This private bank hikes FD rates, offering up to 7.50% on 1 year tenor effective from today
3 min read 21 Mar 2023, 03:45 PM ISTThe private sector lender South Indian Bank has hiked its interest rates on fixed deposits of less than ₹2 Cr.
PremiumThe private sector lender South Indian Bank has hiked its interest rates on fixed deposits of less than ₹2 Cr. After the modification, the bank is now providing interest rates on deposits with terms ranging from seven days to ten years, with rates for the general public ranging from 2.65% to 6.00% and for elderly individuals from 3.15% to 6.50%. For the general public and elderly people, South Indian Bank is now providing a maximum interest rate of 7.40% and 7.50%, respectively. According to the bank's official website, the new interest rates took effect on March 21, 2023.
South Indian Bank FD Rates
On domestic fixed deposits of less than ₹2 Cr maturing in 7 days to 30 days, the bank is now promising an interest rate of 2.65% and on those maturing in 31 days to 90 days, South Indian Bank is now promising an interest rate of 3.25%. South Indian Bank is now promising an interest rate of 4.25% on a deposit tenor of 91 days to 99 days and an interest rate of 6.00% on a deposit tenor of 100 days.
Deposits maturing in 101 days to 180 days will fetch an interest rate of 4.50% and those maturing in 181 days to less than 1 year will now fetch an interest rate of 5.00%. On domestic fixed deposits maturing in 1 year, the bank is now offering an interest rate of 6.60% and on those maturing in 1 year 1 day, South Indian Bank is now promising an interest rate of 7.00%.
South Indian Bank is now promising 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 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 domestic fixed deposits maturing from above 30 months to less than 5 years, the bank is now offering an interest rate of 6.50% and on those maturing in 5 years to less than 66 months, South Indian Bank is now promising an interest rate of 6.00%. South Indian Bank is now promising an interest rate of 6.50% on 66 months (Green deposit) and the bank is now promising an interest rate of 6.00% on a deposit tenor of above 66 months to upto and including 10 years. The bank is now guaranteeing an interest rate of 6.00% on tax-saver fixed deposits for a period of 5 years.
Senior citizen benefits are only available to residents, either individually or in collaboration with another resident citizen.
“All new floating rate retail loans (housing, auto, etc.) and loans to Micro, Small and Medium Enterprises are linked to Repo Rate. Applicable Repo Rate from 01st March 2023 is revised to 6.50% with a monthly reset," mentioned South Indian Bank on its website.
As of March 20, 2023, the bank's Marginal Cost of Funds Based Lending Rates (MCLR) has also hiked. The bank’s overnight MCLR is at 8.70%, one month MCLR is at 8.75%, three month MCLR is at 8.85%, six month MCLR is at 9.05% and 1 year MCLR is at 9.40%.
“The above MCLRs shall be applicable only to new loans/advances linked to MCLR sanctioned/first disbursement made on or after 20th March 2023 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 March 2023. The above MCLRs will be effective till next review," South Indian Bank stated in a statement.
