Shivalik Small Finance Bank FD Interest Rate
Shivalik Small Finance Bank started as an Urban Co-operative Bank and later became a Scheduled Commercial Bank. Shivalik became India's first Small Finance Bank to transition from an Urban Co-operative Bank. The financial institution offers various retail banking products and services and has nearly 24 years of experience in the banking industry. The bank has over 54 branches serving over 6.41 lakh unique customers.
Interest Rates Chart 2023
| Tenure | For General Citizens (p.a.) | For Senior Citizens (p.a) |
|---|---|---|
| 7 days to 14 days | 3.75% | 4.25% |
| 15 days to 29 days | 4% | 4.5% |
| 30 days to 90 days | 4.5% | 5% |
| 91 days to 180 days | 5% | 5.5% |
| 6 months to less than 9 months | 5.75% | 6.25% |
| 9 months to less than 12 months | 5.75% | 6.25% |
| 12 months to less than 18 months | 7.5% | 8% |
| 18 Months to Less than 24 months | 8% | 8.5% |
| 24 months to 36 months | 8% | 8.5% |
| 36 months 1 day to 60 months | 7% | 7.5% |
| Note: All interest rates are updated as of 30th Nov 2023 | ||
returns on FD
Lock in returns as high as
8.61% before they go down
Calculate FD returns
Shivalik Small Finance Bank@8% p.a
₹1,17,166
All you need to know about Shivalik Small Finance Bank FD Interest Rate
Types of Shivalik Small Finance Bank Fixed DepositsPros of investing in Shivalik Small Finance Bank Fixed DepositCons of investing in Shivalik Small Finance Bank Fixed Deposit Shivalik Small Finance Bank FD Eligibility Criteria Documents Required for Shivalik Small Finance Bank FD Account How to Open an FD with Shivalik Small Finance Bank? Shivalik Small Finance Bank Fixed Deposit Premature WithdrawalTax implications on Shivalik Small Finance Bank FD How to claim tax benefits?Related Interest Pages
Types of Shivalik Small Finance Bank Fixed Deposits
Fixed Deposit
- Scheme tenure: 7 days to 10 years
- Convenient to liquidate via the premature withdrawal option.
- Depositors enjoy quarterly compounding interest by opting for reinvestment FD
- The bank offers monthly/quarterly payout options
- The auto-renewal facility is available
- Senior citizens enjoy an additional interest rate of 0.5%
- Premature withdrawal is allowed.
- A nomination facility is available.
Tax Saver Fixed Deposit Scheme
If you invest in this FD, you are eligible for a tax deduction of up to ₹1.5 lakhs under Section 80C of the Income Tax Act of 1961.
- Minimum investment: ₹1,000
- Maximum investment: ₹1.5 lakhs per annum.
- Scheme tenure: 5 years
- Lock-in period: 5 years
- Depositors enjoy quarterly compounding interest by opting for reinvestment FD
- The bank offers monthly/quarterly payout options
- Senior citizens enjoy an additional interest rate of 0.5%
- Premature withdrawal is not allowed.
- A nomination facility is available.
Non-Callable Fixed Deposits
- Minimum investment: ₹25 lakhs
- Maximum investment: ₹2 crores
- Scheme tenure: 7 days to 10 years
- Depositors enjoy quarterly compounding interest by opting for reinvestment FD
- The bank offers monthly/quarterly payout options
- Senior citizens enjoy an additional interest rate of 0.5%
- Premature withdrawal is not allowed.
- A nomination facility is available.
Pros of investing in Shivalik Small Finance Bank Fixed Deposit
- Period: The FD with Shivalik Small Finance Bank ranges from 7 days to 10 years.
- Convenient: Open hassle-free FD using online banking in a few minutes
- DICGC insurance: The amount invested with the bank is covered by Deposit Insurance and Credit Guarantee Corporation (DICGC) for the total sum of ₹5 lakhs.
- Minimum amount: Fixed deposits with Shivalik Small Finance Bank can be opened with a minimum investment of ₹1,000
- Preference to senior citizens: Additional 0.5% p.a. for senior citizens.
- Nomination facility: Depositors can nominate beneficiaries for their investments in Shivalik Small Finance Bank FDs.
Cons of investing in Shivalik Small Finance Bank Fixed Deposit
- Not dynamic: Interest rates on FD are not dynamic. So, it fails to overcome the risk of inflation.
