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SIB launches new scheme

Thrissur: The South Indian Bank (SIB) has launched a fixed deposit scheme ‘SIB: Eighty Plus,’ which offers 11 per cent interest for 39 months on a minimum deposit of Rs.50,000. The depositors will also get free death insurance cover up to Rs.1 lakh.

V.A. Joseph, managing director and chief executive officer of the bank, said the scheme was intended to provide value addition to customers who opted for bank deposits as safe investment at a time of financial crisis.

The scheme, started as a New Year gift, would offer 11.25 per cent interest for senior citizens.

The depositor on maturity of the deposit of Rs.50,000 will get Rs. 71,143, giving a yield of 13.01 per cent. Senior citizens will get Rs. 71,707, with yield of 13.36 per cent. Deposits for domestic and non-resident ordinary accounts will be accepted till March 31, 2009.

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