MALAPPURAM: The South Malabar Gramin Bank has increased its interest rates for fixed deposits. Senior citizens will get an interest rate of 9.25 per cent for deposits for five years and above.
For others, interest rate for deposits for 90 days and above will be 6.5 per cent. The rate will be 6.75 per cent for deposits for 181 days and above, 7.75 per cent for deposits for one year and above, 8 per cent for two years and above, and 8.25 per cent for five years and above.
Deposits of Rs.15 lakh and above will get an additional 0.25 per cent interest. Those who deposit in the `Gramin Tax Saver' scheme of the South Malabar Gramin Bank will get an interest rate of 8.5 per cent. This will be 9.5 per cent for senior citizens.