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This Small Finance Bank Alters Interest Rates On FD, RD & Savings Account
The Monetary Policy Committee (MPC) chose to hold the repo rate at the existing pace, according to Governor Shaktikanta Das. Despite the fact that large banks, such as HDFC Bank, and NBFCs, such as Bajaj Finance Ltd, have already hiked interest rates on their fixed deposits ahead of today's bi-monthly monetary policy conference held today, small finance banks have also entered the queue. The interest rates on fixed deposits, recurring deposits, and savings accounts at Shivalik Small Finance Bank have been altered. The new rates are in force from 1st December 2021, according to the bank's website.
Shivalik Small Finance Bank Savings Account Interest Rates
Shivalik Small Finance Bank has updated its interest rates on savings accounts following the most recent interest rate adjustment made on December 1st, 2021, and now provides the maximum rate of 7.00 percent on savings account balances of Rs. 2 Crore to Rs. 7 Crore or above. Here are the bank's current interest rates on savings account deposits.
| Balance In Rs | Rate of interest rate in % p.a. |
|---|---|
| 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% |
| Source: Bank Website. W.e.f. 1st December 2021 |
Shivalik Small Finance Bank Fixed Deposit Interest Rates
On their deposits of less than Rs 2 Cr maturing 548 days to 998 days, both non-senior citizens and senior citizens will now get a maximum rate of 6.75%. The bank's current fixed deposit interest rates for both normal and elderly residents are listed below.
| Tenure Period | Below 25 Lacs | 25 Lacs to below Rs.2 Crores | 2 Crores and above | Senior citizens |
|---|---|---|---|---|
| 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: Bank Website. W.e.f. 1st December 2021 |
Shivalik Small Finance Bank Recurring Deposit Interest Rates
Shivalik Small Finance Bank is currently offering a maximum rate of 6.25 percent to the general public and 6.75 percent to senior people on recurring deposits maturing in 18 months to less than 3 years, after the most recent interest rate adjustment on December 1, 2021. The current recurring deposit interest rates of the bank are presented below for both regular and senior citizens.
| Tenure | Regular rate of interest rate in % p.a. | Senior Citizens |
|---|---|---|
| 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: Bank Website. W.e.f. 1st December 2021 |
