Shivalik Small Finance Bank (SFB) has revised its fixed deposit and savings account (FD) interest rates. According to the bank’s website, the new rates are effective from September 19, 2022.

Savings account

Savings account interest is based on day-end balances kept in the account and is paid on a quarterly basis. The calculation of interest is based on incremental balance slabs. Interest rate is offered between 3.50% and 7%.

Fixed Deposits

Senior citizens receive an additional spread of 0.5% on top of the card rates shown above as their incentive. In Shivalik Small Finance Bank, interest rates are calculated using simple interest for up to six months. All rates longer than six months will be compounded quarterly. The bank offers different rates for amounts below Rs 25 lakhs, Rs 25 Lacs to below Rs 2 Crores, and 2 Crores and above.

Recurring and flexi recurring deposit

According to the website, “Flexi Recurring Deposit Accounts are opened for term expressed in multiple of quarters. Interest for terms of 6 months and above is compounded quarterly and payable at maturity.”

Source: Bank website


Premature withdrawal

Note that early withdrawal will result in a penalty equal to 1% of the interest for the time the account has been open, or the card rate of the initial deposit, whichever is less.