• Shamrao Vithal Cooperative Bank Fixed Deposit Rates

    Established in 1906, the Shamrao Vithal Cooperative Bank also known as SVC Cooperative Bank Limited is known to be one of the oldest co-operative urban banks in the country. The bank offers customers, Fixed Deposits which can range from a minimum of 15 days and can last upto 10 years depending on the type of fixed deposit chosen. The interest for the fixed deposit ranges between 5% to 7.50% depending on the tenure as well as the type of fixed deposit you opt for.

    The interest rates given below are effective from 21 September 2018 and charged for fixed deposits up to Rs.15 Lacs.

    Tenure Regular Interest Rate (per annum) Senior Citizen Interest Rate (per annum)
    15 days to 90 days 5.00% 5.25%
    91 days to 180 days 6.50% 6.75%
    181 to 364 days 6.75% 7.00%
    365 days to less than 2 years 7.25% 7.50%
    15 months 7.50% 7.75%
    Above 2 years to 5 years 6.75% 7.00%
    Above 5 years to 10 years 6.50% 6.75%

    *The rates are applicable for all deposits that are up to Rs.15 lakh.

    SVC Special Deposit Rates

    Tenure Regular Interest Rate (per annum) Senior Citizen Interest Rate (per annum)
    AV Deposit Scheme - 366 days 7.25% 7.50%
    Mangal Moorti Scheme - 24 months 7.15% 7.40%
    Tax Saver Scheme (5 years) 7.00% 7.00%

    *The rates are applicable for all deposits that are up to Rs.15 lakh.

    The types of Fixed Deposit, SVC Cooperative bank offers are:

    SVC Bank short-term fixed deposit rates

    • A short-term fixed deposit can be opened for a minimum number of 15 days and a maximum number of 364 days.
    • The interest rate of short-term fixed deposit ranges from 5.00% per annum to 7.00% per annum.
    • The minimum amount of money required to open this fixed deposit account is Rs.1,000.
    • For a period of 15 to 90 days, the interest earned by the customer will be 5.00% per annum.
    • However, if the tenure is between 181 days to 364 days ,which is a minimum of 3 months to less than a year, an interest of 7.00% can be earned.
    • The interest amount will be paid on maturity along with the principal amount.

    SVC Bank long-term fixed deposit rates

    • The minimum amount needed to open a long-term fixed deposit account is Rs.1,000.
    • Minimum period for this type of fixed deposit is 1 year and the maximum is 10 years.
    • Rate of interest ranges between 6.50% to 7.75% per annum depending on the tenure of fixed deposit chosen.
    • Since it is a long-term account, the rate of interest on the deposit is paid on a monthly, quarterly, half-yearly or a yearly basis as decided by the customer.

    SVC Bank senior citizen fixed deposit rates

    • Benefits of fixed deposit account for senior citizens can be availed by those above the age of 60 years. Proof of age is required.
    • Rate of interest depending on type of the fixed deposit availed ranges between 5.25% to 7.75% per annum for a senior citizen.
    • An excess of 0.25% of interest is given to senior citizens when compared to citizens below the age of 60 for any category of fixed deposit account.

    SVC Bank Special Fixed Deposit Schemes

    Tax Exemption Fixed Deposit Scheme

    In this scheme of fixed deposit, an amount of Rs.1.5 Lac can be exempted according to Section 80C of the Income Tax Act. The minimum tenure is 5 years and the rate of interest which is given is at 7.00% per annum for regular citizens as well as senior citizens.

    AV Deposit Scheme -

    The AV fixed deposit scheme can be availed for a fixed period of 366 days and the interest offered is 7.25% for regular citizens and 7.50% for senior citizens.

    Mangal Moorthi Scheme -

    Given for a fixed tenure of 2 years, the Mangal Moorthi fixed deposit scheme offers an interest rate of 7.14% per annum and 7.40% per annum for regular citizens and senior citizens respectively.

    SVC Bank fixed deposit for NRIs

    The bank offers fixed deposit accounts for Non Resident Indians under these categories -

    NRE Fixed Deposit Account -

    In this type of fixed deposit account, a customer can deposit his or her foreign earnings here and also avail a good return rate. Money deposited in this account will be converted into Indian Rupees and also will be free of tax. From this fixed deposit account, loans can be taken within the country as well as abroad.

    The interest rates of a NRE fixed deposit account are:

    Tenure Regular and senior citizen Interest Rate (per annum)
    12 months to less than 48 months 7.25%
    15 months 7.50%
    Mangal Moorthi Scheme - 2 years 7.15%
    Above 2 years to 5 years 6.75%
    Savings Account 4.00%

    Foreign Currency Non Resident

    A customer can apply for a fixed deposit account with SVC Bank for NRI only if he or she is of Indian origin or nationality but not living in India.

    • The tenure for fixed deposit accounts for Non-resident Indians is a minimum of 1 year and maximum of 5 years.
    • Minimum deposit amount is $1,000 or an equivalent amount accepted in Great Britain Pound/Sterling Pound, Euro, Japanese Yen and Australian Dollar.
    • The principal amount and interest will not be subject to any taxes.
    • The amount under interest and principal are repatriable.

    The interest rates for fixed deposit for Foreign currency non resident are:

    Tenure/currency USD JPY AUD GBP EUR
    12 months to less than 2 years 3.50% 0.25% 2.25% 1.50% 0.25%
    24 months to less than 3 years 3.75% 0.25% 2.25% 1.75% 0.25%
    36 months to less than 4 years 3.75% 0.15% 2.50% 2.00% 0.50%
    48 months to less than 5 years 3.75% 0.15% 2.50% 2.00% 0.50%
    5 years 3.75% 0.15% 2.50% 2.00% 0.50%

    Resident Foreign Currency

    This particular type of fixed deposit account can be opened by the NRI who has now returned and is staying in India.

    • A customer is eligible to open this type of fixed deposit account if he or she has returned to India after 18 April 1992 and is a permanent resident of India. Apart from that, before return, the customer should have stayed in a different country for a period of more than 1 year.
    • Deposit in this account can be made in terms of any currency which can be convertible easily.
    • The minimum tenure for a Resident Foreign Currency fixed deposit account is 1 year and for a maximum of 3 years.
    • $1,000 is the minimum amount which needs to be deposited.
    • Money in the RFC fixed deposit account can be used abroad and also can be used locally by converting it into Indian rupee.
    • If the customer holding the account is to shift abroad, this account can be converted into a FCNR account.

    The interest rates for RFC fixed deposit account are

    Tenure/Currency USD EUR GBP
    1 year 3.50% 0.25% 1.50%
    2 years 3.75% 0.25% 1.75%
    3 years 3.75% 0.50% 2.00%

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    SVC FD Rates Reviews

    • The Shamrao Vithal Cooperative Bank Fixed Deposit
      "Need One..!!"
      0.5 4.0/5 "Great!"
      I have a fixed deposit with The Shamrao Vithal Cooperative Bank for a tenure period of 5 years. They are customer friendly. The create a comfortable atmosphere to the customers.They respond on time in case of any issues. This FD can be broke at any time. The ATMs are less in this bank, can be found only near branches. Other facilities are good.
      Was this review helpful? 6
      , mumbai
      Reviewed on Aug 05, 2015
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