CSB Bank Limited, established in 1920, is the oldest private sector bank in Kerala. The bank celebrated 100 years of its operation in 2020.
Today, the bank hosts 704 branches and 534 ATMs around 16 states and 4 Union Territories. Among a diverse range of financial products, CSB Bank allows its existing and new customers to open fixed deposit accounts and start saving their surplus amount in the long run.
This blog will take you through the CSB Bank FD rates for different schemes.
| Minimum Deposit | ₹1,000 |
|---|---|
| Maximum Deposit | No limit specified |
| Minimum Tenure | 7 days |
| Maximum Tenure | 10 years |
| Interest Rates | 3.00% to 7.60% (including senior citizen rates) |
| Lock-in Period | 5 years for CSB Tax Savings Support |
| Senior Citizen | 4.75% to 7.60% |
| General Citizen | 3.00% to 7.35% |
Features and Benefits of CSB FD Interest Rate
The following points highlight the features and benefits that you will earn from CSB FD interest rates.
- A general fixed deposit account in CSB Bank can be opened by depositing an amount as low as ₹1,000.
- An FD account holder can avail the high-yielding returns offered by the bank for a maximum period of 10 years.
- The minimum tenure for fixed deposits is 7 days.
- Under CSB FD schemes, individuals can select a nominee to earn returns from their ongoing FD in their absence.
- In case of a monthly payout, the scheme offers interest at a discounted value.
How to Book CSB FD?
To reap benefits from CSB FD rates, you must open a fixed deposit account with this bank first. You can open a fixed deposit account with the help of net banking or by visiting the bank physically.
Online
The following steps below will elaborate on the online CSB Bank FD account opening process for you.
- Step 1: Open the official portal of the Catholic Syrian Bank.
- Step 2: Navigate and click on ‘Personal Banking’ from the main menu bar. Click on ‘Accounts’.
- Step 3: Choose ‘Fixed Deposits’.
- Step 4: Click on the option ‘Apply e-term deposit’.
- Step 5: Opt for ‘Login’ if you are an existing customer of this bank or click on ‘Register’. An FD account opening form will be displayed.
- Step 6: Enter the necessary details and submit the form.
- Step 7: Enter the OTP you will receive on your registered mobile number. Click on ‘Confirm’.
After you are done with the submission of the form, a representative from the bank will call you to complete the remaining process for account opening.
Offline
You can also opt for the steps below to start a fixed deposit through an offline process if you are not comfortable with the online banking procedure.
- Step 1: Visit the nearest branch of CSB Bank to your location.
- Step 2: Collect an FD application form from the bank.
- Step 3: Fill in the necessary information and submit the form along with the required documents.
Documents Required to Book CSB FD
To avail the attractive CSB Bank FD rates, you must provide certain documents. These documents are necessary for both online and offline application processes for fixed deposits.
- Identity Proof (Aadhaar Card)
- PAN Card or Form 60 in case of non-availability of PAN card.
- Address Proof (Passport)
- Age Proof (Birth Certificate)
- Passport size photograph
- FD account opening application form
Eligibility to Open CSB FD
You must fulfil the following criteria to become eligible to start a fixed deposit with CSB Bank.
- Applicant Type: Residents, Non-Resident Indians, Hindu Undivided Families.
- Applicant Age: 18 and above. In the case of minors, an FD account can be opened under the guardianship of the parents.
Types of CSB FD Schemes
Following are the different fixed deposit schemes available for customers to make the most out of CSB fixed deposit rates.
1. General Fixed Deposit Income Scheme
This is a standard fixed deposit scheme that one can opt for from CSB Bank. The interest rates and returns earned from this scheme vary based on the FD investment tenure. Under this scheme, individuals can also opt for any kind of interest payout option between monthly and quarterly.
- Minimum Deposit: ₹1,000
- Maximum Deposit: No limit specified
- Tenure: 7 days to 10 years
- Interest Rates: 3% to 7.35%
- Eligibility: Resident Individuals, NRI, Senior Citizens, Minors, HUFs
2. Acharya Fixed Deposit Scheme
The Acharya Deposit scheme by CSB Bank upholds and protects the interest of senior citizens. This scheme allows senior citizens to open a joint account. However, only Indian residents are eligible to enjoy CSB Bank FD rates with the Acharya Deposit scheme.
- Minimum Deposit: ₹5,000
- Maximum Deposit: No limit specified
- Tenure: 6 months to 10 years
- Interest Rates: 4.75% to 7.60%
- Eligibility: Resident senior citizens.
3. CSB Tax Savings Fixed Deposit Scheme
This fixed deposit scheme by CSB Bank makes customers eligible for tax deductions up to ₹1.5 lakhs under Section 80C of the Income Tax Act. It consists of two sub-schemes, Tax Savings Support-Income (Ordinary Fixed) and Tax Saving Support-Growth (Reinvestment). You can also exercise the nomination facility while investing in this scheme.
- Minimum Deposit: ₹100
- Maximum Deposit: ₹1.5 lakhs
- Tenure: 5 years
- Interest Rates: 5.75% to 6.25%
- Eligibility: Hindu Undivided Families and Resident Individuals
4. Family Welfare Fixed Deposit Scheme
This scheme helps the investor reinvest the interest they have earned on their deposits. By doing so, both their principal and interest start earning returns. This allows the investor to earn more returns from CSB Bank FD rates.
- Minimum Deposit: ₹1,000
- Maximum Deposit: No limit specified
- Tenure: 6 months to 10 years
- Interest Rates: 4.25% to 7.35%
- Eligibility: Indian residents
5. FCNR Fixed Deposit Scheme
The FCNR FD scheme by CSB Bank accepts deposits from foreign currencies, including US Dollar, Great Britain Pounds, Canadian Dollars, Yen, Euro and Australian Dollars. With this scheme, customers can repatriate the principal or interest amount without any restriction during their tenure.
- Minimum Deposit: No limit specified
- Maximum Deposit: No limit specified
- Tenure: 12 months to 60 months
- Interest Rates: 4.00% to 5.50% for USD deposits
- Eligibility: Non-Resident Indians
Conclusion
Investing in CSB Bank is quite convenient and carries several perks. You can start the investment journey with a very small amount. It also offers liberal payout options, tax benefits, nomination facility and loans against FD.
To conclude, with the above information, you are ready to invest and earn benefits from CSB Bank FD rates. However, it is important to keep in mind that the interest rates are subject to frequent change. Therefore, you must check the rates before starting to invest.
FAQs
Apart from attractive and secure returns, CSB Bank offers loans against FD, nomination facilities, joint account opening facilities and overdraft facilities against FD.
The maximum CSB Bank FD interest rate for NRE fixed deposits is 7.35%.
The highest CSB Bank FD rate for senior citizens is 7.6% and 7.35% for regular individuals.
Yes, CSB bank offers a premature withdrawal facility in case of FD investments made in an individual capacity.
