The private sector lender South Indian Bank has hiked interest rates on fixed deposits of less than ₹2 Cr. According to the bank’s official website, the new rates take effect on December 20, 2022. Following the change, the bank is currently offering interest rates on deposits maturing in 7 days to 10 years that range from 2.65% to 6.00% for the general public and between 3.15% and 6.50% for senior citizens. At South Indian Bank, deposits with a one-year maturity period now earn a maximum regular interest rate of 7.00% and 7.50% for senior persons.
South Indian Bank FD Rates
Deposits with maturities between 7 and 30 days will now earn interest at a rate of 2.65%, while deposits with maturities between 31 and 90 days will now earn interest at a rate of 3.25%. The bank is giving an interest rate of 4.25% on deposits that mature in 91 days to 99 days, and South Indian Bank is offering an interest rate of 5.50% on deposits that mature in 100 days. On deposits that mature in 101 days to 180 days, South Indian Bank is giving an interest rate of 4.25%, and on deposits that mature in 181 days to less than a year, the bank is offering an interest rate of 4.60%.
Deposits that mature in one year will now earn interest at a rate of 6.50%, while those that mature in one year and one day will now earn interest at a rate of 7.00%. The interest rate offered by South Indian Bank is 6.50% for deposits maturing in 1 year, 2 days to less than 30 months, while the bank’s interest rate is 7.00% for deposits maturing in 30 months. The bank offers a 6.50% interest rate on deposits maturing in less than 5 years, and a 6% interest rate on deposits maturing in 5 years or more, up to and including 10 years.
View Full Image
Senior citizen benefits are only available to residents, either individually or in partnership with another resident citizen. With effect from June 1, 2022, South Indian Bank is charging a premature closure penalty of 0.50% for all tenors for deposits under Rs. 5 lakh and 1% for all tenors for deposits of Rs. 5 lakh and above for premature withdrawals of retail rupee term deposits, including NRE and recurring deposits. The Marginal Cost of Funds Based Lending Rates (MCLR) of South Indian Bank is effective since 20th December 2022. At the bank, the overnight MCLR is 8.35%, 1 month MCLR is 8.40%, 3 month MCLR is 8.55%, 6 month MCLR is 8.75% and 1 year MCLR is 9.10%.
“The above MCLRs shall be applicable only to new loans/advances linked to MCLR sanctioned/first disbursement made on or after 20th December 2022 and those credit facilities renewed / reviewed / reset undertaken and where switchover to MCLR linked interest rate is permitted at the option of the borrower, on or after 20th December 2022. The above MCLRs will be effective till next review,” said South Indian Bank in a statement.
Download The Mint News App to get Daily Market Updates.
