South Indian Bank Hikes Saving Account Rates Offers More Return Then SBI Axis Bank ICICI Bank HDFC Bank

South Indian Bank Savings Account: Since the increase in the...

South Indian Bank Savings Account: Since the increase in the Repo Rate of Reserve Bank of India i.e. RBI, all the banks have been increasing the interest rates on loans. This has a direct impact on the pockets of the customers. Most of the banks have increased the interest rate on their home loan, car loan, business loan. Along with this, many banks have also increased the interest rates of savings account and FD. Now the name of South Indian Bank has also been added to this list.

South Indian Bank has decided to increase the interest rate on its savings account (SIB Savings Account Rate of Interest). The bank is offering its customers an interest rate ranging from 2.50 percent to 4.50 percent. Large banks of the country i.e. RBI (SBI), Axis Bank, ICICI Bank (ICICI Bank), HDFC Bank etc. are offering higher interest rates than many banks. SBI Bank is offering 2.70 percent interest rate on savings account to customers, 3 to 3.50 percent interest rate to HDFC Bank and ICICI Bank customers. At the same time, South Indian Bank is offering customers an interest rate of up to 4.50 percent on the savings account.

Interest available on South Indian Bank Savings Account

South Indian Bank has decided to implement this new interest rate from June 21, 2022. The bank is offering 2.50% interest rate on the amount up to Rs 2 lakh. At the same time, 2.75% interest rate is available on the amount from 2 lakh to 5 crore rupees. Offering interest rate of 4.20% on the amount from Rs 5 crore to Rs 100 crore and 4.50% on the amount above Rs 100 crore.

The interest rate available on South Indian Bank’s FD-
At the same time, on June 14, the bank has also decided to increase the interest rates of its FD. This increase is available on FDs of less than Rs 2 crore. The bank is offering an interest rate ranging from 2.65 percent to 5.80 percent on FDs of different tenors. At the same time, the bank is offering interest rates ranging from 3.15 percent to 6.30 percent to senior citizens.

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