The savings account, fixed deposit, and recurring deposit interest rates of Shivalik Small Finance Bank (SFB) have been adjusted. According to the bank’s official website, the new rates take effect on November 10th, 2022. After the change, the bank is now giving a maximum interest rate of 7% on savings accounts, a general public interest rate of up to 7.50%, and a senior citizen interest rate of up to 8.00% on FDs and RDs. Both new fixed deposits and renewals of existing fixed deposits are subject to the amended rates.
Shivalik Small Finance Bank Savings Account Interest Rates
On savings account balances ranging from ₹1 Lac to ₹10 Lacs, the bank is offering an interest rate of 3.50% and on savings account deposits of above 10 Lacs to 50 Lacs, the bank is offering an interest rate of 4.00%. Shivalik Small Finance Bank is offering an interest rate of 4.50% on savings bank deposits of above 50 Lacs to 1 Crore and the bank is now offering an interest rate of 5.00% on savings bank deposits of above 1 Crore to 2 Crore. On savings account balances of above 2 Crore to ₹7 Crore and above, the bank is now offering an interest rate of 7.00%.
“Savings Bank Account interest is calculated daily on the daily closing balance in the Account, at the rate specified by Shivalik Small Finance Bank in accordance with Reserve Bank of India directives. The interest amount calculated is rounded off to the nearest rupee. Interest is paid at every calendar quarter on 30th June, 30th September, 31st December and 31st March,” mentioned Shivalik Small Finance Bank on its website.
Shivalik Small Finance Bank FD Rates
On FDs maturing in 7 days to 14 days, the bank is now offering an interest rate of 3.75% and on those maturing in 15 days to 29 days, Shivalik Small Finance Bank will now offer an interest rate of 4.00%. The bank is now offering an interest rate of 4.50% on FDs maturing in 30 days to 90 days and an interest rate of 5.00% on those maturing in 91 days to 180 days. Deposits maturing in 6 months to less than 12 months will now fetch an interest rate of 5.75% and those maturing in 12 months to Less than 24 months will now fetch an interest rate of 6.75%.
On FDs maturing in 24 months to 36 months the bank is now offering an interest rate of 7.50% and on those maturing in 36 months 1 day to 60 months will now offer an interest rate of 7.00%. Shivalik Small Finance Bank will now offer an interest rate of 6.75% on FDs maturing in 60 months 1 day to 120 months and an interest rate of 7.00% on Tax saver FD 5 Years (60 months). Senior citizens will receive 0.5% additional rates over and above the standard rates across tenors.
Shivalik Small Finance Bank RD Rates
On Recurring/Flexi Recurring Deposits maturing in 6 months to 120 months, the bank is now offering an interest rate of 5.75% to 6.75% for the general public and 6.25% to 7.25% for senior citizens, On RDs maturing in 24 months to 36 months, the bank is now offering a maximum rate of 7.50% to the general public and 8.00% for senior citizens.
