This private bank revises FD rates: Non-senior citizens can now get up to 7%

South Indian Bank FD Rates

On deposits maturing in 7 days to 30 days, the bank is now offering an interest rate of 2.65% and deposits maturing in 31 days to 90 days 3.25%. Deposits maturing in 91 days to 180 days will now attract an interest rate of 4.25% and deposits maturing in 181 days to less than 1 year will now attract an interest rate of 4.60%. South Indian Bank is now offering an interest rate of 6.40% on deposits maturing in 1 year to 30 months and 7.00% on deposits maturing in 30 months. On deposits maturing in above 30 months and less than 5 years, the bank will now offer an interest rate of 5.90% and on deposits from 5 years to 10 years, South Indian Bank will now offer an interest rate of 6.00 . ,

South Indian Bank mentions on its website that “Special rates for senior citizens are applicable only to residents, either individually or jointly with any other resident citizen. The rate of 0.50% for deposits below Rs. Penalty is applicable for premature withdrawal of deposits including recurring deposits from Rs.15 lakhs and 1% for deposits of Rs.15 lakhs and above for deposits opened/renewed up to May 31, 2022. Effective rate for that amount and period Net of the applicable rate for which the deposit remained with the bank (less than the penal rate) or net of the original contracted rate (less penal rate) whichever is lower. With effect from June 1, 2022, Retail Fixed Deposits (including NRE and Recurring Deposits) Penalty for premature withdrawal of 0.50% will be applicable for deposits of less than Rs. 5 lakh and 1% for deposits of Rs. 5 lakh and above. New change in penalty opened or renewed with effect from June 1, 2022 Applicable to all fixed deposits. The effective rate shall be the net of the applicable rate for the amount and period for which the deposit remained with the bank (minimum penalty rate) or the net of the original contracted rate (less penalty rate) be even less.”