Shivalik Small Finance Financial institution (SFB), one of many DICGC-insured small finance banks famous for providing increased deposit charges than private and non-private sector banks, has revised its rates of interest on financial savings accounts, fastened deposits (FDs), and recurring deposits (RDs). The financial institution made the change on Might twenty seventh, 2022, and on account of the revision, financial savings account holders will rise up to a most rate of interest of seven%, whereas fastened deposit holders would obtain a most charge of seven%.
Shivalik SFB Financial savings Account Curiosity Charges
The financial institution is at the moment giving a 3.50 per cent rate of interest on financial savings financial institution deposits of ₹1 lac to 10 lacs, and a 4% rate of interest on deposits of greater than 10 lacs to 50 lacs. Shivalik SFB is giving rates of interest of 4.50 per cent and 5.00 per cent on financial savings account balances of above 50 lacs to 1 crore and above 1 crore to 2 crores. Financial savings financial institution deposits of between Rs. 2 crore and Rs. 7 crores and above will now fetch a most charge of seven%. These rates of interest will probably be calculated on day-end financial savings account balances and paid out on a quarterly foundation, with curiosity calculated on incremental steadiness slabs, in keeping with the financial institution.
SAVING BANK ACCOUNTS | RATE OF INTEREST (%p.a.) |
Stability upto 1 Lac | 3.50% |
Above 1 Lac to five 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 five Crore | 7.00% |
Above 5 Crore to 7 Crore | 7.00% |
7 Crore and above | 7.00% |
Shivalik SFB FD Charges
The rate of interest on fastened deposits with a maturity interval of seven to 14 days is 3.75 per cent, and the rate of interest on deposits with a maturity time period of 15 to 29 days is 4.00 per cent. Time period deposits maturing in 30 days to 90 days will now pay 4.50 per cent curiosity, whereas fastened deposits maturing in 91 days to 179 days will supply 5.00 per cent curiosity. Shivalik SFB will now pay a 5.75 per cent rate of interest on fastened deposits maturing from 180 days to 364 days, and a 6.00 per cent rate of interest on deposits maturing from one year to 547 days. The financial institution presents a 6.50 per cent rate of interest on deposits maturing from 548 days to 729 days, and a most rate of interest of seven.00 per cent on deposits maturing from 730 days to 998 days. Deposits with a maturity of 999 days or extra will now earn 5.75 per cent curiosity.
Tenure Interval | Under 25 Lacs | 25 Lacs to under Rs.2 Crores | 2 Crores and above | SENIOR CITIZEN |
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% |
one year to 547 days | 5.75% | 6.00% | 6.75% | 7.00% |
548 days to 729 days | 6.50% | 6.50% | 7.00% | 7.25% |
730 days to 998 days | 7.00% | 7.00% | 7.00% | 7.25% |
999 days and above | 5.50% | 5.75% | 5.75% | 6.00% |
Shivalik SFB Tax Saver Fastened Deposit Charges
On tax-saving deposits of as much as ₹1.5 lakh with 5 years of lock-in time period, the financial institution presents a 6.25% common charge and 6.75% to senior residents. On tax saving deposits, traders can declare tax advantages underneath part 80C however can’t make untimely withdrawals from their accounts.
Tenure | NORMAL | SENIOR CITIZEN |
5 years | 6.25% | 6.75% |
Shivalik SFB RD Charges
In line with the financial institution’s web site, “Flexi Recurring Deposit Accounts are opened for time period expressed in a number of of quarters. Curiosity for phrases of 6 months and above is compounded quarterly and payable at maturity.” The extra profit for Senior Residents/ Employees on recurring deposits will probably be a 0.5 per cent premium above the common card charges. The financial institution supplies a most charge of seven% to most people and seven.50 per cent to senior residents on RDs of two to three years.
Tenure | NORMAL | SENIOR CITIZEN |
6 months to lower than 9 months | 5.50% | 6.00% |
9 months to lower than 12 months | 5.50% | 6.00% |
1 12 months to lower than 18 months | 5.75% | 6.25% |
18 months to lower than 2 years | 6.50% | 7.00% |
2 years to lower than 3 years | 7.00% | 7.50% |
3 years to 10 years | 5.50% | 6.00% |
Supply: Financial institution Web site
Supply: Live Mint