Private sector lender, South Indian Bank has announced a hike in interest rates of fixed deposits.

With the rate revision, interest on deposits for tenor between 2 years to less than 3 years would be 8.75% as against 8% earlier.

Senior citizens would be offered an increment of 50 basis points on the same deposit, thereby taking the interest to 9.25%.

Interest has also been raised for deposits having tenor of 3 years and above to 5 years taking it to 8.75% for general citizens and 9.25% for senior class.