Shivalik Small Finance Bank Revises FD Rates: Drops from 9.30% to 9.05%

Shivalik Small Finance Bank (SFB) has lowered its fixed deposit interest rates following the Reserve Bank of India’s (RBI) repo rate cut on February 7. As per the bank’s website, general customers can now earn interest between 3.50% and 8.55% on FDs, while senior citizens can get rates ranging from 4% to 9.05%. Before the bank provided an interest rate of up to 8.8% on FDs for regular customers and up to 9.3% for senior citizens.

As per the Shivalik Small Finance Bank’s website, the bank has reduced its fixed deposit (FD) interest rates by 25 basis points. Now, senior citizens can get a maximum FD rate of 9.05%, down from 9.30%, for tenures between 12 months and 1 day to less than 18 months. For regular customers, the highest FD rate has been decreased from 8.80% to 8.55% for the same period.

Revised Shivalik SFB FD Rates

Shivalik Small Finance Bank provides different interest rates on fixed deposits based on the duration. For FDs of 15 to 29 days, the interest rate is 3.75%. If the tenure is between 30 to 90 days, the bank provides 4.25% interest. For FDs with a duration of 91 to 180 days, the interest rate increases to 4.75%.

If you withdraw your fixed deposit before the maturity date, Shivalik Small Finance Bank will charge a 1% penalty on the interest earned for the period your deposit was held with the bank. The interest will not be calculated at the originally agreed rate but based on the actual period the deposit was maintained. The new FD interest rates will be applicable from February 18, 2025.