THIS bank hikes FD interest rates for senior citizens; check return calculator, new rates, other key details

New Delhi: Interest rates on fixed deposits under 2 crore rupees have increased at the private sector lender South Indian Bank. The new rates go into effect on December 20, 2022, according to the bank's official website. The bank now provides interest rates on deposits maturing in 7 days to 10 years that vary from 2.65 percent to 6 percent for the general public and between 3.15 percent and 6.50 percent for senior citizens as a result of the modification.

Deposits with a one-year maturity period at South Indian Bank now have a maximum regular interest rate of 7 percent and 7.5 percent for senior citizens. Deposits maturing in the next seven to thirty days will now earn interest at a rate of 2.65 percent, and those maturing in the next thirty-one to ninety days will now earn interest at a rate of 3.25 percent. (Also Read: BUMPER RETURN business idea! Post Office offering scheme to earn upto Rs 80,000/month by just investing Rs 5000 once)

On deposits that mature in 91 to 99 days, the bank offers an interest rate of 4.25 percent, and South Indian Bank offers an interest rate of 5.50 percent on deposits that mature in 100 days. South Indian Bank offers an interest rate of 4.60 percent on deposits that mature in less than a year and an interest rate of 4.25 percent on deposits that mature in 101 days to 180 days. (Also Read: LIC offering Rs 27 lakh for DAUGHTER'S MARRIAGE; You just have to invest Rs 3600-- Check details here)

Deposits will now earn interest at a rate of 6.50 percent for those that mature in a year, and 7 percent for those that do so in a year and a day. For deposits maturing in one year, two days to less than 30 months, South Indian Bank offers an interest rate of 6.50 percent; for deposits maturing in 30 months, the interest rate is 7 percent.

The bank gives an interest rate of 6 percent on deposits maturing in five years or more, up to and including ten years, and 6.5 percent on deposits maturing in less than five years.