,” he added.

Vishal Singh, Chief Information Officer and Head of Digital Banking of Suryoday Small Finance Bank, added, “At Suryoday Small Finance Bank, we believe in digital innovation, which enables the bank to adapt to the growing needs of customers. This partnership is aimed at enhancing our capabilities in the digital deposit sourcing space, thereby creating a strong channel for deposit mobilisation.”

Blostem’s innovative approach is set to revolutionize consumer engagement with fixed deposit products and make them more accessible.

The partnership would also help the Suryoday Small Finance Bank to expand its reach through digital channels. With a customer-centric approach to digital banking, the bank aims to simplify the overall banking experience for its customers. The bank is also known for offering competitive fixed deposit (FD) offerings among its peers, with an interest rate of up to 9.10%, including flexible tenure options and hassle-free withdrawals.