Home / Industry / Banking /  This private bank hikes FD rates, senior citizens can get 7.50% in 1 year tenor
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South Indian Bank has hiked interest rates on fixed deposits of less than 2 Cr. This private sector lender's official website states that as of January 20, 2023, the bank's new fixed deposit interest rates are in effect. The bank is giving interest rates for deposits maturing in 7 days to 10 years that range from 2.65% to 6.00% for the general public and from 3.15% to 6.50% for senior citizens. A maximum interest rate of 7% for non-senior citizens and 7.50% for elderly individuals will apply to deposits maturing in one year and one day.

South Indian Bank FD Rates

The bank now offers an interest rate of 2.65% on deposits that mature in the next 7 to 30 days, while South Indian Bank now offers an interest rate of 3.25% on deposits that mature in the next 31 to 90 days. On deposits held for 91 to 99 days, South Indian Bank is now giving an interest rate of 4.25%, and on deposits held for 100 days, the bank is now offering an interest rate of 5.50%.

Deposits maturing in the next 101 to 180 days will now earn 4.25% interest, while those maturing in the next 181 days to less than a year will now 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 less than 30 months and the bank will now offer an interest rate of 7.00% on a deposit tenor of 30 months. Deposits maturing from above 30 months to less than 5 years will fetch an interest rate of 6.50% and those maturing in 5 years to up to and including 10 years will fetch an interest rate of 6%.

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

South Indian Bank has mentioned on its website that “Notice is hereby given pursuant to Regulation 29(1)(a) & 29 (2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 that a meeting of the Board of Directors of The South Indian Bank Ltd., Thrissur, will be held on Tuesday, the 24th day of January, 2023 inter-alia to consider, approve and take on record the Unaudited Standalone and Consolidated Financial Results of the Bank for the quarter and nine months ended 31st December, 2022."

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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