FD Rate Hike: The South Indian Bank of the private sector has increased the interest rates on fixed deposits. The new interest rates of the bank will be applicable on FDs less than Rs 2 crore.
New Delhi. After the increase in the repo rate by the RBI, the 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, there is good news for the customers of South Indian Bank of the private sector. The bank has increased the interest rates on fixed deposits ie FD.
New rates effective from October 12, 2022
The new interest rates of South Indian Bank will be applicable on FDs less than Rs 2 crore. The new interest rates of the bank have become effective from October 12, 2022. After the change, the bank is now offering interest rates ranging from 2.65% to 6.00% for general public and 3.15% to 6.50% for senior citizens. FDs maturing in 30 months will now attract a maximum interest rate of 7.00% for general public and 7.25% for senior citizens.
South Indian Bank interest rates
- 7 to 30 days – 2.65 per cent
- 31 to 90 days – 3.25 per cent
- 91 to 180 days – 4.25 per cent
- 181 days to less than one year – 4.60 per cent From
- One year to less than 30 months – 6.40 per cent
- 30 months – 7.00 per cent
- 30 months to less than 5 years – 5.90 per cent
- 5 years to 10 years – 6.00 per cent
RBI increased the repo rate by 0.5 percent to 5.9 percent
Recently RBI increased the repo rate by 0.5 percent to 5.9 percent. This is its 3 year high. The RBI has taken this step to control retail inflation and to deal with the pressure generated by aggressive rate hikes by central banks of various countries. Earlier, after 0.40 per cent increase in May, there was an increase of 0.50-0.50 per cent in June and August. Overall, since May till now, RBI has increased the repo rate by 1.90 percent.
Many banks have increased FD rates,
Let us tell you that recently RBL Bank, ICICI Bank, Axis Bank, CSB Bank Ltd., Kotak Mahindra Bank, Canara Bank, Indian Overseas Bank etc. have also increased their fixed deposit rates. This process of increasing the rates has started after the increase in the repo rates by the RBI.