SIB FD interest rate
The bank will now offer FD interest rates between 2.65% and 5.85% for ordinary citizens for terms ranging from 7 days to 10 years. The interest rate on South Indian Bank Tax Savings FDs with a 5 year term is 5.80% for general public and 6.30% for seniors. The bank offers different types of time deposits to meet different customer needs.
offers a variety of savings accounts with different features and benefits. SIB offers an annual interest rate of up to 4.75%.
Penalty for premature withdrawal of FD
Effective June 1, 2022, the penalty for early withdrawal of retail time deposits (including NREs and recurring deposits) will be 0.50% for deposit amounts below Rs. 5 lakhs and 1% for deposit amounts in excess of Rs. 5,000,000. The increased penalty applies to all time deposits made or renewed on or after June 1, 2022. The effective rate will be the net of the relevant rate applied to the amount and duration of the deposit (less the penalty rate), whichever is lower. .