Interest rates on fixed deposits and savings bank deposits have been revised by the private sector lender South Indian Bank. The bank’s official website states that the new rates are effective from July 20, 2022. Following the change, the bank now offers term deposits of less than ₹2 Cr with a maturity of 7 days to 10 years at an interest rate ranging from 2.65% to 5.85% for the general public and from 3.15% to 6.35% for seniors. While the bank currently offers a maximum annual interest rate of 4.75% on savings accounts.
Bank of South India FD Rates
The bank now offers an interest rate of 2.65% on term deposits with a maturity between 7 and 30 days and 3.25% on term deposits with a maturity between 31 and 90 days. Term deposits with a maturity between 91 and 180 days will now earn an interest rate of 4.25%, while term deposits with a maturity between 181 and less than one year will now earn 4.60%. South Indian Bank will now offer a rate of 5.60% on deposits with a maturity of 1 year to less than 3 years and 5.75% on term deposits with a maturity of 3 years to less than 5 years. On term deposits with a maturity between 5 years and up to 10 years inclusive, the bank now offers an interest rate of 5.85% and on term deposits at 5 years with tax reduction , the bank offers an interest rate of 5.85%.
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South Indian Bank Savings Account Rates
The bank will now pay an interest rate of 2.50% per annum on savings account balances up to ₹2.00 lakh, and an interest rate of 2.75% per annum on savings bank deposits above ₹2.00 lakh but less than ₹5.00 crore. The South Indian Bank will now grant an interest rate of 4.20% per annum on savings bank deposits of Rs. 5.00 crore and less than Rs. 100.00 crore, while the bank will offer a rate maximum interest of 4.75% per annum on savings account balances of Rs. 100.00 crores and above.
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