Interest Rates

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 Fixed Deposit rate applicable for a monthly interest option will be discounted rate over the applicable rate.
• The maximum aggregate amount that can be invested in the Tax Savings Fixed Deposit (80C FD) under a single PAN is Rs. 150,000 and the same cannot be closed prematurely before expiry of the lock-in period of 5 years
• 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 FD Interest Rate would be payable if the depositor withdraws the entire FD amount within 7 days from the date of deposits.
• For Fixed Deposits with Period 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 or card rate of original deposit, whichever is less.
• For interest rates of bulk deposits (Rs. 2 Crore and above) with/without premature closure facility, 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.

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.