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South Indian Bank Vs Karnataka Bank Vs Karur Vysya Bank Latest FD Interest Rates
Since May 2022, when the Reserve bank of India hiked the repo rate, Fixed deposits (FDs) offers by banks become attractive investment destinations with high-interest rates. Investors who don't want to put their deposits at risk frequently choose FDs as an investment strategy.
In the past 10 months, several banks have hiked interest rates on their FD schemes, recently South Indian Bank, a leading private sector bank, has also hiked the interest rates on FD. Here we have compared the fixed deposit interest rates provided by South Indian Bank, Karnataka Bank, and Karur Vysya Bank.
South Indian Bank
South Indian Bank has revised the interest rate of FD with effect from 21st March 2023. After the hike, the bank offers interest rates on FD between 2.65% to 7.40% to the general public and 3.15% to 7.50% to senior citizens. The maturity period for the FD ranges between 7 days to 10 years (Including Tax Gain - 5 Years FD). The interest rates are applicable on the FD below Rs 2 Cr.
Interest rate on Domestic Term Deposits (Also applicable for NRO account)
| Maturity Pattern | General Interest Rate | Senior Citizens Interest Rate |
|---|---|---|
| 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% |
Source - southindianbank.com
Karnataka Bank
Karnataka Bank, a private sector lender, has also hiked the interest rates on FD with effect from 1 March 2023. The bank offers FD rates between 5.25% to 5.80% for the general public for the maturity period ranging from 7 days to 45 days. The interest rates are applicable for Deposits below Rs.2 Crore.
The bank introduced the Minor Deposit Scheme on 1 March 2023. Under this, the bank offers 55 days (KBL Centenary Deposit) FD with a 7.50% interest rate and for FD above 10 years, the bank offers 5.50% interest.
Rates of Interest on Domestic Term Deposits for below rs 2 Cr. w.e.f. 1st March, 2023
| Maturity Pattern | Interest Rate (% p.a) |
|---|---|
| 7 days to 45 days | 5.25 |
| 46 days to 90 days | 5.25 |
| 91 days to 364 days | 5.25 |
| 1 year to 2 years | 7 |
| 555 days (KBL Centenary Deposit) | 7.5 |
| Above 2 Year to 5 years | 5.75 |
| Above 5 year to 10 years | 5.8 |
Minor Deposit Scheme w.e.f 1st March 2023
| 555 days (KBL Centenary Deposit) | 7.50% |
| 7 days to 10 years | As applicable for Domestic Term Deposits |
| Above 10 years | 5.50% |
Interest rate for Senior Citizens (FD & ACC Only)
| Maturity Pattern | Interest Rate (% p.a) |
| 555 days (KBL Centenary Deposit) | 7.9 |
| 1 year to 2 Years | 7.4 |
| Above 2 Year to 5 years | 6.15 |
| Above 5 Year to 10 years | 6.3 |
Please Note - *0.40% extra over the general rate upto & inclusive of 5 crore only under Domestic FD and ACC Schemes (Not for deposit under NRE/NRO/FCNR(B) accounts) for resident Senior Citizens only for tenure 1 to 5 years and 0.50% extra over the general rate for tenure 5 to 10 years w.e.f. 09.11.2020. Senior Citizen interest rate benefit for term deposits below 1 year is withdrawn w.e.f. June 06, 2019.
Source - karnatakabank.com
Karur Vysya Bank
Karur Vysya Bank, a private sector lender, proves interest rates on FD between 4% to 7.50% to the general public for an amount below Rs 2 crore. The interest rates on fixed deposits are applicable on maturities ranging from 7 days to more than 6 years including Tax Shield Deposit.
Domestic Term Deposits (Card Rates) Less than Rs. 2 Crores - w.e.f. 20.02.2023
| Time Bucket | Revised Rate |
| 7 Days to 14 days | 4.00% |
| 15 Days to 30 days | 4.00% |
| 31 Days to 45 days | 5.25% |
| 46 Days to 90 days | 5.25% |
| 91 Days to 120 days | 6.00% |
| 121 Days to 180 days | 6.00% |
| 181 Days to 270 days | 6.25% |
| 271 Days to less than 1 year | 6.50% |
| 1 Year to 443 days | 7.00% |
| 444 Days | 7.50% |
| 445 Days upto 554 days | 7.00% |
| 555 Days | 7.25% |
| 556 Days upto 2 years | 7.00% |
| Above 2 years upto 3 years | 7.00% |
| Above 3 years upto 5 years | 6.25% |
| Above 5 years upto 6 years | 6.25% |
| Above 6 years | 6.25% |
| For KVB - Tax Shield Deposits | 5.90% |
Source - KVB.co.in
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