SVC Bank Floats Long Term Subordinated Bonds Series-2

The co-operative bank offers an attractive interest rate of 8.50% p.a.

SVC Bank’s Managing Director Mr. Ravinder Singh

FinTech BizNews Service

Mumbai, 8 May 2024: SVC Co-operative Bank Ltd. (SVC Bank – formerly known as The Shamrao Vithal Co-operative Bank Ltd.) announced the launch of its Long Term Subordinated Bonds (LTSB) - Series 2.

The issue is open for public subscription and the last day for subscribing to the bonds is May 15, 2024. SVC Bank will be raising Rs100 Crores from the bond issuance with its very competitive interest rate of 8.50% per annum to investors.

SVC Bank’s Managing Director, Mr. Ravinder Singh, said, "SVC Bank is offering its bonds to investors on a coupon rate which is very competitive.  This is one of the best interest rates being offered in the banking industry today, especially by a legacy brand which is rich in both its financial strength and brand value. We are confident that the issue will receive good response from investors given the attractive interest rate and SVC brand value. With equity markets turning volatile, our LTSB issue offers a good opportunity to the investors to diversify their portfolio.”