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Another Top Private Sector Bank Hikes FD Interest Rates, Highest Rate Offered Under 1-Yr Tenure
Leading private sector bank, South Indian Bank has increased its fixed deposit interest rates and new rates have become effective from March 21, 2023. The new rates will be applicable for FDs below Rs 2 crore. After the hike, the bank is offering senior citizens the highest interest rate of 7.50% for FDs maturing in 1 year 1 day.
Meanwhile, regular citizens can fetch the highest interest rate of 7.40% for deposits maturing in 500 days also known as SIB 94 Plus.
The bank is offering an interest rate of 2.65% for FDs maturing in 7 days to 30 days on domestic term deposits of less than Rs 2 crore. Meanwhile, senior citizens can fetch 3.15% interest rate for the same tenor deposits.
For FDs maturing in 100 days, regular citizens can fetch 6.00% interest rate and senior citizens gets 6.50% interest rate.
The elderly citizens can get 7.40% interest rate for deposits maturing in 500 days known as SIB 94 Plus.
The bank is offering a Green deposit tenor wherein an interest rate of 6.50% is given to regular citizens and 7.00% interest rate is provided to senior citizens for FDs maturing in 66 months.
Check interest rates in detail below:
| Period | Single Deposit less than Rs.2 crore | Single Deposit less than Rs.2 crore |
|---|---|---|
| General | Senior Citizens* | |
| 7 days to 30 days | 2.65% | 3.15% |
| 31 days to 90 days | 3.25% | 3.75% |
| 91 days to 99 days | 4.25% | 4.75% |
| 100 days | 6.00% | 6.50% |
| 101 days to 180 days | 4.50% | 5.00% |
| 181 days to less than 1 year | 5.00% | 5.50% |
| 1 year | 6.60% | 7.10% |
| 1 year 1 day | 7.00% | 7.50% |
| 1 year 2 days to 499 days | 6.50% | 7.00% |
| 500 days (SIB 94 Plus) | 7.40% | 7.40% |
| 501 days to less than 30 months | 6.50% | 7.00% |
| 30 months | 7.00% | 7.25% |
| Above 30 months to less than 5 years | 6.50% | 7.00% |
| 5 years to less than 66 months | 6.00% | 6.50% |
| 66 months (Green deposit) | 6.50% | 7.00% |
| Above 66 months to upto and including 10 years | 6.00% | 6.50% |
| Tax Gain ( 5 Years ) | 6.00% | 6.50% |
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