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Investment
oi-Vipul Das
South Indian Bank offers a variety of deposit options for non-senior and senior people looking for short and long-term investments with fixed returns. South Indian Bank offers a variety of deposit systems for customers with varying eligibility criteria and personal financial needs, such as SIB Flexi Smart Deposit, Kalpaka Nidhi Scheme, SIB Flexi Deposit, SIB Tax Gain 2006, Fast Cash Deposit, Fixed Deposits, Recurring Deposits. , FD Vantage, SIB Care and SIB Maximo-Deposits not bondable. In October, the bank adjusted its interest rates on term deposits and savings accounts, as we will find out below.
South India Bank FD Rate For Regular Customers
On October 8, 2021, the bank changed its interest rates on fixed deposits, and following the most recent update, South Indian Bank is currently offering the highest interest rate of 5.65 % to the general public on deposits of less than Rs 2 crore maturing. in five years. The latest interest rates on term deposits for the general public are as follows:
| Mandate | Interest rate |
|---|---|
| 7 days to 45 days | 3.50% |
| 46 days to 90 days | 3.75% |
| 91 days to 180 days | 3.80% |
| 181 days to 270 days | 4.10% |
| 271 days to less than 1 year | 4.50% |
| 1 year to less than 30 months | 5.20% |
| 30 months to less than 3 years | 5.35% |
| 3 years to less than 5 years | 5.50% |
| 5 years | 5.65% |
| More than 5 years up to 10 years inclusive | 5.50% |
| Tax gain (5 years) | 5.65% |
| Source: Bank website |
Bank of South India FD Rate for Seniors
Seniors will continue to benefit from an additional rate of 0.50% on deposits of all applicable tenures. On deposits of less than Rs 2 Cr maturing in 5 years, seniors will now get the highest yield of 6.15%.
| Mandate | Interest rate |
|---|---|
| 7 days to 45 days | 4.00% |
| 46 days to 90 days | 4.25% |
| 91 days to 180 days | 4.30% |
| 181 days to 270 days | 4.60% |
| 271 days to less than 1 year | 5.00% |
| 1 year to less than 30 months | 5.70% |
| 30 months to less than 3 years | 5.85% |
| 3 years to less than 5 years | 6.00% |
| 5 years | 6.15% |
| More than 5 years up to 10 years inclusive | 6.00% |
| Tax gain (5 years) | 6.15% |
| Source: Bank website |
South Indian Bank Savings Account Interest Rate
The South Indian Bank also recently changed the interest rates on its savings accounts, which are in effect from October 21, 2021. The South Indian Bank currently provides the following interest rates on all savings accounts , including NRO / NRE accounts, due to the most recent change.
| End of day balance | Interest rate |
|---|---|
| Up to Rs 2.00 lakh included | 2.35% per year (1.65% below the Repo rate) |
| Above Rs. 2.00 lakh – less than Rs. 5.00 crore | 2.75% per year |
| Rs. 5.00 crore – less than Rs. 100.00 crore | 4.20% per year |
| Rs. 100.00 crore and more | 4.50% per year |
| Source: Bank website, Wef October 21, 2021 |
Article first published: Sunday October 24, 2021, 4:34 PM [IST]
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