South Indian Bank Savings Account Interest Rates
Source: Bank’s website
other bank savings account Rate of interest
The savings account offers an interest rate of 2.70 per cent on all accounts, 3.00 per cent on deposits below Rs 50 lakh and 3.50 per cent on deposits above Rs 50 lakh. Offers 2.70 per cent for accounts below Rs 10 lakh and 2.75 per cent for balance above Rs 10 lakh. Hence in comparison to the interest rates below Rs 2 lakhs offered by these banks, South Indian Bank offers the lowest.
South Indian Bank FD interest rate
The bank has revised the fixed deposit interest rate for deposits below Rs 2 crore with effect from June 14, 2022.
Source: Bank’s website
a punishment
With effect from June 1, 2022, for premature withdrawal from retail fixed deposits (including NRE and recurring deposits) Rs. 5 lakh and 1 per cent for deposits of Rs. 5 lakh and above will be applicable.
According to the website, “The new change in penalty is applicable for all fixed deposits opened or renewed with effect from June 1, 2022. The effective rate shall be the net of the rate applicable for the amount and period for which the deposit remained with the bank (less penal rate) or the net of the original contracted rate (less penal rate), whichever is lower.”