- Fixed rate: Fixed deposits offer a fixed rate on the investment. Hence, you cannot benefit from higher returns in cases of increased market interest rates
Shivalik Small Finance Bank FD Eligibility Criteria
Here is a list of the entities that are eligible to open an FD account with a financial institution in India:
- A resident citizen of India
- Non-Resident Indians (NRI)
- Senior citizens residing in India
- Hindu Undivided Families (HUFs)
- Minors through their parents/legally appointed guardians
- Sole proprietorships
- Partnership firms
- Societies, trusts, clubs, associations.
Documents Required for Shivalik Small Finance Bank FD Account
A list of general documents required to open an FD account in India is given below:
- Proof of identity: PAN card, Passport, driving licence, Aadhaar card or Voter ID card.
- Proof of address: Driving licence, Passport, Aadhaar card, electricity, telephone or any utility bill, property or municipal tax receipt.
For Hindu Undivided Family (HUF)
- HUF deed and declaration
- PAN card
- KYC documents
- Passport-size photographs
For Public/Private Limited Companies
- Company PAN card
- Bank account statements/latest utility bills
- Registration or incorporation certificates
- KYC Documents of authorised signatories
- Board resolution for FD opening
- Passport size photographs
For Partnership Firms
- PAN card
- Registration Certificate
- Partnership deed
- KYC documents of all the authorised signatories
- Passport-size photographs
For Registered Societies
- PAN card
- Board resolution for FD account opening
- Bank account statements/latest utility bills
- Certificate of registration/incorporation
- Articles and Memorandum of Association (MoA)
- KYC documents of authorised signatories
- Passport-size photographs
How to Open an FD with Shivalik Small Finance Bank?
Check the steps below to open an FD account online:
Step 1: Visit the bank's official website, navigate to its 'fixed deposit' section and click on 'net banking login'. Then, sign in with your credentials. If you are opening a new FD account with a new bank, create an online account first.
Step 2: You will be redirected to a page where you must fill up all the required details, such as FD tenure, nominee account and digital signature.
Step 3: Make sure the details you have inserted are correct. Upload them or the soft copies of the documents required.
Step 4: Pay the amount you wish to deposit in an FD account with the help of the net banking facility.
Step 5: You will receive an acknowledgement receipt. Save it carefully for future reference.
Shivalik Small Finance Bank Fixed Deposit Premature Withdrawal
- Regular Fixed Deposit Scheme: 1% penalty on the interest earned during the timeframe for which the amount has remained with the bank or card rate of the original deposit, whichever is less.
- Tax Saver Fixed Deposit Scheme: Premature withdrawal is not allowed except in the case of depositor’s death.
- Non-Callable Fixed Deposits: Not allowed except in exceptional circumstances
Tax implications on Shivalik Small Finance Bank FD
According to the Income Tax Act of India of 1961, taxpayers can seek deductions under Section 80C if they invest in FDs.
In a given financial year, a taxpayer can avail tax deduction to a maximum of ₹1.5 lakhs from their gross taxable income, provided the following conditions are fulfilled:
- Taxpayers can invest in FD either through public or private sector banks.
- Individuals and HUFs can avail tax deductions by investing in tax savings FDs.
- Bank's five-year tax saving FD offers exemptions under Section 80C.
- Investors cannot get loans against these FDs.
- In the case of joint holders, only the first holder can get tax benefits.
How to claim tax benefits?
When filing the Income Tax Returns (ITR), the taxpayer can provide supporting documents to avail tax benefits on FDs.
Tax Deducted at Source (TDS)
- TDS will be deducted from the interest accrued on the FDs if the interest is more than ₹40,000 (₹50,000 for senior citizens) in a given financial year.
- For Resident customers, if you have submitted your PAN card details, the deduction will be 10% per year on the interest. The bank will deduct 20% of TDS annually without a PAN card.
FAQs
Is there a right time to invest in a fixed deposit?
The right time to invest in a fixed deposit depends on the investor's financial goals, risk appetite, and prevailing interest rates. Generally, it is advisable to invest in fixed deposits when the interest rates are high and are expected to remain stable for the investment period.
Other investment options offer better returns. In this case, why should I invest in an FD?
FDs provide a guaranteed return on investment and are relatively low-risk compared to other investment instruments.
Is the ₹5 lakhs DICGC insurance cover applicable on Shivalik Small Finance Bank FD?
Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover is applicable on Shivalik Small Finance Bank FD.
What is the minimum investment period for FDs?
The minimum investment period for fixed deposit schemes at Shivalik Small Finance Bank is 7 days.
Disclaimer: The calculator and the results of the same are based on information inputted by you and extracted from third party sources. The information on this page is for illustrative purposes only and does not amount to any investment advice or recommendation. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. The information displayed on this page does not constitute an invitation to invest in any product nor is it a promise of performance. Interest rates are not updated in real time and you are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions.