NEWS & ADVICE : FIXED DEPOSITS
SIB revises PLR and deposit rates
By Neelima Shankar
Aug 5, 2009
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Thrissur-based, private sector bank, South Indian Bank has revised the interest rates on advances and FCNR & NRE deposits.

The new rates came into effect August 1, 2009 onwards.

The interest rates on NRE deposits for a period of two years to less than 3 years and those with maturity up to three years (and inclusive of 10 years), have been increased to 3.31 percent (earlier 3.28 percent) and 3.92 percent (3.87 percent) respectively.

In same category, deposits for one year to less than two years will earn interest at a reduced rate of 3.25 percent from the earlier rate of 3.36 percent.

FCNR deposits (in US dollars) with a maturity period of two years to less than three years will earn interest at an increased rate of 2.56 percent, from the earlier 2.53 percent.

The deposit rates on FCNR deposits between three year to less than four years has been revised to 3.17 percent (earlier 3.12 percent) and those with maturity between 4 years to less than 5 years has been again increased to 3.64 percent (earlier 3.57 percent).

FCNR deposits for five years will attract interest at rate of 4 percent, up against the earlier rate of 3.93 percent.

The three year to less than four years FCNR deposits will have a new interest rate of 3.17 per cent as against 3.12 per cent earlier.

The benchmark prime lending rate of the bank has been revised to 16 percent. The new rates came into effect from August 1, 2008 onwards.

One of the earliest banks in South India, South Indian Bank (SIB) is a leading scheduled commercial banks, driven by its focus on technology and service delivery. The bank has a strong business presence in home state Kerela and plans to expand its network in Northern and eastern region.

The net profit of the bank rose to Rs 60.11 crore during the first quarter of the current fiscal from Rs 38.62 crore during the corresponding period last year.

 


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