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This Private Sector Bank Alters Interest Rates On FD & Savings Accounts: Latest Rates Here
South Indian Bank offers a variety of deposit options to both non-senior and senior individuals looking for short as well as long-term investments with fixed returns. South Indian Bank offers a variety of deposit schemes for customers with varying eligibility criteria and personal financial needs, such as the SIB Flexi Smart Deposit, Kalpaka Nidhi Scheme, SIB Flexi Deposit, SIB Tax Gain 2006, Fast Cash Deposit, Fixed Deposits, Recurring Deposits, FD Vantage, SIB Care, and SIB Maximo-Non Collable Deposits. In the month of October, the bank adjusted its interest rates on term deposits and savings accounts, as we'll discover below.
South Indian Bank FD Rates For Regular Customers
On October 8, 2021, the bank amended its fixed deposit interest rates, and as a result of the most recent update, South Indian Bank currently offers the highest interest rate of 5.65 percent to the general public on deposits of less than Rs 2 crore maturing in five years. The latest interest rates on fixed deposits for the general public are as follows:
| Tenure | Interest Rates |
|---|---|
| 7 days to 45 days | 3.50% |
| 46 days to 90 days | 3.75% |
| 91 days to 180 days | 3.80% |
| 181 days to 270 days | 4.10% |
| 271 days to less than 1 year | 4.50% |
| 1 year to less than 30 months | 5.20% |
| 30 months to less than 3 years | 5.35% |
| 3 years to less than 5 years | 5.50% |
| 5 years | 5.65% |
| Above 5 years to up to and including 10 years | 5.50% |
| Tax Gain (5 Years) | 5.65% |
| Source: Bank Website |
South Indian Bank FD Rates For Senior Citizens
Senior citizens will continue to get an additional rate of 0.50% on deposits of all applicable tenures. On deposits of less than Rs 2 Cr maturing in 5 years, senior citizens will now get the highest return of 6.15%.
| Tenure | Interest Rates |
|---|---|
| 7 days to 45 days | 4.00% |
| 46 days to 90 days | 4.25% |
| 91 days to 180 days | 4.30% |
| 181 days to 270 days | 4.60% |
| 271 days to less than 1 year | 5.00% |
| 1 year to less than 30 months | 5.70% |
| 30 months to less than 3 years | 5.85% |
| 3 years to less than 5 years | 6.00% |
| 5 years | 6.15% |
| Above 5 years to up to and including 10 years | 6.00% |
| Tax Gain (5 Years) | 6.15% |
| Source: Bank Website |
South Indian Bank Savings Account Interest Rates
South Indian Bank has also recently modified the interest rates on its savings accounts, which are in effect from October 21, 2021. South Indian Bank is currently providing the following interest rates on all savings accounts, including NRO/NRE accounts, as a result of the most recent modification.
| End of the day Balance | Rate of Interest |
|---|---|
| Up to and including Rs 2.00 lakh | 2.35% per annum (1.65% below Repo rate) |
| Above Rs. 2.00 lakh - less than Rs. 5.00 crore | 2.75% per annum |
| Rs. 5.00 crore - less than Rs. 100.00 crore | 4.20% per annum |
| Rs. 100.00 crores and above | 4.50% per annum |
| Source: Bank Website, W.e.f 21st October 2021 |
