This private bank alters FD rates, offers a 7.25% return on 30 months of tenor

Bank of South India FD rates

On deposits with a maturity of 7 days to 30 days, the bank offers an interest rate of 2.65% and on deposits maturing from 31 days to 90 days, South Indian Bank now offers an interest rate of 3.25%. Deposits with a maturity of 91 days to 99 days will now offer an interest rate of 4.25% and those with a maturity of 100 days will now receive an interest rate of 5.50%. South Indian Bank now offers an interest rate of 4.25% on deposits maturing from 101 days to 180 days and an interest rate of 4.60% on deposits maturing 181 days to less than 1 year.

The bank currently offers an interest rate of 6.40% on deposits with a maturity of one year to less than 30 months, and will also guarantee an interest rate of 7.00% on deposits with a maturity of 30 months. On deposits with a maturity of over 30 months to less than 5 years, the South Indian Bank now offers an interest rate of 5.90%. On deposits maturing in the next 5 years up to and including 10 years, the bank now offers an interest rate of 6.00%. The bank offers seniors an additional rate of 0.50% in addition to the normal rates for all tenors. Senior Citizen Benefits are only available to residents, individually or in conjunction with another resident citizen.

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South Indian Bank Savings Account Rates

South Indian Bank changed its savings account interest rates on October 21, 2022. The bank offers an interest rate of 2.50% per annum on savings accounts with an end-of-day balance of up to ₹2.00 lakh and the South Indian Bank will offer an interest rate of 2.75% per annum on savings accounts with an end-of-day balance greater than ₹2.00 lakh but less than ₹5.00 million. The bank would pay 4.50% annual interest on savings accounts with end-of-day balances of Rs. 5.00 crore less than Rs. 25 crore and 4.20% annual interest on accounts with end-of-day balances of Rs. 25 crore for less than Rs. 100.00 million. The bank now guarantees an interest rate of 4.85% per annum 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.

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