Fixed deposits: Shivalik Small Finance Bank slashes interest rates for these FD schemes from 9.30% to 9.05%; check details

Shivalik Small Finance Bank (SFB) has recently slashed its fixed deposit (FD) interest rates following a repo rate cut by the Reserve Bank of India (RBI) on February 7. The new FD interest rates offered by the small savings bank now range from 3.50% to 8.55% for general citizens and from 4% to 9.05% for senior citizens. These revised rates came into effect on February 18, as stated on the bank's official website.

The RBI has reduced its repo rate from 6.50% to 6.25%, marking a 25 basis point decrease. This poses a challenge for individuals investing in Fixed Deposits (FDs) as a lower repo rate typically signals potential future reductions in bank interest rates. 

In line with the changes in FD rates, Shivalik Small Finance Bank has also made adjustments to its loan rates for various durations. Specifically, the bank has reduced its FD interest rates by 25 basis points for specific tenures. 

For instance, the highest interest rate for senior citizens on FDs with durations between 12 months and 1 day to less than 18 months has been lowered from 9.30% to 9.05%. Similarly, for general citizens, the maximum FD interest rate has been decreased from 8.80% to 8.55% for the same duration. Prior to the adjustment, SFB had offered maximum interest rates of 8.80% and 9.30% for FDs held by general citizens and senior citizens, respectively.

Latest FD interest rates

Period    General    Senior citizens
7 days to 14 days    3.50%    4.00%
15 days to 29 days    3.75%    4.25%
30 days to 90 days    4.25%    4.75%
91 days to 180 days    4.75%    5.25%
6 months to less than 9 months    6.00%    6.50%
9 months to 12 months    6.00%    6.50%
12 months 1 day to 18 months to 24 months    8.30%    8.80%
24 months 1 day to 36 months    7.50%    8.00%
36 months 1 day to 60 months    6.50%    7.00%
60 months 1 day to 120 months    6.25%    6.75%
Tax saver FD 5 Years (60 months)    6.50%    7.00%

FD withdrawal

If a depositor decides to withdraw their funds early, they will incur a 1% penalty on the interest earned during the deposit period. This penalty will be based on the actual interest rate earned, not the contracted rate.

Furthermore, if you opened a Fixed Deposit before a repo rate cut, your interest rate will remain unchanged despite any reductions made by the bank afterwards. Fixed Deposit interest rates are set for the entire duration of the deposit, ensuring that the rate you initially agreed upon will remain consistent throughout.

FD Rates offered by other Small Finance Banks

Ujjivan Small Finance Bank

Tenure   Regular FD Rate (p.a.)   Senior Citizen FD Rate (p.a.)   

7 Days to 29 Days  3.75%  4.25 

30 Days to 89 Days  4.25%  4.75 

90 Days to 179 Days  4.75%  5.25 

6 Months to 9 Months  5.50%  6.00 

9 Months 1 Day to

12 months less than 15 months 8.25% 8.75%

15 months 8.50% 9.00% 

15 months 1 day to 560 days 8.25% 8.75% 

13 Months and 1 Day to 559 Days  8.00%  8.50 

80 Weeks (560 Days)  8.25%  8.72 

561 Days to 989 Days  7.50%  8.00 

990 Days  7.75%  8.25 

991 Days to 60 Months   7.20%  7.70 

60 months 1 Day to 120 Months   6.50%  7.00

Jana Small Finance Bank

7-14 Days   3.10%   3.60%   

15-30 Days   4.35%   4.85%   

31 to 45 days 4.35% 4.85% 

45 to 60 days 4.35% 4.85% 

61-90 Days 5.10%   5.60%   

91-180 Days  6.60%   7.10%   

181-364 Days  8.10%   8.60%   

1 Year [365 Days]   8.60%   9.10%   

More than 1 Year - 2 Year (730 Days)   8.35%   8.85%   

More than 2 Years - 3 Years (1095 Days)   7.35%   7.85%   

More than 3 Years – less than 5 Years   7.35%   7.85%   

> 5 Years - 10 Years   6.60%   7.10%    

Equitas Small Finance Bank

Tenure   Regular Rates (p.a.)   Senior Citizen 

7 - 14 days   3.50%   4.00% 

15 - 29 days   3.50%   4.00% 

30 - 45 days   4.00%   4.50% 

46 - 62 days   4.50%   5.00% 

63 - 90 days   4.50%   5.00% 

91 - 120 days   5.25%   5.75% 

121 - 180 days   5.25%   5.75% 

181 - 210 days   6.25%   6.75% 

211 - 270 days   6.25%   6.75% 

271 - 364 days   6.25%   6.75% 

1 year (365 days)  8.20%  8.70% 

1 year 1 day  8.00%  8.50% 

1 year to 443 Days   8.20%   8.70% 

444 Days   8.50%   9.00% 

445 Days to 18 Months   8.20%   8.70% 

18 Months 1 day to 2 years   7.75%   8.25% 

2 years 1 day to 887 days   8.00%   8.50% 

888 days   8.25%   8.75% 

889 days to 3 years   8.00%   8.50% 

3 years 1 day to 4 years   7.50%   8.00% 

4 years 1 day to 5 years   7.25%   7.75% 

5 years 1 day to 10 years   7.25%   7.75%