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Interest Rates

Deposits

Savings Account w.e.f. February 20th, 2023

Saving Bank Accounts

Rate of Interest (% p.a.)

General

Balance upto 1 Lac

3.50%

Above 1 Lac to 5 Lacs

3.50%

Above 5 Lacs to 10 Lacs

3.50%

Above 10 Lacs to 25 Lacs

4.00%

Above 25 Lacs to 50 Lacs

4.00%

Above 50 Lacs to 1 Crore

4.50%

Above 1 Crore to 2 Crore

6.00%

Note:

  • For rates on amount above Rs. 2 Crore, please contact the nearest Shivalik Small Finance Bank branch.
  • Savings Bank Account interest is calculated daily on the daily closing balance in the Account, at the rate specified by Shivalik Small Finance Bank in accordance with Reserve Bank of India directives. The interest amount calculated is rounded off to the nearest rupee.
  • Interest is paid at every calendar quarter on 30th June, 30th September, 31st December and 31st March.

Fixed Deposits (With Premature-Withdrawal Facility) w.e.f. January 8th, 2024

Period

Rate of Interest (% p.a.)

Amount less than Rs.2 Crores

General Senior Citizen

7 days to 14 days

3.50%

4.00%

15 days to 29 days

3.75%

4.25%

30 days to 90 days

4.25%

4.75%

91 days to 180 days

4.75%

5.25%

6 months to less than 9 months

6.00%

6.50%

9 months to less than 12 months

6.00%

6.50%

12 months to 18 months

7.80%

8.30%

18 months 1 day to 24 months

7.80%

8.30%

24 months 1 day to 36 months

7.50%

8.00%

36 months 1 day to 60 months

6.50%

7.00%

60 months 1 day to 120 months

6.25%

6.75%

Tax saver FD 5 Years (60 months)

6.50%

7.00%

Non-Callable Fixed Deposits (Without Premature-Withdrawal Facility) w.e.f. January 8th, 2024

Period

Rate of Interest (% p.a.)

From greater than Rs.1 Crore to less than Rs.2 Crores

General Senior Citizen

7 days to 14 days

3.65%

4.15%

15 days to 29 days

3.90%

4.40%

30 days to 90 days

4.40%

4.90%

91 days to 180 days

4.90%

5.40%

6 months to less than 9 months

6.15%

6.65%

9 months to less than 12 months

6.15%

6.65%

12 months to 18 months

7.95%

8.45%

18 months 1 day to 24 months

7.95%

8.45%

24 months 1 day to 36 months

7.65%

8.15%

36 months 1 day to 60 months

6.65%

7.15%

60 months 1 day to 120 months

6.40%

6.90%

Recurring/Flexi Recurring Depositw.e.f. January 8th, 2024

Period

Rate of Interest (% p.a.)

General Senior Citizen

6 months to 8 months

6.00%

6.50%

9 months to 11 months

6.00%

6.50%

12 months to 18 months

7.80%

8.30%

19 months to 24 months

7.80%

8.30%

25 months to 36 months

7.50%

8.00%

37 months to 60 months

6.50%

7.00%

61 months to 120 months

6.25%

6.75%

Note:

  • Interest rates are subject to change from time to time. Deposit will be booked upon availability of clear funds with the bank at applicable interest rate as on the date of receipt of the funds by the bank.
  • The maximum aggregate amount that can be invested in the Tax Savings Fixed Deposit (u/s 80C of In-come Tax Act) under a single PAN is Rs. 150,000 during a financial year. The default tenure is 60 months (5 years) and it cannot be closed prematurely.
  • The revised rates are applicable for fresh Fixed Deposits and renewal of existing Fixed Deposits.
  • The Bank computes interest based on the actual number of days in a year. In case, the Deposit is spread over a leap and a non-leap year, the interest is calculated based on the number of days i.e.,366 days in a leap year & 365 days in a non-leap year.
  • No Interest would be payable if the depositor withdraws the Fixed Deposit amount within 7 days from the date of deposits.
  • For Fixed Deposits with tenure up to 180 days, interest will be calculated at maturity as simple interest.
  • In Recurring Flexi, customer can deposit maximum up to 25 times of initial deposit amount.
  • The incentive for Senior Citizens will be an additional spread of 0.5% over the above card rates.
  • For Senior Citizen age of first applicant should be 60 years or above (HUF cannot avail Senior citizen benefits).
  • Please note that premature payment will attract 1% penalty on the interest earned during the period for which the deposit has been kept with the bank and not at contracted rate.
  • Fixed Deposit Interest rate will be subject to Tax Deducted at Source as per Income Tax Laws.
  • For interest rates of bulk deposits & non-callable deposit (Rs. 2 Crore and above), please contact the nearest Shivalik Small Finance Bank Branch.

Specific Terms and conditions for Non-Callable Fixed deposits:

  • The Fixed Deposit does not have premature withdrawal facility i.e., the Fixed Deposit cannot be closed by the depositor before expiry of the term of such deposit. However, the Bank may allow premature withdrawal of these deposits in following exceptional circumstances: in the event of any direction from any statutory and/or regulatory authority or deceased claim settlement cases.
  • Auto renewal facility is not available for such Fixed Deposits at time of opening of the Fixed Deposit account.
  • Interest rates and minimum deposit value are subject to change without prior notice.

Annual Percentage Rate w.e.f. January 20th, 2023

The Annual Percentage Rate (APR) is a method to compute annualised credit cost, which includes interest rate and processing fee.
To calculate the same, please click here to download the APR calculator.

Mean Interest Rates for Loan Product

Product Type Minimum Maximum Average

Agriculture Loan

11.25%

12.00%

11.97%

Gold Loan

9.00%

21.96%

14.07%

Housing Loan

8.25%

9.35%

8.79%

Microfinance

24.00%

26.00%

25.00%

Other Loan

9.35%

21.00%

11.45%

Retail Trade Loan

10.50%

14.65%

12.22%

Vehicle Loan

8.50%

13.00%

10.78%

External Benchmark Lending Rate w.e.f. March 2nd, 2023

External Benchmark Lending Rate (EBLR)

6.50% + Spread

Note:

    • The external benchmark used in the EBLR is the RBI Repo Rate which may be subject to change by the Reserve Bank of India.
    • All applicable loans disbursed post 26 April 2021 are under the EBLR framework.
    • EBLR would be subject to change by the bank based on changes to the external benchmark and the spread from time to time.

Minimum Lending Rate w.e.f. March 2nd, 2023

Minimum Lending Rate (MLR)

10.45%

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