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 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 will be subject to Tax Deducted at Source as per Income Tax Laws
• For interest rates of Rs.3 Crore and above (With Premature Withdrawal and Without Premature Withdrawal facility), please contact the nearest Shivalik Small Finance 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 Policy Repo Rate (RBIPRR) 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.