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Home / Money / Personal Finance /  This private bank revises savings account rates and now offers higher than SBI, HDFC, ICICI & Axis Bank
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The private sector lender South Indian Bank revised its savings account rates on 21st June 2022. In accordance with the revised, the bank now provides interest rates ranging from 2.50 per cent to 4.50 per cent annually, which is much higher than the rates offered on savings accounts by other major banks. Currently, SBI gives a 2.70 per cent annual savings account interest rate, while HDFC, Axis Bank, and ICICI Bank offer rates between 3.00 and 3.50 per cent. According to this comparison of interest rates, South Indian Bank customers who establish savings accounts will receive a maximum rate of 4.50 per cent.

South Indian Bank Savings Account Rates

W.e.f 21st June 2022, South Indian Bank is offering an interest rate of 2.50% per annum on a savings account balance of up to and including 2.00 lakh. On a savings account balance of above Rs. 2.00 lakh - less than Rs. 5.00 crore the bank is now offering an interest rate of 2.75% per annum. Savings account holders will now get an interest rate of 4.20% per annum on their savings account balance of Rs. 5.00 crore - less than Rs. 100.00 crore and on savings bank deposits of Rs. 100.00 crore and above the bank is offering a maximum interest rate of 4.50%.

South Indian Bank Savings Account Rates
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South Indian Bank Savings Account Rates (southindianbank.com)

On June 14, 2022, South Indian Bank revised its interest rates for fixed deposits under Rs. 2 crores. The bank now offers an interest rate range of 2.65 per cent to 5.80 per cent for term deposits maturing in the next seven to ten years, and 3.15 per cent to 6.30 per cent for senior citizens. For deposits maturing in five to ten years, the bank offers a maximum rate of 5.80 per cent and 6.30 per cent to senior citizens. As fixed deposit interest rates are on the rise, recently ICICI Bank, Bank of India (BOI), Canara Bank, AU Small Finance Bank, IndusInd Bank, DCB Bank, Federal Bank, and City Union Bank have hiked interest rates on fixed deposits of less than 2 Cr. Investors with long-term financial goals should wait for the interest rate rise on long-term deposits because banks are initially raising interest rates on short-term deposits.

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