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This private bank changed the interest rates of savings account and FD, check new rates

Highlights

The bank is currently offering a maximum interest rate of 4.75 percent on the savings account.
The new rates of the bank have become effective from July 20, 2022.
Recently SBI, Axis Bank, IDBI Bank etc. have also increased their FD rates.

New Delhi. After the increase in the repo rate by the Reserve Bank of India (RBI), banks have also started increasing the interest rates. Apart from increasing the interest rate on loans, interest rates on bank deposits have also started increasing. At the same time, the South Indian Bank of the private sector has changed the interest rates on Savings Account and Fixed Deposit (FD). The new interest rates of the bank have become effective from Wednesday (July 20, 2022).

According to the bank’s website, after the change, the bank is offering an interest rate of 2.65 to 5.85 per cent on FDs of less than Rs 2 crore maturing in 7 days to 10 years while 3.15 to 6.35 per cent for senior citizens. is offering. The bank is currently offering a maximum interest rate of 4.75 percent on the savings account.

FD rates of South Indian Bank
After the change, South Indian Bank is offering an interest rate of 2.65 per cent on FDs maturing in 7 to 30 days and 3.25 per cent on FDs maturing between 31 and 90 days. Fixed deposits with maturities between 91 and 180 days will now attract an interest rate of 4.25 per cent, while fixed deposits with maturity between 181 and less than one year will attract 4.60 per cent. The bank is now offering 5.60 per cent on deposits from 1 year to less than 3 years and 5.75 per cent on FDs with maturity from 3 years to less than 5 years. On FDs ranging from 5 years to 10 years, the bank is now offering an interest rate of 5.85 percent and on tax saving FDs of 5 years, the bank is offering an interest rate of 5.85 percent.

Also read- Good news for those who have hard earned money in FD! These three small finance banks are giving up to 8.15% interest

Many banks have increased FD rates
It is worth noting that recently SBI, Axis Bank, Indian Overseas Bank, Punjab and Sind Bank, IDBI Bank etc. have also increased their FD rates. This process of increasing the rates has started after the increase in the repo rates by the RBI. The Reserve Bank had hiked key rates by 0.9 for two consecutive months in May and June.

Tags: Bank FD, FD Rates, Fixed deposits, Money Making Tips, RBI, Savings accounts

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