Latest news with #ShivalikSmallFinanceBank
Time of India
6 days ago
- Business
- Time of India
Shivalik Small Finance Bank raises Rs 100 cr from investors led by SMBC Asia Rising Fund-Japan
Shivalik Small Finance Bank (SSFB) on Thursday said it has raised Rs 100 crore in equity capital from a clutch of investors led by SMBC Asia Rising Fund- Japan, the corporate venture capital arm of Sumitomo Mitsui Banking Corporation (SMBC). Independence Day 2025 Before Trump, British used tariffs to kill Indian textile Bank of Azad Hind: When Netaji gave India its own currency Swadeshi 2.0: India is no longer just a market, it's a maker Besides, the bank's existing investors, Accel , Quona Capital, Lightspeed, and Sorin Investments, also participated in this funding round. "This fresh infusion of capital marks a significant milestone in Shivalik's journey to build a truly digital-first bank, especially focused on India's underserved MSME and retail segments. The funds will be utilised to strengthen the bank's technology stack, expand its workforce across critical functions such as product, engineering, and operations, and to develop scalable solutions through its rapidly growing banking-as-a-service (BaaS) proposition," the bank said in a statement. With a strong digital backbone and a partner-first approach, Shivalik aims to simplify financial access for small businesses and emerging consumer segments across semi-urban and rural India, it said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Gold Is Surging in 2025 — Smart Traders Are Already In IC Markets Learn More Undo Commenting on the development, Anshul Swami, MD & CEO of Shivalik Small Finance Bank, said, "Our growth plans have banking-as-a-service as a key pillar - powering a range of use-cases through innovative products and easy partner integrations. We believe that our technology stack, depth of banking knowledge, and commitment to partners will continue to allow us to deliver scalable solutions that resonate with our core audience." Shivalik Small Finance Bank has a legacy of over 25 years in retail banking, originating as Shivalik Mercantile Co-operative Bank in 1997. It became the first urban cooperative bank in India to transition into a Small Finance Bank in April 2021 under the Reserve Bank of India's voluntary transition scheme. Live Events The bank operates with a strong digital foundation built on Infosys Finacle's Core and Digital Banking Suite, allowing it to deliver seamless, cloud-native experiences across web and mobile platforms. Speaking on the investment, Rajeev Kannan, managing executive officer & head of India division at SMBC, said, "Through our collaboration with Shivalik, leveraging its digital-native technology stack and strategic partnerships with high-growth external platforms, we are excited to advance the provision of inclusive and scalable financial solutions across India." As of FY 2024, Shivalik serves over 9 lakh customers across 79 branches and 114 business correspondents (BC) outlets in 11 states, with a workforce of around 800 employees. The bank has a business portfolio of over Rs 6,000 crore and generated annual revenue of Rs 423 crore in the last fiscal year.
Time of India
02-05-2025
- Business
- Time of India
FD interest rate up to 8.70%: Shivalik SFB and IDFC FIRST Bank revise savings account and FD rates
From May 1, 2025, both Shivalik Small Finance Bank and IDFC FIRST Bank have revised their interest rates for savings accounts and fixed deposits. These changes will impact how much customers earn on their deposits, depending on the balance amount and tenure. Here's a quick look at the updated savings and FD interest rates offered by these two banks, along with key details on how interest is calculated. #Pahalgam Terrorist Attack Nuclear Power! How India and Pakistan's arsenals stack up Does America have a plan to capture Pakistan's nuclear weapons? Airspace blockade: India plots a flight path to skip Pakistan Shivalik Small Finance savings account interest rate Shivalik SFB has revised its savings account interest rate. After revision, the bank offers savings account interest rates between 2.50% and 8.20% depending on the balance slab. The rates are effective from May 1, 2025. Savings Bank Account interest is calculated daily on the daily closing balance in the account, at the rate specified by Shivalik Small Finance Bank in accordance with Reserve Bank of India directives. Also read: IndusInd Bank raises FD interest rates on select tenures and Kotak Mahindra Bank reduces FD rate on select tenures by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Google Brain Co-Founder Breaks His Silence: Read These 5 Books And Turn Your Life Around Blinkist: Andrew Ng's Reading List Undo Balance Range Rate of Interest (% p.a.) General Up to 1 Lacs 2.50% Above 1 Lac to 5 Lacs 3.25% Above 5 Lacs to 10 Lacs 3.50% Above 10 Lacs to 25 Lacs 4.00% Above 25 Lacs to 50 Lacs 6.00% Above 50 Lacs to 5 Crore 7.00% Above 5 Crore to 7 Crore 7.25% Above 7 Crore to 10 Crore 7.50% Above 10 Crore to 20 Crore 7.95% Above 20 Crore 8.20% Live Events Shivalik Small Finance Bank FD interest rate Shivalik Small Finance Bank has revised fixed deposit interest rate for deposits below Rs 3 crore. According to data available on the bank's website, Shivalik Small Finance Bank now offers an interest rate ranging from 3.50% to 8.20% per annum on FDs for general citizens and from 4% to 8.70% per annum for senior citizens. Rate of Interest (% p.a.) Amount less than Rs.3 Crores General Senior Citizen 3.50% 4.00% 15 days to 29 days 3.75% 4.25% 30 days to 90 days 4.25% 4.75% 91 days to 180 days 4.75% 5.25% 6 months to less than 9 months 6.00% 6.50% 9 months to 12 months 6.00% 6.50% 12 months 1 day to less than 18 months 8.20% 8.70% 18 months to 24 months 8.20% 8.70% 24 months 1 day to 36 months 7.50% 8.00% 36 months 1 day to 60 months 6.50% 7.00% 60 months 1 day to 120 months 6.25% 6.75% Tax saver FD 5 Years (60 months) 6.50% 7.00% IDFC FIRST Bank savings account interest rate IDFC FIRST Bank has revised its savings interest rate. After revision, the bank offers savings account interest rates between 3% and 7.25% depending on the balance slab. The rates are effective from May 1, 2025. As per Reserve Bank of India directives, savings bank account interest will be calculated on daily end of day balances at the rate of interest as specified by IDFC FIRST Bank from time to time. The periodicity of payment of interest on savings bank accounts is on a monthly basis. Interest will be calculated on progressive balances in each Interest Rate Slab as applicable. Balance (Rupees) Rate of Interest (% p.a., Progressive) <= 5 lac 3.00% > 5 lac <= 10 lac 5.00% > 10 lac <= 25 crs 7.25% > 25 crs <= 50 crs 6.50% > 50 crs <= 100 crs 6.00% > 100 crs <= 200 crs 4.50% > 200 crs 3.50% IDFC FIRST Bank FD interest rates According to data available on the bank's website, IDFC FIRST Bank now offers an interest rate ranging from 3% to 7.75% per annum on FDs for general citizens and from 3.5% to 8.25% per annum for senior citizens. The new rates are applicable from May 1, 2025. Period Rate of Interest (% p.a.) w.e.f. 1 st May 2025 Less than INR 3 Crores 7 – 14 days 3.00% 15 – 29 days 3.00% 30 – 45 days 3.00% 46 – 90 days 4.50% 91 – 180 days 4.50% 181 days – less than 1 Year 5.50% 1 year 6.25% 1 year 1 day – 370 days 6.75% 371 days to 399 days 7.00% 400 days to 500 days 7.25% 501 days – 2 years 6.75% 2 years 1 day – 3 years 6.25% 3 years 1 day – 5 years 6.00% 5 years 1 day – 10 years 6.00%
