#1
11th March 2016, 12:54 PM
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RD interest rates in South Indian Bank
Hello sir I want to deposit some amount in SIB as RD but I don’t know the interest rate given by the bank ion it so please provide me information about the interest rate.
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#2
11th March 2016, 12:54 PM
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Re: RD interest rates in South Indian Bank
In Recurring Deposit scheme, individuals can make a fixed monthly investment, instead of a one-time lump-sum investment. Upon maturity, the Bank pays the depositor the invested amount along with the accrued interest. Recurring Deposit schemes of South Indian Bank A Recurring Deposit Scheme is one of the most preferred investment schemes by the fixed monthly income earning individuals. The RD scheme from South Indian Bank comes with additional features such as an overdraft facility of up to 90% of the outstanding balance, facility to automatically remit instalment through internet banking or through Standing Instruction, etc. It also offers the depositors high return on investment, since the depositor gets the applicable rate of interest for the entire duration of the deposit, including the last monthly installment made. Interest rates offered on South Indian Bank’s Recurring Deposit SIB offers attractive interest rates for RD that ensures high yield for the depositors. The interest rates vary in accordance with the tenure for which the RD is opened as well as the principal amount. Interest rates on RD, offered by South Indian bank ranges between 7% and 8.75% An additional 0.50% is paid out to senior citizens as interest, over and above the interest paid out to regular customers. Features of South Indian Bank Recurring Deposit Remittance is made out as monthly instalments. The remitted amount plus cumulative interest will be paid on the date of maturity. This scheme promotes regular savings. Monthly instalment period is fixed for a minimum of 12 months up to a maximum of 120 months |