This small financial bank raises FD interest rates, seniors get a chance to earn 8.50% interest

New Delhi. During the past 9 months, the Reserve Bank of India (RBI) has periodically increased the repo rate in an attempt to control inflation. After this increase, many state and private banks increased fixed deposit (FD) rates. In this episode, Shivalik Small Finance Bank has increased its savings and FD interest rates.

Shivalik Small Finance Bank has increased its interest rates on FDs to less than Rs 2 crore. The bank now gives maximum interest of 8.00 percent to ordinary people and 8.50 percent to seniors on FD.

Shivalik Small Finance Bank FD courses
Shivalik SFB is now offering 3.75% interest on FDs with a term of 7 to 14 days. Shivalik Bank pays 4.00% interest on FDs with a maturity of 15 to 29 days. The bank pays 4.50 percent interest on FDs from 30 days to 90 days. The bank offers 5.00 percent interest on FDs from 91 days to 180 days. 5.75% interest is granted on FDs with a maturity of less than 6 to 12 months. 7.50% yield is granted on FDs with a maturity of less than 12 to 18 months. The bank gives a maximum yield of 8.00% on FDs with a term of 18 to 36 months.

Also read this – Beyond the Milch Kheer offer… Now PNB said – If you ask for savings you will pay 8.10% interest on FD for 666 days

Is it safe to store money at Small Finance Bank?
Now the question is, is it safe to store money in the small finance bank? Explain that in the event of bankruptcy or bankruptcy, the depositor’s only relief is the insurance coverage provided by the Deposit Insurance and Credit Guarantee Corporation, i.e. DIGCC. Now insurance coverage under DICGC has been increased from Rs 1 lakh to Rs 5 lakh. The insurance coverage offered by DICGC applies to deposits such as savings accounts, FDs, current accounts, RDs, etc. DICGC deposit insurance covers all insured commercial banks including LABs, PBs, SFBs, RRBs and credit unions.

If your money is deposited in a bank, you can check whether it is registered for deposit insurance or not by clicking on the link given below…

Here is the link: https://www.dicgc.org.in/FD_ListOfInsuredBanks.html

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