This private bank revises FD rates, offers up to 7.50% on a tenor of 350 days

2 min read . Updated: 11 Nov 2022, 02:27 PM IST Vipul Das

The highest interest rate on deposits at South Indian Bank that mature in 350 days is currently 7.00% for the general public and 7.50% for senior citizens.

The private sector lender South Indian Bank has revised interest rates on fixed deposits of less than ₹2 Cr.

South Indian Bank FD Rates

On FDs maturing in 7 days to 30 days the bank is now offering an interest rate of 2.65% and on those maturing in 31 days to 90 days, South Indian Bank is now offering an interest rate of 3.25%. FDs maturing in 91 days to 99 days will now offer an interest rate of 4.25% and those maturing in 100 days will now fetch an interest rate of 5.50%. South Indian Bank is now offering an interest rate of 4.25% on FDs maturing in 101 days to 180 days and an interest rate of 4.60% on those maturing in 181 days to less than 350 days.

On FDs maturing in 350 days, the bank is now offering an interest rate of 7.00% and on those maturing in 351 days to less than 1 year, South Indian Bank is now offering an interest rate of 4.60%. Deposits that mature in one year to less than 30 months will now pay 6.40% interest, while those that mature in 30 months will now earn 7.00% interest. Current interest rates offered by South Indian Bank are 5.90% for FDs maturing in over 30 months but less than 5 years and 6.00% for those maturing in 5 years to 10 years. The bank is now giving an interest rate of 6.00% for the general public and 6.50% for senior citizens on tax gain deposits made for a period of five years.

South Indian Bank FD Rates **(southindianbank.com)**

Senior citizen benefits are only available to residents, either individually or in a joint effort with another resident citizen or spouse. South Indian Bank has mentioned on its website that “Effective from 1st June 2022, premature closure penalty is applicable for premature withdrawal and reinvestment of Retail Rupee Term Deposits (including NRE & Recurring Deposits) at the rate of 0.50% (for all tenors) for deposit amounts below Rs. 5 lakhs and 1% (for all tenors) for deposit amounts of Rs. 5 lakhs and above."

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In addition, the interest rates on fixed-term deposits (FDs) have increased by up to 75 basis points (bps) at the Central Bank of India, up to 60 bps at Indian Overseas Bank, up to 15 bps at Kotak Mahindra Bank, and up to 35 bps at HDFC Bank.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).