94-Year-Old Private Bank Revises Fixed Deposit (FD) Rates Effective From Today

Founded on January 25, 1929, the South Indian Bank Limited is a prominent private sector bank with its headquarters located in Thrissur, Kerala. The 94-year-old private bank has made changes to the interest rates it offers on fixed deposits under Rs 2 Cr. The bank is now providing a maximum return of 7.40% on a 400-day tenor as a result of the modification. The latest FD rates, according to South Indian Bank's official website, are valid as of December 4, 2033.

South Indian Bank FD Rates

On fixed deposits maturing in 7 days to 30 days, the bank is offering an interest rate of 2.90% to the general public and 3.40% to senior citizens whereas on those maturing in 31 days to 90 days, South Indian Bank is offering a standard rate of 3.50% and 4.00% to senior citizens. South Indian Bank is offering a standard rate of 4.50% and 5.00% to senior citizens on a deposit tenor of 91 days to 99 days.

Deposits maturing in 100 days will fetch a return of 6.25% to the general public and 6.75% to senior citizens and those maturing in 101 days to 180 days will fetch 4.50% return to non-senior citizens and 5.00% to senior citizens.

The bank is giving an interest rate of 5.00% on fixed deposits maturing in 181 days to less than a year, whereas South Indian Bank is offering an interest rate of 6.60% on those maturing in a year. For a deposit term of one year and one day, South Indian Bank is giving an interest rate of 7.00%; for a tenure of one year and two days to 399 days, the rate is 6.50%. The interest rate on deposits maturing in 400 days is now 7.40%, while the interest rate on deposits maturing in 401 days to less than 30 months is now 6.50%.

On domestic term deposits maturing in 30 months, the bank is offering an interest rate of 7.00% and on those maturing above 30 months to less than 5 years, South Indian Bank is offering an interest rate of 6.60%. South Indian Bank is offering an interest rate of 6.00% on a deposit tenor of 5 years to less than 66 months and the bank is offering an interest rate of 6.50% on a deposit tenor of 66 months (Green deposit). Deposits maturing above 66 months to upto and including 10 years will now fetch an interest rate of 6.00% and Tax Gain ( 5 Years ) deposits will fetch a 6.00% return.

Senior citizens will get an additional benefit of 50 bps higher than the standard rates across tenures. According to South Indian Bank, special rates for senior citizens are applicable only to residents individually or jointly with another resident citizen.