South Indian Bank Revises Savings Account Interest Rate: Check New Rates

The South Indian Bank (SIB) has revised savings account interest rates with effect from June 21, 2022. SIB savings account interest rates will now range between 2.50% and 4.50% depending on the amount of the deposit.

South Indian Bank Savings Account Interest Rates

Source: Bank website



Interest rates for savings accounts from other banks

offers an interest rate on savings accounts of 2.70% on all accounts, while it offers interest rates of 3.00% on deposits below Rs 50 lakh and 3.50 % on deposits above Rs 50 lakh. offers 2.70% for accounts below Rs 10 lakh and 2.75% for balances above Rs 10 lakh. So, compared to the interest rates offered by these banks for less than Rs 2 lakh, South Indian Bank offers the lowest.

South Indian Bank FD Interest Rates

The bank has revised the interest rate on fixed deposits for deposits below Rs 2 crore with effect from 14 June 2022.

Source: Bank website

Sadness

Effective June 1, 2022, penalty for premature withdrawal of funds from retail term deposits (including NREs and recurring deposits) of 0.50% for deposits under Rs. 5 lakh and 1% for deposits of Rs. 5 lakh and above will be applicable.

According to the website, “The new penalty change is applicable to all term deposits opened or renewed on June 1, 2022. The effective rate will be the net of the rate applicable to the amount and period the deposit has been with the bank (less the penalty rate) or the net of the initial contractual rate (less the penalty rate) whichever is lower.”