This small finance bank revises interest rates on FD, RD and savings accounts

The interest rates for savings accounts, recurring deposits, and fixed deposits have all been modified at Shivalik Small Finance Bank. The new rates are in effect as of September 19, 2022, according to the bank’s official website. After the change, the bank is now providing savings accounts with a maximum interest rate of 7.00% and fixed and recurring deposits with interest rates up to 7.00%.

Shivalik Small Finance Bank Savings Account Rates

On a savings account balance of 1 lakh to 10 Lacs, the bank is now offering an interest rate of 3.50% and on a savings account balance of Above 10 Lacs to 50 Lacs, the bank is now promising an interest rate of 4.00%. Shivalik Small Finance Bank is now offering an interest rate of 4.50% on savings bank deposits of Above 50 Lacs to 1 Crore and the bank is now offering an interest rate of 5.00% on savings bank deposits of Above 1 Crore to 2 Crore. On savings account balances of Above 2 Crore to 7 Crore and above, the bank is now offering an interest rate of 7%.

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Shivalik Small Finance Bank Savings Account Rates (shivalikbank.com)

Shivalik Small Finance Bank FD Rates

On fixed deposits of 25 Lacs to below Rs.2 Crores maturing in 7 days to 14 days, the bank is now offering an interest rate of 3.75% and on deposits maturing in 15 days to 29 days will now offer an interest rate of 4.00% . Fixed deposits maturing from 30 days to 90 days will now fetch an interest rate of 4.50% and term deposits maturing from 91 days to 179 days will now offer an interest rate of 5.00%. The bank is now offering an interest rate of 5.75% on fixed deposits maturing from 180 days to 364 days and a 6.75% interest rate on deposits maturing from 365 days to 729 days. Fixed deposits maturing from 730 days to 998 days will now offer an interest rate of 7.00% and deposits maturing in 999 days and above will now fetch an interest rate of 5.75%. On tax-saver fixed deposits of 5 years, the bank is now offering an interest rate of 6.25% to the general public and 6.75% for senior citizens.

Shivalik Small Finance Bank FD Rates

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Shivalik Small Finance Bank FD Rates (shivalikbank.com)

Shivalik Small Finance Bank RD Rates

On Recurring/Flexi Recurring Deposits of tenure ranging from 6 months to 10 years, the bank is offering an interest rate of up to 7.00% for the general public and 7.50% for senior citizens. “Flexi Recurring Deposit Accounts are opened for term expressed in multiple of quarters. Interest for terms of 6 months and above is compounded quarterly and payable at maturity,” said Shivalik Small Finance Bank on its website.

Shivalik Small Finance Bank RD Rates

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Shivalik Small Finance Bank RD Rates (shivalikbank.com)

“The incentive for Senior Citizens/ Staff will be an additional spread of 0.5% over the above card rates. Card rates up to 6 months are on simple interest basis. All rates above 6 months shall be quarterly compounded,” stated Shivalik Small Finance Bank on its website.

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