South Indian Bank Latest Fixed Deposit Interest Rates
DOMESTIC TERM DEPOSITS (Also applicable for NRO Accounts)
Interest rate on Domestic Term Deposits w.e.f 21st October 2022
| Period | 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 | 5.50% | 6.00% |
| 101 days to 180 days | 4.25% | 4.75% |
| 181 days to less than 1 year | 4.60% | 5.10% |
| 1 year to less than 30 months | 6.40% | 6.90% |
| 30 months | 7.00% | 7.25% |
| Above 30 months to less than 5 years | 5.90% | 6.40% |
| 5 years to up to and including 10 years | 6.00% | 6.50% |
| Tax Gain ( 5 Years ) | 6.00% | 6.50% |
* Special rates for Senior Citizens, applicable only to Residents individually or jointly with another resident citizen. Penalty is applicable for premature withdrawal of deposits including Recurring Deposits at the rate of 0.50% for deposit amounts below Rs. 15 lakhs and 1% for deposit amounts of Rs. 15 lakhs and above for deposits opened/renewed upto 31st May 2022. The effective rate will be the net of applicable rate to the amount and period for which the deposit remained with the bank (less the penal rate) or the net of original contracted rate (less penal rate) whichever is less. Effective from 1st June 2022,penalty for premature withdrawal of Retail Term Deposits (including NRE & Recurring Deposits) will be applicable at the rate of 0.50% for deposit amounts below Rs. 5 lakhs and 1% for deposit amounts of Rs. 5 lakhs and above.The new change in penalty is applicable for all term deposits opened or renewed w.e.f. 1st June 2022.The effective rate will be the net of applicable rate to the amount and period for which the deposit remained with the bank (less the penal rate) or the net of original contracted rate (less penal rate) whichever is less.
NRE TERM DEPOSITS
Interest rate on NRE Term Deposits with effect from 12th October 2022
| Period | Single Deposit less than Rs.2 crore |
|---|---|
| 1 year to less than 30 months |
6.50%p.a |
| 30 Months | 7.00%p.a |
| Above 30 months to less than 5 years | 5.90%p.a |
| 5 years to up to and including 10 years | 6.00%p.a |
- The revised rates will apply only to fresh deposits and on renewal of maturing deposits.
- No interest will be paid if closed within one year.
- No additional interest will be paid for Senior Citizens under NRE Term deposit schemes.
- Penalty for premature withdrawal will be applicable for Retail Term Deposits (including NRE & Recurring Deposits) opened/ renewed from 01.06.2022 at the rate of 0.50% for deposit amounts below Rs. 5 lakhs and 1% for deposit amounts of Rs. 5 lakhs and above. The effective rate will be the net of applicable rate to the amount and period for which the deposit remained with the bank (less the penal rate) or the net of original contracted rate (less penal rate) whichever is less.
NON CALLABLE DEPOSITS
Interest rate on Non Callable Domestic Term Deposits w.e.f 12th October 2022
| Period | Single Deposit above Rs. 15.00 lakhs and less than Rs.2 crore | |
|---|---|---|
| General | Senior Citizens* | |
| 15 Months ( SIB MAXIMO) | 6.50% | 7.00% |
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