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The private sector lender South Indian Bank has hiked its interest rates on fixed deposits of less than ₹2 Cr. As per the official website of the bank, the new rates are effective as of 12th October 2022. Following the revision, the bank is now offering an interest rate ranging from 2.65% to 6.00% for the general public and 3.15% to 6.50% for senior citizens. Deposits maturing in 30 months will now fetch a maximum interest rate of 7.00% to the general public and 7.25% for senior citizens.
South Indian Bank FD Rates
On deposits maturing in 7 days to 30 days, the bank is now offering an interest rate of 2.65% and in deposits maturing in 31 days to 90 days 3.25%. Deposits maturing in 91 days to 180 days will now offer an interest rate of 4.25% and deposits maturing in 181 days to less than 1 year will now fetch an interest rate of 4.60%. South Indian Bank is now offering an interest rate of 6.40% on deposits maturing in 1 year to less than 30 months and 7.00% on deposits maturing in 30 months. On deposits maturing in Above 30 months to less than 5 years, the bank will now offer an interest rate of 5.90% and on deposits maturing in 5 years to up to and including 10 years, South Indian Bank will now offer an interest rate of 6.00%.
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South Indian Bank has mentioned on its website that “Special rates for Senior Citizens, applicable only to Residents individually or jointly with another resident citizen. Penalty is applicable for premature withdrawal of deposits including Recurring Deposits at the rate of 0.50% for deposit amounts below Rs. 15 lakhs and 1% for deposit amounts of Rs. 15 lakhs and above for deposits opened/renewed upto 31st May 2022. The effective rate will be the net of applicable rate to the amount and period for which the deposit remained with the bank (less the penal rate) or the net of original contracted rate (less penal rate) whichever is less. Effective from 1st June 2022,penalty for premature withdrawal of Retail Term Deposits (including NRE & Recurring Deposits) will be applicable at the rate of 0.50% for deposit amounts below Rs. 5 lakhs and 1% for deposit amounts of Rs. 5 lakhs and above.The new change in penalty is applicable for all term deposits opened or renewed w.e.f. 1st June 2022.The effective rate will be the net of applicable rate to the amount and period for which the deposit remained with the bank (less the penal rate) or the net of original contracted rate (less penal rate) whichever is less.”
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