Shivalik Small Finance Bank (SFB) has increased the interest rate on fixed deposits. According to the bank’s website, the new rates will go into effect on July 27, 2022.
Senior citizens will get an additional benefit of 0.50 percent. The bank offers interest rates ranging from 3.5 percent to 7% for terms ranging from seven to ten years.
The highest interest rate (amounts up to Rs 25 lakh) offered by the bank, however, is 7% for regular citizens. Interest rates are calculated on a simple interest basis for the first six months. All rates for longer than six months will be compounded quarterly. For tax saver FDs, the bank offers 6.25 and 6.75 percent for regular and senior citizens, respectively.
Recurring deposit interest rate
The bank offers interest rate starting from 5.50 percent- 7 percent and tenure starting from 6 months to 10 years.
According to the Shivalik Small Finance Bank, “Please note that premature payment will attract 1% penalty on the interest for the period, which the deposit has run, or card rate of original deposit whichever is less.”
Savings account interest rates
With effect from July 27, 2022, the bank’s savings account interest rates will range from 3.5% to 7% (depending on the balance in the savings account; amounts range from up to Rs 1 lakh to Rs 7 crore and above).The interest rate on a savings account is calculated on the basis of incremental balance slabs. Interest is calculated on the day-end balances in the savings account and paid out quarterly.