Savings Account

FAQs on Savings Account

What is the Rate of Interest for Shivalik Bank Savings account?

A. Shivalik Bank offers competitive and attractive interest rates on Savings accounts. For prevailing interest rates, click here.

How is the interest rate on Shivalik Bank Savings account calculated?

A. The interest rate is calculated on the daily balance maintained in a Savings account and is credited on a quarterly basis.

Formula:

Daily Interest = Daily Balance * Interest Rate / Days in the Year

Example:

Daily Balance in Rs	Rate of Interest (% p.a.)
Balance up to 1 Lac	3.00%
Above 1 Lac to 5 Lacs	3.50%
Above 5 Lac to 10 Lacs	3.50%
Above 10 Lac to 25 Lacs	4.00%

Interest in the Savings Account up to Rs. 1 Lakh is calculated at 3.00% p.a. Balance greater than 1 Lac will earn interest based on the above-mentioned value grid under which the daily balance falls on that day.

Day	Daily Balance in the Account	Calculation Methodology
Day 1	Rs 90,000	Interest Rate will be calculated at 3.00% p.a. for the entire balance. (e.g., 90,000 * 3.00% / 365)
Day 2	Rs 4,00,000	Interest Rate up to Rs. 1 Lakh will be calculated at 3.00% p.a., for the remaining balance of Rs 3 Lakh, Interest Rate will be calculated at 3.50% p.a. (1,00,000 * 3.00% / 365) + (3,00,000 * 3.50% / 365)
Day 3	Rs 6,00,000	Interest Rate up to Rs. 1 Lakh will be calculated at 3.00% p.a., for the remaining balance of Rs. 5 Lakh, Interest Rate will be calculated at 3.50% p.a. (1,00,000 * 3.00% / 365) + (5,00,000 * 3.50% / 365)
Day 4	Rs 11,00,000	Interest Rate up to Rs. 1 Lakh will be calculated at 3.00% p.a., for the remaining balance of Rs. 9 Lakh, Interest Rate will be calculated at 3.50% p.a., and for the rest amount of Rs 1 Lakh, interest will be calculated at 4.00% p.a. (1,00,000 * 3.00% / 365) + (9,00,000 * 3.50% / 365) + (1,00,000 * 4.00% / 365)

What is an Average Monthly Balance (AMB)?

A. Average Monthly Balance refers to the average closing balance maintained in a Bank Account over the course of a month.

How is the Average Monthly Balance (AMB) calculated?

A. The Average Monthly Balance (AMB) of an account is calculated by adding the closing balance for each day of a given month and dividing it by the number of days in that month.

Example:

Date Range	Total Days	Amount in Savings Account at the end of the day (in Rupees)	Total Amount (in Rupees)
April 1-April 10	10	15,000	150,000
April 11-April 18	8	10,000	80,000
April 19-April 25	7	5,000	35,000
April 26-April 30	5	25,000	125,000
Total Number of Days	30		390,000

The Average Monthly Balance for April will be 390000 / 30 = Rs. 13,000.

What is the Minimum Balance requirement for Shivalik Bank Savings Account?

A. Shivalik Bank offers different variants of Savings accounts with varying minimum balance requirements. To know the specific minimum balance requirement for the type of account you are interested in, click here.

What are the features of Shivalik Bank Savings Accounts?

A. Shivalik Bank Savings accounts are uniquely designed to provide a hassle-free banking experience with a host of benefits. Through digital services, you can instantly and securely pay bills, check your balance, transfer funds, or review your bank account statement anytime and anywhere. To know the unique features of each variant of the Savings account, click here.

From where can I check the applicable charges for various services offered in Savings Account?

A. The applicable charges for various services offered in different variants of Savings accounts can be viewed on the Bank’s website and are also displayed in our branches. To check the Schedule of charges, click here.