Shamrao Vithal Co-op Bank Fixed Deposit Rate

0 / 5

Write Review

SVC Bank Fixed Deposit Rate

Shamrao Vithal Co-op Bank Fixed Deposit Rate - FD Rate in India

In a fixed deposit, the customer deposits a fixed amount of money, for a fixed period of time, at a fixed rate of interest. The money deposited attracts interest for the time period it is deposited. It gives a higher rate of interest than a regular savings account. Once the deposit matures, the bank credits the principal amount along with the interest earned to the bank account specified on the application form when the FD is opened.

Investing in a Fixed Deposit account has been the norm for traditional investors who are not willing to take risks on their hard earned money. The documentation process is hassle-free and simple, making it easy even for a first-time investor.

An FD remains the most popular mode of investment in India as it is safe and is free from market risks. It also promises a guaranteed return. If you have some idle money, opening an FD account is the simplest way to earn a decent amount by way of interest.

The downside to opening a fixed deposit account is that you cannot withdraw from it as you like, unlike with a savings account. However, it is still amongst the more liquid investments you can make. If you need funds in case of an emergency, you can ‘break’ a deposit account before its maturity upon the payment of a small penalty.

While opening an FD, you can choose how much you want to deposit and for what time period you want to deposit the amount. Fixed deposits tenures typically range from seven days to ten years. The banks are free to set their own interest rates, which is generally influenced by factors like the deposit amount, and the tenure. In India, the interest rate generally ranges from 4% to 8% per annum.

Apart from banks, NBFCs and corporates too offer fixed deposits.

Shamrao Vithal Co-op Bank Deposit Rates

As mentioned before, the rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank. The general rule of thumb is, the longer the term of deposit, the higher the rate of interest. But a bank may also offer a lower rate of interest for a longer tenure if the rates are expected to fall in the future. Shamrao Vithal Co-op Bank Interest Rates typically range from 3% - 8% per annum.

Shamrao Vithal Co-op Bank FD rates

Following is an overview of Shamrao Vithal Co-op Bank Term Deposit Rates and Shamrao Vithal Co-op Bank Short-Term Fixed Deposit Interest Rates.

Shamrao Vithal Co-op Bank Interest Rates on Fixed Deposits 2015 – 2016:

(Do keep in mind that these rates can change at any time and can be changed at the sole discretion of the Bank. For the latest rates, it is advisable to check with Shamrao Vithal Co-op Bank directly.)

Interest rate for deposit up to Rs 15 Lakhs.

Maturity period Interest Rate
15 days to less than 90 days 5.50 % p.a.
90 days 5.00 % p.a.
91 days to less than 180 days 6.50 % p.a.
180 days 6.00 % p.a.
181 days to 364 days 7.00 % p.a.
365 days to less than 24 months 7.80 % p.a.
AV Deposit Scheme - 366 Days (Simple Interest) 7.90 % p.a.
Mangal Moorti Scheme- 24 months (Simple Interest) 7.90 % p.a.
Above 24 months to 36 months 7.85 % p.a.
Above 36 months to 60 months 7.80 % p.a.
Above 60 months to 120 months 7.75 % p.a.
Tax exemption Scheme (5 Years) 7.80 % p.a.

Shamrao Vithal Co-op Bank FD Interest Rates for Senior Citizens

Shamrao Vithal Co-op Bank offers special Senior Citizen FD Rates which are generally marginally higher than the rates as applicable on a regular FD and provide seniors with that extra buffer for their retirement years. As of now, the Shamrao Vithal Co-op Bank Senior Citizen FD rate of interest is 0.50% higher across all maturity periods.

Maturity period Senior Citizens Rate
15 days to less than 90 days 5.50 % p.a.
90 days 5.00 % p.a.
91 days to less than 180 days 6.65 % p.a.
180 days 6.15 % p.a.
181 days to 364 days 7.15 % p.a.
365 days to less than 24 months 7.95 % p.a.
AV Deposit Scheme - 366 Days (Simple Interest) 8.05 % p.a.
Mangal Moorti Scheme- 24 months (Simple Interest) 8.05 % p.a.
Above 24 months to 36 months 8.00 % p.a.
Above 36 months to 60 months 7.95 % p.a.
Above 60 months to 120 months 7.75 % p.a.
Tax exemption Scheme (5 Years) 7.80 % p.a.

How to Calculate Shamrao Vithal Co-op Bank Fixed Deposit Interest

You can use online FD calculators to help compute the amount of interest you will earn on a particular principal amount. There are many online websites that have easy-to-use FD calculators that allow you to instantly calculate the interest you will earn. You just need to enter the deposit amount, the rate of Interest, and the tenure; the calculator will do the calculations and present you with a breakup of the total amount and interest income earned at maturity.

You can also calculate the interest earned and the maturity value on the principal amount using the following formula.

Calculate Shamrao Vithal Co-op Bank FD Rate

A = P x (1 + r/n)nt

I = A - P

Where

A = Maturity Value

P = Principal Amount

r = Rate of Interest

t = Number of Years

n = Compounded Interest Frequency

I = Interest Earned

Shamrao Vithal Co-op Bank FD Premature Withdrawal Penalty

Fixed Deposits, while not easily withdrawable, can be broken up on the payment of a penalty. The bank typically charges a penalty of 1 % p.a. in case of pre-mature refund & re-investment of term deposits.

The bank also offers loans up to 90 % of the deposit amount against the pledge of Deposit Receipt in case of need. You can opt for this aternative if you don’t want to break your FD and are in need of emergency cash.

Shamrao Vithal Co-op Bank FD – FAQS

Who is eligible to apply for a fixed deposit account?

Any Resident Individual – individually or jointly with two or more people - are eligible to open an FD. Also eligible to open an FD account are Minors, Associations, Clubs, Societies, Partnership Firms, Trusts, etc.

I want to open an FD for a short duration. What is the minimum tenure?

The minimum tenure is 15 days.

What is the minimum amount required to open a short term deposit?

An account can be opened with a minimum of Rs.1000.

What is the interest payout option?

The interest can be paid on quarterly, half yearly or yearly basis, as per your need. You should notify the bank on this instruction in the Account Opening Form.

Customer Reviews