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Shivalik Small Finance Bank Fixed Deposit

Updated 06 Dec 2023

In today's volatile market conditions, fixed deposits remain among the most sought-after investment options. Shivalik Small Finance Bank, with its roots as an Urban Co-operative Bank, offers a range of fixed deposit schemes catering to the diverse needs of its customers.

If you're looking for a reliable financial institution for your savings, this bank deserves a closer look. Here's what you need to know.

Types of FDs in Shivalik Small Finance Bank

  1. Fixed Deposit
  2. Tax Saver Fixed Deposit Scheme
  3. Non-Callable Fixed Deposits

Benefits of Investing in Shivalik Small Finance Bank Fixed Deposits

  • Period: Ranges from 7 days to 10 years.
  • Convenient: Open using online banking effortlessly.
  • DICGC insurance: Up to ₹5 lakhs coverage.
  • Minimum amount: Can be started with ₹1,000.
  • Preference to senior citizens: Extra 0.5% p.a.
  • Nomination facility: Available.

Features of Shivalik Small Finance Bank FDs

Fixed Deposit

  • Scheme tenure: 7 days to 10 years
  • Quarterly compounding interest with reinvestment FD option
  • Monthly/quarterly payout options
  • Auto-renewal facility
  • Additional 0.5% interest for senior citizens
  • Premature withdrawal allowed
  • Nomination facility available
  • Based on tenor, the interest rate for this scheme ranges from 3.75% to 8% for the general public and 4.25% to 8.5% for senior citizens. 
     

Tax Saver Fixed Deposit Scheme

  • Scheme tenure: 5 years
  • Quarterly compounding interest with reinvestment FD option
  • Monthly/quarterly payout options
  • Additional 0.5% interest for senior citizens
  • No premature withdrawal, except in the case of depositor’s death
  • Nomination facility available
  • Based on tenor, the interest rate for this scheme ranges from 3.75% to 8% for the general public and 4.25% to 8.5% for senior citizens.

Non-Callable Fixed Deposits

  • Scheme tenure: 7 days to 10 years
  • Quarterly compounding interest with reinvestment FD option
  • Monthly/quarterly payout options
  • Additional 0.5% interest for senior citizens
  • No premature withdrawal, except in exceptional circumstances
  • Nomination facility available
  • Based on tenor, the interest rate for this scheme ranges from 3.75% to 8% for the general public and 4.25% to 8.5% for senior citizens.

Eligibility Criteria

  • A resident citizen of India
  • Non-Resident Indians (NRI)
  • Senior citizens in India
  • Hindu Undivided Families (HUFs)
  • Minors via parents/guardians
  • Sole proprietorships
  • Partnership firms
  • Societies, trusts, clubs, and associations
     

Documents Required

Identity proofs:

  • PAN card
  • Passport
  • Driving license
  • Aadhaar card
  • Voter ID card

Address proofs:

  • Driving license
  • Passport
  • Aadhaar card
  • Utility bill (electricity, telephone, etc.)
  • Property or municipal tax receipt

For HUF:

  • HUF deed and declaration
  • PAN card
  • KYC documents
  • Passport-size photographs

For Public/Private Limited Companies:

  • Company PAN card
  • Bank statements or utility bills
  • Registration or incorporation certificates
  • KYC Documents of authorized signatories
  • Board resolution for FD opening
  • Passport size photographs

For Partnership Firms:

  • PAN card
  • Registration Certificate
  • Partnership deed
  • KYC documents of all the authorized signatories
  • Passport-size photographs

For Registered Societies:

  • PAN card
  • Board resolution for FD account opening
  • Bank statements or latest utility bills
  • Registration/incorporation certificate
  • Articles and Memorandum of Association
  • KYC documents of authorized signatories
  • Passport-size photographs
     

How to open an FD in Shivalik Small Finance Bank

  • Visit the bank's official website, navigate to 'fixed deposit', and click on 'net banking login'. Log in or create a new account if needed.
  • You'll be redirected to a page to fill in details such as FD tenure, nominee account, and digital signature.
  • Confirm your details and upload the necessary documents.
  • Deposit the desired FD amount using net banking.
  • You'll receive an acknowledgement receipt. Keep it safe.

Shivalik Small Finance Bank FD Premature Withdrawal

  • Regular Fixed Deposit Scheme: 1% penalty on the interest for the period the amount remained in the bank or card rate of the original deposit, whichever is lower.
  • Tax Saver Fixed Deposit Scheme: No premature withdrawal, except if the depositor dies.
  • Non-Callable Fixed Deposits: Allowed only in exceptional circumstances.
     

FAQs

Is there a right time to invest in a fixed deposit?

It depends on financial goals, risk appetite, and prevailing interest rates. Ideally, when interest rates are high.

Why choose FD over other investments with better returns?

FDs offer guaranteed returns with lower risk compared to other instruments.

Does the ₹5 lakhs DICGC insurance cover apply to Shivalik Small Finance Bank FD?

Yes, it applies.

What is the minimum investment period for FDs?

At Shivalik Small Finance Bank, it's 7 days.

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Shivalik Small Finance Bank

Calculate Shivalik Small Finance Bank FD Returns

₹1,00,000
6%
365
days
daysmonthsyears
Maturity Amount₹1,06,000

Understanding Fixed Deposit

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