South Indian Bank revises FD, savings account interest rates

South Indian Bank has revised its fixed deposit and savings account interest rates effective from July 20, 2022, for amounts less than Rs 2 crore.

SIB FD interest rate
The bank will now offer FD interest rates in the range of 2.65 percent to 5. 85 percent for regular citizens for tenures from 7 days to 10 years. The interest rate on South Indian Bank Tax Saving FDs for 5-year term is 5.80 percent for the general public and 6.30 percent for senior citizens. The bank offers different types of fixed deposits to cater to the different needs of customers.

Savings account
offers a variety of savings accounts with different features and perks. SIB offers an annual interest rate of up to 4.75 percent.


Penalty for premature withdrawal of FD
With effect from June 1, 2022, the penalty for early withdrawal of retail term deposits (including NRE & recurring deposits) will be 0.50 percent for deposit amounts less than Rs. 5 lakhs and 1 percent for deposit amounts greater than Rs. 5 lakhs. The increased penalty is effective for any term deposits made or renewed on or after June 1, 2022. The effective rate will be the net of the relevant rate applied to the amount and duration of the deposit (minus the penal rate), whichever is less.