SVC Co-operative Bank Ltd. (SVC Bank – earlier known as The Shamrao Vithal Co-operative Bank Ltd.) announced an increase in fixed deposit interest rates across multiple tenors. The increase is effective from 20th June, 2022 on all deposits below Rs 2 crore.
SVC Bank Managing Director Mr. Ashish Singhal said, “This clearly signals those good days are finally back for fixed deposit investors. The rise in fixed deposit rate is a golden opportunity for all depositors, especially senior citizens. The low FD interest rates were a cause of huge financial stress for people like senior citizens whose primary source of regular income comes from FDs. After more than two years of low-interest rate scenario in the economy, this is the appropriate time for consumers to opt for more savings and relish more returns on their savings.”
SVC Bank’s Fixed Deposit Interest Rate Increase (Less than Rs 2 crore) for popular tenor buckets.
|Days/Years Inclusive||Individuals, HUF, Co-op. Societies/ Non Scheduled UCBs/Regd. Trusts & All other categories of depositors/NRO||Senior Citizens Residents Only|
|15 days to 45 days||3.40%||3.65%|
|46 days to 90 days||4.00%||4.25%|
|91 days to 179 days||4.30%||4.55%|
|181 days to 329 days||5.20%||5.45%|
|331 days to 389 days||5.30%||5.55%|
|391 days to 480 days||5.30%||5.55%|
|481 days to 719 days||5.80%||6.05%|
|721 days to 780 days||5.80%||6.05%|
|781 days to 36 months||6.25%||6.50%|
|Above 36 months to 60 months||6.50%||6.75%|
|Above 60 months to 120 months||6.50%||7.25%|
|Tax exemption Scheme (5 Years)||6.50%||6.50%|
Interested applicants can book the FD by visiting any of SVC Bank’s branches spread across 11 states and 198 centres. The Bank has also made it easy for its customers to book Fixed Deposits using NetBanking. Fixed Deposits are a safe investment tool and can also be invested in for 80C exemption. SVC Bank also allows for auto renewals of Fixed Deposits for added convenience.