Shivalik Small Finance Bank (SFB) has reduced its interest rates on fixed deposits (FD), after the Reserve Bank of India (RBI)’s repo rate cut on February 7. According to its website, Shivalik Small Finance Bank now offers an interest rate ranging from 3.50% to 8.55% on FDs for general citizens, and from 4% to 9.05% on FDs for senior citizens.
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Earlier, the banks used to offer an interest rate of up to 8.8% on FDs for general citizens, and up to 9.3% on FDs for senior citizens.
Also read: To avoid new TDS on interest above Rs 1 lakh how much should senior citizens invest in bank FD
The revised FD interest rates will take effect from February 18, 2025.
For which tenure has Shivalik Small Finance Bank reduced its FD interest rates?
According to the information available on the bank’s website, Shivalik Small Finance Bank has decreased its FD interest rates by 25 basis points, bringing the highest rate for FDs down to 9.05% from 9.30% on tenures ranging from 12 months and 1 day to less than 18 months for senior citizens. For general citizens, the bank has reduced the highest rate for FDs from 8.80% to 8.55% in the same tenure.
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Also read: Get free govt insurance for your bank FDs up to Rs 65 lakh; here’s how
Latest Shivalik SFB FD interest rates
Shivalik Small Finance Bank offers an interest rate of 3.75% on FDs with a tenure ranging from 15 to 29 days. The small finance bank provides an interest of 4.25% for FDs with a tenure of 30 to 90 days, and 4.75% for a tenure ranging 91 to 180 days.
| General | Senior Citizen | |
| 7 days to 14 days | 3.50% | 4.00% |
| 15 days to 29 days | 3.75% | 4.25% |
| 30 days to 90 days | 4.25% | 4.75% |
| 91 days to 180 days | 4.75% | 5.25% |
| 6 months to less than 9 months | 6.00% | 6.50% |
| 9 months to 12 months | 6.00% | 6.50% |
| 12 months 1 day to 18 months | 8.55% | 9.05% |
| 18 months to 24 months | 8.30% | 8.80% |
| 24 months 1 day to 36 months | 7.50% | 8.00% |
| 36 months 1 day to 60 months | 6.50% | 7.00% |
| 60 months 1 day to 120 months | 6.25% | 6.75% |
| Tax saver FD 5 Years (60 months) | 6.50% | 7.00% |
Source: Bank website
Premature withdrawal
Premature payment will attract a 1% penalty on the interest earned during the period for which the deposit has been kept with the bank and not at the contracted rate, according to the data from Shivalik Small Finance Bank’s website.
