This SFB Hikes Interest Rates On Fixed Deposit, Maximum Offering Is 7.5%

Leading DICGC-insured small finance bank Shivalik Small Finance Bank (SFB) has revised interest rates on Fixed Deposits and the new rates have become effective from May 27, 2022. The bank has not only hiked interest rates for general citizens but senior citizens will also be eligible to receive the increased interest rates.

Citizens can enjoy the revised interest rates on FD on fresh deposits opened along with deposits renewed during the scheme tenure. The bank has revised the interest rates on FD by 0.75% in specific slabs with maximum offering of 7.50%.

Get higher interest than private and public banks

It is worth mentioning that SFB offers higher interest rates than what many leading public and private banks are offering. As the new rates have become effective from May 27, now you can earn higher interest rates on FDs, saving account, etc.

Interest rates on Saving Account

We aspire to save money and get good returns for a better future. If you open a saving account with Shivalik Bank, you can fetch an interest rate of up to 7%. You will also get a withdrawal limit of Rs 1,00,000 and transaction at POS up to Rs 200,000 per card per day. Check the interest rates below effective from May 27, 2022: 

SAVING BANK ACCOUNTS	RATE OF INTEREST (%p.a.)
	NORMAL
Balance upto 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%

Interest rates on FD

The FDs offered by SFB will help you fetch interest rates in the range up to 6.75% with a minimum deposit of Rs 1000 and a lock-in period of 5 years. It will help you save on tax while you earn handsome return.

The FDs will help senior citizens earn an additional 0.5% and therefore these FDs have emerged ideal for them. The bank offers FDs ranging from 7 days to 10 years.

Tenure Period	RATE OF INTEREST (%p.a.)
	NORMAL			SENIOR CITIZEN
	Below 25 Lacs	25 Lacs to below Rs.2 Crores	2 Crores and above
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%	6.75%	6.25%
548 days to 729 days	6.50%	6.50%	7.00%	7.00%
730 days to 998 days	7.00%	7.00%	7.00%	7.50%
999 days and above	5.50%	5.75%	5.75%	6.00%

 

Tax Saver Fixed Deposit
Tenure	RATE OF INTEREST (%p.a.)
	NORMAL	SENIOR CITIZEN
5 years	6.25%	6.75%

Recurring/Flexi Recurring Deposit
Tenure	RATE OF INTEREST (%p.a.)
	NORMAL	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	6.50%	7.00%
2 years to less than 3 years	7.00%	7.50%
3 years to 10 years	5.50%	6.00%