Customers to get exclusive term deposit rates of 5.8% for 330-390 days & 6% for 720 days

MUMBAI, JULY 04th, 2022 (GPN): 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%
180 days	4.50%	4.75%
181 days to 329 days	5.20%	5.45%
330 days	5.80%	6.05%
331 days to 389 days	5.30%	5.55%
390 days	5.80%	6.05%
391 days to 480 days	5.30%	5.55%
481 days to 719 days	5.80%	6.05%
720 days	6.00%	6.25%
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.-ENDS.

About SVC Bank

Set up in 1906, SVC Bank has contributed significantly to the development of the cooperative movement in India for over a century. Today, the Bank is one of the oldest and most recognized names in the country’s co-operative Banking space and remains the country’s only multi-state scheduled Bank with a presence across 11 states – Maharashtra, Karnataka, Goa, Gujrat, Rajasthan, Delhi, Haryana, Madhya Pradesh, Andhra Pradesh, Telangana, Tamil Nadu. With a total business of Rs. 31680.02 Crores (FY 21-22) it has proven its robust and strong fundamentals. Headquartered in Mumbai, the Bank has a vast spread of 198 branches, 214 ATMs and has an employee strength of over 2300. The Bank offers the entire gamut of services across Retail Banking, Corporate Banking and International Banking. SVC Bank was recently awarded for its 100+ years of service at the hands of Hon’ble Union Minister of Home Affairs and Cooperation – Shri Amitbhai Shah. It has also been acknowledged with many prestigious awards, like ‘Data Centers Award’ & ‘Enterprise Security Award’ at Express BFSI Technology Awards 2022, Award for Outstanding Response to Covid-19 at Co-operative Banks Ingenious Leadership Summit and Technology Awards 2022, and Best BFSI Brand Award 2021 at The Economic Times Best BFSI Brands. The Bank was among the first few co-operative banks in the country to get the Authorized Dealer Category I License (Independent Forex Operations) from RBI, in December 2007. In July 2008, it launched its International Banking Division, which today handles more than Rs. 3,000 crore forex business.