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This Small Finance Bank Revises Interest Rates On FD, RD & Savings Account
Shivalik Small Finance Bank offers competitive interest rates on fixed deposits, recurring deposits, and savings accounts. The bank, which has 4.5 lakh unique customers across Uttar Pradesh, Madhya Pradesh, Delhi, and Uttarakhand through 31 branches, 250 banking agents, and 15,000 self-help groups, recently revised its interest rates on fixed deposits, recurring deposits, and savings accounts, which investors should be aware of. The new rates are in effect from November 9th, 2021, and are discussed below in brief.
Shivalik Small Finance Bank Savings Account Interest Rates
Customers will now receive the maximum interest rate of 7% on a deposit balance of Rs 7 Crore and above, as the bank has modified its interest rates on savings accounts with effect from November 9th, 2021. The interest rates on savings accounts are determined by incremental balance slabs and are as follows.
| SAVING BANK ACCOUNT | RATE OF INTEREST (%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 | 5.00% |
| Above 5 Crore to 7 Crore | 5.00% |
| 7 Crore and above | 7.00% |
| Source: Bank Website. W.e.f. November 9th, 2021 |
Shivalik Small Finance Bank FD Rates
Shivalik Small Finance Bank is currently offering interest rates of up to 6.75 percent to the general public and elderly people on deposits maturing in 548 days to 998 days for deposits of less than Rs 2 crore. The following are the bank's new and existing fixed deposit interest rates.
| Tenure | NORMAL | SENIOR CITIZEN | ||
|---|---|---|---|---|
| Below 25 Lacs | 25 Lacs to below Rs.2 Crores | 2 Crores and above | RATE OF INTEREST (%p.a.) | |
| 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. November 9th, 2021 |
Shivalik Small Finance Bank RD Rates
On November 9th, 2021, the bank also amended its interest rates on recurring/flexi recurring deposits, which are as follows.
| Tenure | 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 | 6.25% | 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. November 9th, 2021 |
