new Delhi: Private sector lender South Indian Bank has increased interest rates on fixed deposits of less than Rs 2 crore. According to the official website of the bank, the new rates will be effective from December 20, 2022. The bank now offers interest rate on deposits maturing in 7 days to 10 years as a result of the revision which varies between 2.65 per cent to 6 per cent for general public and 3.15 per cent to 6.50 per cent for senior citizens.
The maximum regular interest rate for senior citizens on deposits with a maturity period of one year in South Indian Bank is now 7 per cent and 7.5 per cent. Deposits maturing in the next seven to thirty days will now fetch an interest rate of 2.65 per cent, and deposits maturing in the next thirty one to ninety days will now fetch an interest rate of 3.25 per cent. ,Also Read: Bumper Return Business Idea! Post Office is offering a plan to earn up to Rs.80,000/month by investing just Rs.5,000,
On deposits maturing in 91 to 99 days, the bank offers an interest rate of 4.25 per cent, and South Indian Bank offers an interest rate of 5.50 per cent on deposits maturing in 100 days. South Indian Bank offers an interest rate of 4.60 per cent on deposits maturing in less than a year and 4.25 per cent on deposits maturing in 101 days to 180 days. ,Also read: LIC is giving Rs 27 lakh for daughter’s marriage; You have to invest just Rs.3600– View details here,
Deposits maturing in one year will now earn interest at the rate of 6.50 per cent and those doing so in one year and a day, at 7 per cent. For deposits maturing in one year, two days to less than 30 months, South Indian Bank offers an interest rate of 6.50 per cent; For deposits maturing in 30 months, the interest rate is 7 per cent.
The bank offers an interest rate of 6 per cent on deposits of five years or more, up to ten years and 6.5 per cent on deposits of less than five years.