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Shivalik Small Finance Bank (SFB) has reduced its fixed deposit (FD) interest rates after the Reserve Bank of India (RBI)’s cut the repo rate on February 7. SFB’s interest rates now range from 3.50 per cent to 8.55 per cent for general citizens and from 4 per cent to 9.05 per cent for senior citizens on FDs. The revised FD interest rates are effective February 18, according to the lender’s website.
SFB has decreased rates for loans of the following tenures:
The bank has cut its FD interest rates by 25 basis points, lowering the highest rate for senior citizens from 9.30 per cent to 9.05 per cent on tenures ranging from 12 months and 1 day to less than 18 months. For general citizens, the maximum FD interest rate has been reduced from 8.80 per cent to 8.55 per cent for the same tenure. Previously, the bank offered a maximum interest rate of 8.8 per cent on FDs for general citizens and up to 9.3 per cent for senior citizens.
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Latest Shivalik Small Finance Bank FD interest rates
If a depositor prematurely withdraws their funds, a 1 per cent penalty will be levied on the interest earned for the period the deposit remained with the bank, rather than the contracted rate
If you opened a FD before the repo rate cut, your interest rate will remain unchanged, regardless of any subsequent reductions by the bank. FD interest rates are fixed for the entire deposit tenure, meaning the rate offered at the time of booking will stay the same throughout.
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