South Indian Bank offers you the option of opening a recurring deposit account with them. The interest paid by the bank on the RDs are very attractive. You can open a RD account with the bank for a minimum amount of Rs.100. The investment tenure can range between 1 year and 10 years.
In addition to a good rate of return, the bank offers you the facility to remit instalments through internet banking or by setting standing instructions. You can avail a loan against the deposit in the RD account. It needs to be mentioned here that the bank also allows NRE and NROs to open recurring deposits with them.
Listed below are the interest rates offered by South Indian Bank on RDs depending on the tenures.
|Deposit Tenure||Interest rate for General Citizens (p.a.)||Interest rate for senior citizens (p.a.)|
|12 months 1 day to 24 months||7%||7.50%|
|24 months 1 day to less than 36 months||7.45%||7.95%|
|36 months 1 day to 10 years||7.25%||7.75%|
Note: Senior citizens are not offered additional interest for opening an RD account under the NRE RD scheme.
South Indian Bank - Short Term RD Interest Rates
Short term RDs are those which are opened for a period of 1 or 2 years. South Indian Bank offer general citizens interest up to 7.40% p.a. for opening a short-term RD. Senior citizens are offered additional interest of 0.50% which takes the interest up to 7.90% p.a.
South Indian Bank - Medium and Long Term RD Interest Rates
While medium-term RDs are those which are opened for a period of more than 2 years to 5 years, long term RDs are those which are opened for more than 5 years. The interest offered by the lender when it comes to medium-term RDs is in the range of 7.25% p.a. to 7.45% p.a. Citizens above the age of 60 years avail interest in the range of 7.75% to 7.95% p.a. for opening a medium-term RD with South Indian bank.
For long-term RDs, the bank offers 7.25% p.a. to general citizens and 7.75% to senior citizens.
South Indian Bank - NRE Recurring Deposit Interest Rates
In case, an NRE opens an RD account with South Indian Bank the rate of return offered to them is the range of 7% p.a. to 7.45% p.a. The highest interest is offered for the tenure of 2 years 1 day to less than 3 years.
More you need to know about Recurring Deposit
- Compare Recurring Deposit Rates of South Indian Bank with Other Banks and Institutions
- Check Features and Schemes of South Indian Bank Recurring Deposit
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