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Business News/ Industry / Banking/  This private bank hikes FD rates, now get up to 7.40% on 500 days of tenor
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This private bank hikes FD rates, now get up to 7.40% on 500 days of tenor

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

Effective tomorrow, January 29, 2023, South Indian Bank's latest fixed deposit interest rates will be in effect. (iStock)Premium
Effective tomorrow, January 29, 2023, South Indian Bank's latest fixed deposit interest rates will be in effect. (iStock)

The private sector lender South Indian Bank has hiked its interest rates on fixed deposits of less than 2 Cr. The general public will now get interest rates within 2.65% and 6.00% on maturity buckets spanning 7 days and 10 years, while senior citizens will receive interest rates between 3.15% and 6.50%. On a deposit tenor of 500 days (SIB 94 Plus), non-senior citizens can now get a maximum return of 7.40% and on a deposit tenor of 1 year 1 day, senior citizens will now get a maximum return of 7.50%. Effective tomorrow, January 29, 2023, South Indian Bank's latest fixed deposit interest rates will be in effect.

South Indian Bank FD Rates

The bank is now guaranteeing an interest rate of 2.65% on deposits maturing in the next 7 days to 30 days, and South Indian Bank is now promising an interest rate of 3.25% on deposits maturing in the next 31 days to 90 days. Currently, South Indian Bank is offering interest rates of 4.25% on deposits held for 91 to 99 days and 5.50% on deposits held for 100 days.

Deposits that mature in 101 days to 180 days receive 4.25% interest, while those that mature in 181 days to less than a year earn 4.60% interest. On deposits maturing in 1 year, the bank is now offering an interest rate of 6.60% and on those maturing in 1 year and 1 day, South Indian Bank will now offer an interest rate of 7.00%. South Indian Bank will now offer an interest rate of 6.50% on a deposit tenor of 1 year 2 days to 499 days and an interest rate of 7.40% on a special deposit tenor of 500 days (SIB 94 Plus).

Deposits maturing in 501 days to less than 30 months will fetch an interest rate of 6.50% and those maturing in 30 months will fetch an interest rate of 7.00%. On deposits maturing from above 30 months to less than 5 years, the bank is now offering an interest rate of 6.50% and for those maturing in 5 years to less than 66 months, South Indian Bank will now offer an interest rate of 6.00%. South Indian Bank will now offer an interest rate of 6.50% on a deposit tenor of 66 months (Green deposit) and an interest rate of 6.00% on a deposit tenor of above 66 months to upto and including 10 years.

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

Senior citizen interest rate benefits are only available to residents, either individually or in partnership with another resident citizen.

South Indian Bank posted its highest-ever NII of Rs. 825 crore for the Q3 FY 2023 compared to Rs. 573 crore in Q3FY22 on a year-on-year basis, while the bank reported Profit after Tax (PAT) of Rs. 103 crore in Q3FY23 as opposed to a loss of Rs. 50 crore in Q3FY22. The bank recorded total business of Rs. 1,60,789 crore as of 31 December 2022 compared to Rs. 1,47,574 crore as of 31 December 2021. The bank's advances reached Rs. 70,117 crore in Q3FY23 vs. Rs. 59,226 crore in Q3FY22, indicating a rise of more than 18% YoY.

The net interest margin of South Indian Bank climbed by 88 basis points YoY to 3.52% in Q3-2023 from 2.64% in Q3-2022, while the CASA amount grew by 9% YoY to Rs. 30,660 crore in Q3FY23 from Rs. 28,229 crore in Q3FY22. The CASA ratio increased 186 basis points YoY to 33.81% in the quarter ended December 2022 from 31.95% in the year-ago quarter, said the bank in a statement. Provision coverage ratio (PCR) for South Indian Bank grew by 643 bps YoY to reach 74.51% in Q3-2023 compared to 68.08% in Q3FY22, while its capital adequacy position remained strong with CRAR of 16.25% and Tier I ratio of 13.71%.

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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).
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Published: 28 Jan 2023, 04:17 PM IST
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