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Shivalik Small Finance Bank (SFB) has hiked its interest rates on savings accounts and fixed deposits of less than 2 Cr. Customers of Shivalik Small Finance Bank (SFB) will now receive a maximum interest rate of 7.30% on savings accounts, while non-senior citizens and senior citizens will now receive a maximum interest rate of 8.00% and 8.50%, respectively, on fixed deposits. This is in addition to the fact that the DICGC insures principal and interest up to a maximum amount of five lakhs for all deposits.

Shivalik Small Finance Bank Savings Account Interest Rates

The bank will now pay interest at a rate of 3.50% on savings accounts with balances up to Rs. 10 lacs, and at a rate of 4.00% on accounts with balances between Rs. 10 lacs and Rs. 50 lacs. Customers will now receive an interest rate of 4.50% on savings accounts with balances between 50 Lac and 1 Crore and 6.00% on accounts with balances between 1 Crore and 2 Crore.

Shivalik Small Finance Bank is giving an interest rate of 7.25% on savings accounts with balances of more than 2 Crore to 7 Crore, and customers will receive a maximum return of 7.30% on savings accounts with balances of 7 Crore and above.

Interest on savings bank accounts is determined based on the account's daily closing balance at the rate set by Shivalik Small Finance Bank in compliance with Reserve Bank of India guidelines, and it is paid out on a quarterly basis. Savings account interest rates of Shivalik Small Finance Bank are effective as of January 20th, 2023.

Shivalik Small Finance Bank Savings Account Interest Rates
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Shivalik Small Finance Bank Savings Account Interest Rates (shivalikbank.com)

Shivalik Small Finance Bank FD Rates

The bank now offers an interest rate of 3.75% on deposits that mature in the next 7 to 14 days, while Shivalik Small Finance Bank (SFB) now offers an interest rate of 4.00% on deposits that mature in the next 15 to 29 days. A fixed deposit tenor of 30 days to 90 days will earn an interest rate of 4.50% from Shivalik Small Finance Bank (SFB), while a tenor of 91 days to 180 days will earn an interest rate of 5.00%.

Deposits maturing in 6 months to less than 12 months will fetch an interest rate of 5.75% and those maturing in 12 months to less than 18 months will fetch a return of 7.50%. Customers of Shivalik SFB's fixed deposit programme will now get a maximum return of 8.00% on deposits maturing in 18 months to 36 months, while 7.00% will be paid on deposits maturing in 36 months and 1 day to 60 months. Deposits maturing in 60 months 1 day to 120 months will now pay a return of 6.75% while tax saver FD 5 Years (60 months) will pay a return of 7.00% to the customers of Shivalik SFB.

Shivalik Small Finance Bank FD Rates
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Shivalik Small Finance Bank FD Rates (shivalikbank.com)

The bank reported having 31 branches, 57 ATMs, 4 BC Centers, 5.3 Lacs customers, a CASA ratio of 29.22%, and a business size of INR 2,719 Cr. for the fiscal year that ended in March 2022, or FY22. Shivalik Small Finance Bank (SFB) has 46 branches across Uttar Pradesh and Madhya Pradesh, the two most populated and substantial states in India, and 90 customer touch points, including branches, ATMs, and banking correspondent centres.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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