South based lender, South Indian Bank has raised interest rates on deposits for senior citizens. The step up has been made so as to mark the Bank's celebration of Seniors' Month in October.
The bank would be offering highest interest rates for deposits having tenor in the range of 180 days to 3 years. All senior citizens applying for deposits in this range in this month will get these special benefits.
Deposits of 180 days to less than 1 year would now fetch 7.50 per cent against 6.50 per cent for others.For deposits of 1 year up to 3 years the rate had been increased to 8.50 per cent against 7.50 per cent for others.
Deposits above 3 years up to 5 years would fetch 8.50per cent against 7.7 for others.
There are around 600 million persons aged 60 years and above today worldwide.
The bank has tied up with several insurance companies in order to provide health insurance benefits to senior citizens.