Shivalik Small Finance Bank (SFB), one of the DICGC-insured small finance banks noted for offering higher deposit rates than public and private sector banks, has revised its interest rates on savings accounts, fixed deposits (FDs), and recurring deposits (RDs).

Shivalik Small Finance Bank (SFB), one of the DICGC-insured small finance banks noted for offering higher deposit rates than public and private sector banks, has revised its interest rates on savings accounts, fixed deposits (FDs), and recurring deposits (RDs). The bank made the change on May 27th, 2022, and as a result of the revision, savings account holders will get up to a maximum interest rate of 7%, while fixed deposit holders would receive a maximum rate of 7%.

Shivalik SFB Savings Account Interest Rates

The bank is currently giving a 3.50 per cent interest rate on savings bank deposits of ₹ 1 lac to 10 lacs, and a 4% interest rate on deposits of more than 10 lacs to 50 lacs. Shivalik SFB is giving interest rates of 4.50 per cent and 5.00 per cent on savings account balances of above 50 lacs to 1 crore and above 1 crore to 2 crores. Savings bank deposits of between Rs. 2 crore and Rs. 7 crores and above will now fetch a maximum rate of 7%. These interest rates will be calculated on day-end savings account balances and paid out on a quarterly basis, with interest calculated on incremental balance slabs, according to the bank.

The interest rate on fixed deposits with a maturity period of 7 to 14 days is 3.75 per cent, and the interest rate on deposits with a maturity term of 15 to 29 days is 4.00 per cent. Term deposits maturing in 30 days to 90 days will now pay 4.50 per cent interest, while fixed deposits maturing in 91 days to 179 days will offer 5.00 per cent interest. Shivalik SFB will now pay a 5.75 per cent interest rate on fixed deposits maturing from 180 days to 364 days, and a 6.00 per cent interest rate on deposits maturing from 365 days to 547 days. The bank offers a 6.50 per cent interest rate on deposits maturing from 548 days to 729 days, and a maximum interest rate of 7.00 per cent on deposits maturing from 730 days to 998 days. Deposits with a maturity of 999 days or more will now earn 5.75 per cent interest.

Shivalik SFB Tax Saver Fixed Deposit Rates

On tax-saving deposits of up to ₹ 1.5 lakh with 5 years of lock-in term, the bank offers a 6.25% regular rate and 6.75% to senior citizens. On tax saving deposits, investors can claim tax benefits under section 80C but can not make premature withdrawals from their accounts.

According to the bank’s website, “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." The additional benefit for Senior Citizens/ Staff on recurring deposits will be a 0.5 per cent premium above the regular card rates. The bank provides a maximum rate of 7% to the general public and 7.50 per cent to senior citizens on RDs of 2 to 3 years.

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