THIS bank hikes FD interest rate: Check return calculator, new rate and more – NewsUnfolded

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New Delhi: Interest rates on fixed deposits under 2 crore rupees have been revised by the private sector lender South Indian Bank. The new rates go into effect on November 9, 2022, according to the bank’s official website. Since the change, the bank has started offering FDs with maturities ranging from 7 days to 10 years, with interest rates for the general public ranging from 2.65 percent to 6 percent and from 3.15 percent to 6.5 percent for senior citizens.

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For deposits at South Indian Bank that mature in 350 days, the highest interest rate is now 7 percent for regular customers and 7.5 percent for senior people. (Also Read: NPS: Get Rs 2 lakh monthly pension by investing just Rs 5,000 per month; Check return calculator, tax benefits)

The bank now offers an interest rate of 2.65 percent on FDs maturing in the next 7 days to 30 days, and 3.25 percent on FDs maturing in the next 31 days to 90 days. A new interest rate of 4.25 percent will be offered on FDs that mature in 91 to 99 days, while a new interest rate of 5.50 percent will be charged on FDs that matures in 100 days. (Also Read: Explained: Is the Digital rupee future of money? Will it successfully boost the Indian economy?)

The bank is now offering an interest rate of 7 percent on FDs that mature in 350 days. The interest rate on deposits that mature in a year to less than 30 months is now 6.40 percent, and the interest rate on deposits that mature in 30 months is now 7 percent.

South Indian Bank now offers interest rates of 5.9 percent for fixed-rate deposits that mature in less than five years but more than 30 months, and 6 percent for deposits that mature in five to ten years. On tax gain deposits placed for a period of five years, the bank is now offering an interest rate of 6 percent for the general public and 6.5 percent for senior citizens.

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