Shivalik Small Finance Bank Interest Rates: Shivalik Small Finance Bank Revises FD, Savings Account Interest Rates

Shivalik Small Finance Bank (SFB) raised the interest rate on term deposits. According to the bank’s website, the new rates will come into effect on July 27, 2022.

Senior citizens will receive an additional benefit of 0.50%. The bank offers interest rates ranging from 3.5% to 7% for terms ranging from seven to ten years.

Fixed interest rates on deposits

The highest interest rate (amount up to Rs 25 lakh) offered by the bank however is 7% for ordinary citizens. Interest rates are calculated on a simple interest basis for the first six months. All rates for more than six months will be compounded quarterly. For tax-saving FDs, the bank offers 6.25 and 6.75 percent for ordinary citizens and seniors, respectively.

Recurring Deposit Interest Rates

The bank offers interest rates ranging from 5.50% to 7% and terms ranging from 6 months to 10 years.

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According to Shivalik Small Finance Bank, “Please note that early payment will incur a 1% interest penalty for the period the deposit accrued, or the card rate of the original deposit, whichever is lower. .”

Savings Account Interest Rates

Effective July 27, 2022, the bank’s savings account interest rates will range from 3.5% to 7% (depending on the savings account balance; amounts range from Rs 1 lakh to Rs 7 crore and more). The interest rate on a savings account is calculated based on incremental balance installments. Interest is calculated on the end-of-day savings account balances and paid quarterly.

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