Increased new FD rates: Since May 2022, almost all government and private banks in the country have increased their Fixed Deposit (FD) rates. The major reason for this is the increase in repo rate by RBI at frequent intervals. In this sequence, private sector lender South Indian Bank has increased the interest rates on FDs of less than Rs 2 crore. After this increase in interest rates, the bank is giving 2.65% to 6% interest on FDs of 7 days to 10 days to its general customers.
At the same time, the bank is giving interest of 3.15% to 6.50% to its senior citizen customers on the same time period. On the other hand, the bank is giving a maximum interest of 7% on FDs of 1 year 1 day to its general customers. While giving a maximum interest of 7.50% to its senior citizen customers for the same time period. According to the information received from the official website of the bank, the increased new interest rates are applicable from January 20.
Here are the increased new FD rates of the bank
After this increase in the interest rate, the bank will pay 2.65% on FDs of 7 days to 30 days, 3.25% on FDs of 31 days to 90 days, 4.25% on FDs of 91 days to 99 days and 5.50% on FDs of 100 days. Giving At the same time, the bank is paying 4.25% on FDs of 101 days to 180 days, 4.60% on FDs of 181 days to less than 1 year, 6.60% on FDs of 1 year and 7% on FDs of 1 year and 1 day.
Getting 6.50% interest here
On the other hand, South Indian Bank is giving 6.50% interest to its customers on FDs ranging from 1 year 2 days to less than 30 months. While the bank is giving 7% interest to its customers on FD of 30 months. Apart from this, the bank is offering 6.50% interest on FDs from 30 months to less than 5 months and 6% interest on FDs above 5 years and 10 years.
