Shivalik Small Finance Bank has revised its interest rates for fixed deposits (FD), offering 3.50 per cent to 8.80 per cent for general citizens and from 4 per cent to 9.30 per cent for senior citizens.
Revised rates:
Shivalik has categorised interest rates based on different tenure brackets. For short-term deposits, the rates are:
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Seven to 14 days: 4 per cent for general citizens, 3.50 per cent for senior citizens
15 to 29 days: 3.75 per cent for general citizens, 4.25 per cent for senior citizens
30 to 90 days: 4.25 per cent for general citizens, 4.75 per cent for senior citizens
91 to 180 days: 4.75 per cent for general citizens, 5.25 per cent for senior citizens
For medium-term deposits, the revised rates are:
Six months to less than nine months: 6 per cent for general citizens, 6.50 per cent for senior citizens
Nine months to 12 months: 6 per cent for general citizens, 6.50 per cent for senior citizens
12 months 1 day to less than 18 months: 8.80 per cent for general citizens, 9.30 per cent for senior citizens
18 months to 24 months: 8.30 per cent for general citizens, 8.80 per cent for senior citizens
For long-term FDs, the interest rates are:
24 months 1 day to 36 months: 7.50 per cent for general citizens, 8 per cent for senior citizens
36 months 1 day to 60 months: 6.50 per cent for general citizens, 7 per cent for senior citizens
60 months 1 day to 120 months: 6.25 per cent for general citizens, 6.75 per cent for senior citizens
Additionally, the tax saver FD (5 years/60 months) offers an interest rate of 6.50 per cent for general citizens and 7.00 per cent for senior citizens.
High returns on 12 to 18-month deposits
Among various tenure options, the highest interest rate of 8.80 per cent for general citizens and 9.30 per cent for senior citizens is offered on FDs maturing between 12 months 1 day and less than 18 months.
No interest will be paid if the fixed deposit is withdrawn within seven days from the date of deposit. Additionally, premature withdrawal will incur a 1 per cent penalty on the interest accrued for the period the deposit remained with the bank, rather than the contracted rate, according to the bank website.