Shivalik Small Finance Bank has made major changes in the interest rates of fixed deposits (FD), which will give more returns to investors. The bank is now paying interest from 3.50% to 8.80% to ordinary citizens and 4% to 9.30% to senior citizens. The special thing is that FDs of 12 to 18 months will get the highest returns of up to 9.30%, which is quite attractive compared to the current market rates.
New interest rates
The bank has fixed interest rates according to different periods for FDs:
Short-term FD (short term deposit)
7 to 14 days: 4%to common citizens, 3.50%to senior citizens
15 to 29 days: 3.75%to common citizens, 4.25%to senior citizens
30 to 90 days: 4.25%to ordinary citizens, 4.75%to senior citizens
91 to 180 days: 4.75%to ordinary citizens, 5.25%to senior citizens
Medium-Term FD (Medium term deposit)
Less than 6 months less than 6 months: 6%to ordinary citizens, 6.50%to senior citizens
9 months to 12 months: 6%to ordinary citizens, 6.50%to senior citizens
12 months 1 day to 18 months: 8.80%to common citizens, 9.30%to senior citizens
18 months to 24 months: 8.30%to ordinary citizens, 8.80%to senior citizens
Long-term FD (long-term deposit)
24 months 1 day to 36 months: 7.50%to ordinary citizens, 8%to senior citizens
36 months 1 day to 60 months: 6.50%to ordinary citizens, 7%to senior citizens
60 months 1 day to 120 months: 6.25%to ordinary citizens, 6.75%to senior citizens
In addition, the tax saver FD (5 years/60 months) will get 6.50% interest to ordinary citizens and 7.00% to senior citizens.
The highest interest on FD of 12 to 18 months
According to the new interest rates of Shivalik Bank, the highest interest (8.80% for ordinary citizens and 9.30% for senior citizens) will be available at FDs of 12 months 1 day to 18 months.
Rules for fines on FD
If customers break FD within 7 days, no interest will be received. At the same time, on extracting FD ahead of time, instead of the interest rate fixed by the bank, you will get 1% less interest according to the period of deposit.
Investors benefit from new interest rates
New rates of Shivalik Small Finance Bank can be beneficial for investors who want to get more returns on 12 to 18 months FD. Information about all the rules related to FD is available on the bank’s website.