Established in 1906, the Shamrao Vithal Cooperative Bank also known as SVC Cooperative Bank Limited is known to be one of the oldest cooperative urban banks in the country.
The bank offers customers, Fixed Deposits which can range from a minimum of 15 days and can last up to 10 years depending on the type of fixed deposit chosen. The interest for the fixed deposit ranges between 3.50% p.a. to 7.10% p.a. depending on the tenure as well as the type of fixed deposit you opt for.
Tenure | Regular FD Rates p.a. | Senior Citizen FD Rates p.a. |
15 days to 45 days | 3.50% | 4.00% |
46 days to 84 days | 4.00% | 4.50% |
85 days | 4.00% | 4.50% |
86 days to 90 days | 4.75% | 5.25% |
91 days to 179 days | 4.75% | 5.25% |
180 days | 6.00% | 6.50% |
181 days to 329 days | 6.00% | 6.50% |
330 days | 6.25% | 6.75% |
331 days to 389 days | 7.00% | 7.50% |
390 days | 7.10% | 7.60% |
391 days to 480 days | 7.00% | 7.50% |
481 days to 719 days | 7.00% | 7.50% |
720 days | 7.00% | 7.50% |
721 days to 780 days | 7.00% | 7.50% |
781 days to 36 months | 7.00% | 7.50% |
Above 36 months to less than 39 months | 7.00% | 7.50% |
39 months | 7.00% | 7.50% |
Above 39 months up to 60 months | 7.00% | 7.50% |
Above 60 months to 120 months | 7.00% | 7.75% |
Tax exemption Scheme (5 Years) | 7.00% | 7.00% |
*The rates are applicable for all deposits that are below Rs.2 crore.
Tenure | Regular FD Rates p.a. | Senior Citizen FD Rates p.a. |
15 days to 45 days | 3.50% | 4.00% |
46 days to 84 days | 4.00% | 4.50% |
85 days | 4.00% | 4.50% |
86 days to 90 days | 4.75% | 5.25% |
91 days to 179 days | 4.75% | 5.25% |
180 days | 6.00% | 6.50% |
181 days to 329 days | 6.00% | 6.50% |
330 days | 6.25% | 6.75% |
331 days to 389 days | 7.00% | 7.50% |
390 days | 7.10% | 7.60% |
391 days to 480 days | 7.00% | 7.50% |
481 days to 719 days | 7.00% | 7.50% |
720 days | 7.00% | 7.50% |
721 days to 780 days | 7.00% | 7.50% |
781 days to 36 months | 7.00% | 7.50% |
Above 36 months to less than 39 months | 7.00% | 7.50% |
39 months | 7.00% | 7.50% |
Above 39 months up to 60 months | 7.00% | 7.50% |
Above 60 months to 120 months | 7.00% | 7.75% |
Tax exemption Scheme (5 Years) | NA | NA |
SVC Bank Short Term Fixed Deposit Scheme
SVC Bank Long Term Fixed Deposit Scheme
SVC Bank Senior Citizen Fixed Deposit Scheme
Established in 1906, the Shamrao Vithal Cooperative Bank also known as SVC Cooperative Bank Limited is known to be one of the oldest cooperative urban banks in the country.
The bank offers fixed deposit accounts for Non-Resident Indians under these categories
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 below Rs.2 crore are:
Tenure | Interest Rate (per annum) |
365 days to 389 days | 7.00% p.a. |
390 days | 7.10% p.a. |
391 days to 480 days | 7.00% p.a. |
481 days to 719 days | 7.00% p.a. |
720 days | 7.00% p.a. |
721 days to 780 days | 7.00% p.a. |
781 days to 36 months | 7.00% p.a. |
Above 36 months to less than 39 months | 7.00% p.a. |
39 months | 7.00% p.a. |
Above 39 months to 60 months | 7.00% p.a. |
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 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 | 5.25% | 0.10% | 0.10% | 0.50% | 0.10% |
24 months to less than 3 years | 4.25% | 0.00% | 0.00% | 0.00% | 0.00% |
36 months to less than 4 years | 4.00% | 0.00% | 0.00% | 0.00% | 0.00% |
48 months to less than 5 years | 4.00% | 0.00% | 0.00% | 0.00% | 0.00% |
5 years | 4.00% | 0.00% | 0.00% | 0.00% | 0.00% |
This particular type of fixed deposit account can be opened by the NRI who has now returned and is staying in India.
The interest rates for RFC fixed deposit account are
Tenure/currency | USD | EUR | GBP |
1 year | 5.25% | 0.10% | 0.50% |
2 years | 4.25% | 0.00% | 0.00% |
3 years | 4.00% | 0.00% | 0.00% |
The special rate of interest for senior citizens is 0.25% p.a.
The highest and lowest rate of interest on FD schemes by the SVC is 2.90% p.a. and 5.60% p.a., respectively.
The minimum deposit amount is Rs.1,000.
A penalty of 1.00% will be levied for premature withdrawal.
Yes, SVC Bank offers a premature withdrawal facility on FD schemes.
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