South Indian Bank, a private sector lender, has revised interest rates on both fixed deposits and savings bank deposits. According to the bank’s official website, the new rates will go into effect on July 20, 2022. Following the change, the bank now offers fixed deposits of less than 2 crore maturing in 7 days to 10 years at interest rates ranging from 2.65% to 5.85% for the general public and 3.155% to 6.355% for senior citizens. On savings accounts, the bank currently offers a maximum annual interest rate of 4.75 percent.
South Indian Bank Fixed Deposit Rates
The bank is now offering a 2.65% interest rate on fixed deposits with maturities ranging from 7 to 30 days, and a 3.25 percent interest rate on term deposits with maturities ranging from 31 to 90 days. Fixed deposits maturing between 91 and 180 days will now earn 4.25 percent interest, while term deposits maturing between 181 and less than one year will now pay 4.60 percent. South Indian Bank will now offer 5.60 percent on deposits maturing in one to three years, and 5.75 percent on term deposits maturing in three to five years. The bank now offers an interest rate of 5.85 percent on fixed deposits maturing in 5 years to up to and including 10 years, and an interest rate of 5.85 percent on tax-saving fixed deposits maturing in 5 years.
Savings Account Rates in South Indian Banks
The bank will now pay 2.50 percent interest on savings account balances up to and including 2.00 lakh, and 2.75 percent interest on savings bank deposits above 2.00 lakh but less than 5.00 crore. South Indian Bank will now offer an annual interest rate of 4.20 percent on savings bank deposits of Rs. 5.00 crore and less than Rs. 100.00 crore, with a maximum rate of 4.75 percent on savings account balances of Rs. 100.00 crore and above.
Disclaimer:- Whatever information is given is for educational purposes only and all the information given is taken from the entire official website.