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This DICGC-Insured SFB Revises Interest Rates On FD, RD & Savings Accounts
Shivalik Small Finance Bank (SFB), a DICGC-insured SFB, has revised its interest rates on fixed deposits, recurring deposits, and savings bank deposits. The revised rates took effect on April 18, 2022, and the bank is currently giving the following rates as a result of the modification.
Shivalik Small Finance Bank Savings Account Rates
The bank is giving a 3.50 percent interest rate on savings account balances up to Rs 10 lakhs as of April 18, 2022. The interest rate on savings bank deposits of above 10 lacs to 50 lacs would be 4.00 percent, and the interest rate on savings bank deposits of above 50 lacs to 1 crore will be 4.50 percent. Shivalik Small Finance Bank is currently giving 5.00 percent and 7.00 percent interest rates on savings account balances of above 1 crore to 2 crore and above 2 crore to 7 crore and above. These interest rates are calculated based on the day-end balances maintained in the savings account and are paid out quarterly by the bank.
| Balance Slabs | Interest rate in % p.a. |
|---|---|
| Balance up to 1 Lac | 3.50% |
| Above 1 Lac to 5 Lacs | 3.50% |
| Above 5 Lacs to 10 Lacs | 3.50% |
| Above 10 Lacs to 25 Lacs | 4.00% |
| Above 25 Lacs to 50 Lacs | 4.00% |
| Above 50 Lacs to 1 Crore | 4.50% |
| Above 1 Crore to 2 Crore | 5.00% |
| Above 2 Crore to 5 Crore | 7.00% |
| Above 5 Crore to 7 Crore | 7.00% |
| 7 Crore and above | 7.00% |
| Source: shivalikbank.com |
Shivalik Small Finance Bank Fixed Deposit Interest Rates
On fixed deposits of less than Rs 2 Cr maturing in 7 days to 999 days and above, the bank is now offering an interest rate of 3.75% to 5.75% to the general public and 4.00% to 6.00% to senior citizens. Deposits maturing in 548 to 998 days will generate a maximum interest rate of 6.75 percent for both the general public and older people. Shivalik SFB is giving the following rate of interest on fixed deposits commencing April 18, 2022.
| Tenure Period | Below 25 Lacs | 25 Lacs to below Rs.2 Crores | 2 Crores and above | SENIOR CITIZEN |
|---|---|---|---|---|
| 7 days to 14 days | 3.50% | 3.75% | 3.75% | 4.00% |
| 15 days to 29 days | 3.75% | 4.00% | 4.00% | 4.25% |
| 30 days to 90 days | 4.25% | 4.50% | 4.50% | 4.75% |
| 91 days to 179 days | 4.75% | 5.00% | 5.00% | 5.25% |
| 180 days to 269 days | 5.50% | 5.75% | 5.75% | 6.00% |
| 270 days to 364 days | 5.50% | 5.75% | 5.75% | 6.00% |
| 365 days to 547 days | 5.75% | 6.00% | 6.00% | 6.25% |
| 548 days to 729 days | 6.25% | 6.75% | 6.75% | 6.75% |
| 730 days to 998 days | 6.25% | 6.75% | 6.75% | 6.75% |
| 999 days and above | 5.50% | 5.75% | 5.75% | 6.00% |
| Source: shivalikbank.com |
Shivalik Small Finance Bank Tax Saver Fixed Deposit Interest Rate
Tax deductions on deposits up to Rs 1.5 lakh are available under section 8OC of the Income Tax Act. This sort of deposit is known as a tax-saving fixed deposit, and it can be booked for a 5-year lock-in term. As a result of the change made on April 18, 2022, Shivalik Small Finance Bank now provides an interest rate of 6.25 percent to regular customers and 6.75 percent to senior citizens on 5-year tax-saving fixed deposits.
| Tenure | NORMAL RATE OF INTEREST (%p.a.) | SENIOR CITIZEN |
|---|---|---|
| 5 years | 6.25% | 6.75% |
| Source: shivalikbank.com |
Shivalik Small Finance Bank Recurring/Flexi Recurring Deposit Interest Rate
The bank is now giving the following rate of interest on Recurring/Flexi Recurring Deposits maturing in 6 months to 10 years.
| Tenure | NORMAL RATE OF INTEREST (%p.a.) | SENIOR CITIZEN |
|---|---|---|
| 6 months to less than 9 months | 5.50% | 6.00% |
| 9 months to less than 12 months | 5.50% | 6.00% |
| 1 year to less than 18 months | 5.75% | 6.25% |
| 18 months to less than 2 years | 6.25% | 6.75% |
| 2 years to less than 3 years | 6.25% | 6.75% |
| 3 years to 10 years | 5.50% | 6.00% |
| Source: shivalikbank.com |
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