[ad_1]
South Indian Bank, a private sector lender, has increased its interest rates on fixed deposits of less than ₹2 Cr. The new rates are effective as of October 21, 2022, according to the bank’s official website. Following the modification, the bank is now providing fixed deposits with maturities ranging from 7 days to 10 years with interest rates ranging from 2.65% to 6.00% for the general public and 3.15% to 6.50% for senior citizens. The maximum interest rate on deposits at South Indian Bank that mature in 30 months is currently 7.00% for the general public and 7.25% for senior citizens. The interest rates on savings bank deposits have also been modified by the bank, and these are briefly covered here.
South Indian Bank FD Rates
On deposits maturing in 7 days to 30 days, the bank is offering an interest rate of 2.65% and on deposits maturing in 31 days to 90 days South Indian Bank is now offering an interest rate of 3.25%. Deposits maturing in 91 days to 99 days will now offer an interest rate of 4.25% and those maturing in 100 days will now fetch an interest rate of 5.50%. South Indian Bank is now offering an interest rate of 4.25% on deposits maturing in 101 days to 180 days and an interest rate of 4.60% on those maturing in 181 days to less than 1 year.
The bank currently offers an interest rate of 6.40% on deposits maturing in one year to less than 30 months, and it will also guarantee a 7.00% interest rate on deposits maturing in 30 months. On deposits due in more than 30 months to less than 5 years, South Indian Bank is now giving an interest rate of 5.90%. On deposits maturing in the next 5 years to and including 10 years, the bank is now offering an interest rate of 6.00%. The bank provides senior citizens with an additional rate of 0.50% over and above the regular rates for all tenors. Senior citizen benefits are only available to residents, either individually or jointly with another resident citizen.
View Full Image
South Indian Bank Savings Account Rates
South Indian Bank modified its savings account interest rates on October 21st, 2022. The bank is offering an interest rate of 2.50% per annum on savings accounts with an end-of-day balance up to and including ₹2.00 lakh, and South Indian Bank will offer an interest rate of 2.75% per annum on savings accounts with an end-of-day balance higher than ₹2.00 lakh but less than ₹5.00 crore. The bank would pay 4.50% annual interest on savings accounts with end-of-day balances of Rs. 5.00 crore to less than Rs. 25 crore and 4.20% annual interest on accounts with end-of-day balances of Rs. 25 crore to less than Rs. 100.00 crore. The bank is now guaranteeing an interest rate of 4.85% per year on savings accounts with an end-of-day balance of Rs. 100.00 crore or less than Rs. 200.00 crore, and an interest rate of 5.00% per annum on savings accounts with an end-of-day balance of Rs. 200.00 crore or more.
View Full Image
Download The Mint News App to get Daily Market Updates.
[ad_2]
Source link
