Senior citizens will get an additional benefit of 0.50 percent. the bank offers Rate of interest From 3.5 percent to 7% for a period of seven to ten years.
However, the highest interest rate (up to Rs 25 lakh) offered by the bank is 7% for regular citizens. The interest rates are calculated on the basis of simple interest for the first six months. All rates for periods longer than six months will be compounded quarterly. For tax saver FDs, the bank offers 6.25 and 6.75 per cent for regular and senior citizens respectively.
recurring deposit interest rate
The bank offers interest rates starting from 5.50 per cent to 7 per cent and tenures ranging from 6 months to 10 years.
According to Shivalik Small Finance Bank, “Please note that premature payment will attract a 1% penalty on interest for the period the deposit has been made, or the card rate of the original deposit, whichever is lower.”
Savings Account Interest Rates
From July 27, 2022, the bank’s savings account interest rates will be in the range of 3.5% to 7% (depending on the balance in the savings account; amount ranging from Rs 1 lakh to Rs 7 crore and above). The interest rate on savings account is calculated on the basis of incremental balance slab. Interest is calculated on the day-end balance in the savings account and is paid quarterly.
