This private bank revises FD rates: Non-senior citizens can now get up to 7%

Private sector lender South Indian Bank has hiked its interest rates on term deposits by less than 2 cr. According to the bank’s official website, the new interest rates will apply from October 12, 2022. After the revision, the bank now offers an interest rate of 2.65% to 6.00% for the general public and 3.15% to 6.50% for the general public to seniors. Deposits with a maturity of 30 months are now made with a maximum interest rate of 7.00% for the general public and 7.25% for seniors.

South Indian Bank FD interest rates

The bank now offers an interest rate of 2.65% on deposits with a maturity of 7 to 30 days and 3.25% on deposits with a maturity of 31 to 90 days. Deposits with a maturity of 91 to 180 days now carry an interest rate of 4.25% and deposits with a maturity of 181 days to less than 1 year now carry an interest rate of 4.60%. South Indian Bank is now offering an interest rate of 6.40% on deposits with a maturity of 1 year to less than 30 months and 7.00% on deposits with a maturity of 30 months. On deposits with a maturity of over 30 months up to and including less than 5 years, the bank is now offering an interest rate of 5.90% and on deposits with a maturity of 5 up to and including 10 years, the South Indian Bank is now offering an interest rate of 6.00% on %.

South Indian Bank FD interest rates

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South Indian Bank FD interest rates (southindianbank.com)

South Indian Bank has noted on its website that “senior rates apply only to residents individually or with another resident. Early withdrawal of deposits, including recurring deposits, will incur a penalty of 0.50% for deposit amounts below Rs. 15 lakhs and 1% on deposit amounts of Rs. 15 lakhs and above for deposits opened/renewed up to 31st May 2022. The effective interest rate is the net interest rate on the amount and period for which the deposit remained with the bank (less penalty interest) or the net interest rate (less penalty interest), whichever amount is lower. From 1 June 2022, there will be a penalty for early withdrawal of retail term deposits (including NRE and recurring deposits) of 0.50% for deposit amounts below Rs. 5 lakhs and 1% for deposit amounts of Rs. 5 lakhs and more. The new penalty change will apply to all term deposits opened or renewed from June 1, 2022. The effective rate is the net of the rate applicable to the amount and period for which the deposit remained with the bank (less penalty interest) or the net of the original contracted interest rate (less penalty interest), whichever is lower.”

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