South Indian Bank is one of the major private banks in India. It was registered under the Companies Act in 1928 and became a scheduled bank in 1946. The bank follows the vision of becoming the most preferred bank for customer services, along with enhancing corporate governance and stakeholder value.
Are you considering saving for your child’s education or a dream vacation? A fixed deposit setup might be an excellent option. The South Indian Bank fixed deposit plans allow you to securely hold cash for a certain period and quantity, with guaranteed returns on maturity.
This article will discuss in detail the South Indian Bank FD rates, advantages of the scheme and eligibility criteria.
| Minimum Deposit | ₹1,000 |
| Maximum Deposit | No maximum limit |
| Minimum Tenure | 15 days |
| Maximum Tenure | 10 years |
| Interest Rates | 2.90% – 7.50% (including interest rate for senior citizen) |
| Lock-in Period | No lock-in period |
| Senior Citizen | 3.40% – 7.50% |
| General Citizen | 2.90% – 7.20% |
Updated South Indian Bank FD Rates 2024
| Tenure | General Citizen | Senior Citizen |
|---|
Features and Benefits of South Indian Bank FD
If you plan to invest your money in any fixed deposit scheme of South Indian Bank, learn about the benefits and features of the investment plan to make an informed financial decision.
- Flexible tenure helps you invest your money for a long or short period, as per your financial capability.
- South Indian Bank FD interest rate is calculated on a simple interest basis and is paid quarterly.
- The bank offers you the facility to auto-renew your deposit. Provide instructions on auto-renewal before the maturity period to avoid any hassles.
- Both Indian residents and Non-Resident Indians are eligible to open a fixed deposit account with South Indian Bank.
- The deposit period of the FD ranges from 15 days to 10 years.
- You are allowed to prematurely withdraw your investment from the FD, subject to a charge of penalty.
- South Indian Bank offers you the facility to avail a loan against fixed deposits of up to 90% of the deposit value.
How to Book South Indian Bank FD?
There are two ways in which you can open a South Indian Bank FD – online and offline. However, it should be noted that the document’s submission must be done offline in both cases. Follow the steps discussed below:
1. If You Are An Existing Customer of South Indian Bank
Follow these simple steps if you already have a savings or current account with the bank to book your FD.
- Step 1: Visit the official website of South Indian Bank.
- Step 2: Download the application form for fixed deposit account opening.
- Step 3: Fill the form with savings or current account number in the introduction section and submit it to the nearest branch of the bank.
No additional document is required in this case.
2. If You Are Not an Existing Customer of South Indian Bank
- Step 1: Visit the official website of South Indian Bank.
- Step 2: Download the application form for fixed deposit account opening.
- Step 3: Fill out the form with all the necessary details, including the nominee’s name, and sign the form.
- Step 4: Contact the branch to continue introducing yourself.
- Step 5: Submit all the necessary documents directed by the bank executives with the form.
- Step 6: After successfully verifying all the information submitted, you will receive a receipt from the bank denoting the successful opening of the FD account.
Documents Required to Book South Indian Bank FD
There are a few documents that you need to produce to open a fixed deposit account with South Indian Bank. They are:
- Fixed deposit application form
- PAN card or Form 60/61.
- Identity proof – Voter ID card, Aadhar card, Passport, Driving licence.
- Proof of Residence – Bank statement with cheque, Aadhar card, Passport.
- Proof of Birth Date – PAN card, Birth certificate, Voter ID card, Aadhar card.
- Passport-sized photograph of depositor
- Bank account details – account number, IFSC code, and branch name.
Eligibility to Open South Indian Bank FD
To open a fixed deposit account with South Indian Bank, you have to belong to one of the following categories:
- Applicant Type: Indian residents, Non-Resident Indians (NRIs), Hindu Undivided Families (HUFs)
- Applicant’s Age: Minimum 18 years old. Minors, subject to the presence of an adult.
Types of South Indian Bank FD Scheme
Before opening a fixed deposit account, you must have a detailed knowledge of the types of FD schemes offered by the bank. South Indian Bank’s fixed deposit interest rate is different for each scheme, and it mostly depends on the tenure of the deposit and the types of customers applying.
Let us check out the features of the different schemes:
1. Regular Fixed Deposit Scheme
This is a regular FD scheme where you can invest a specific sum for a fixed tenure and as per the interest rate applicable on the day of deposit. Any Indian residents, general or senior citizens and minors can apply for this scheme. Facilities of loan against the deposit and premature withdrawal are also available.
- Minimum Amount: ₹1,000
- Maximum Amount: No limit
- Tenure: 7 days to 10 years
- Interest Rate: 2.90% to 7.20% for general citizens; 3.40% to 7.25% for senior citizens.
- Eligibility Criteria: Indian residents
2. SIB Flexi Smart Deposit
In this fixed deposit scheme, your Certificate of Deposit (CD) Smart account is linked with the fixed deposit account. You are eligible to link any fresh Flexi FD account to your CD Smart account at South Indian Bank. Moreover, this deposit is automatically broken on a ‘Last-In-First-Out’ basis. Interest is paid out quarterly, and TDS is applicable.
- Minimum Amount: ₹50,000
- Maximum Amount: ₹1 crore
- Tenure: 7 days to 10 years
- Interest Rate: 2.90% to 7.20% for general citizens; 3.40% to 7.25% for senior citizens.
- Eligibility Criteria: Indian residents
3. Kalpakanidhi Scheme
South Indian Bank’s Kalpakanidhi Fixed Deposit Scheme offers a reinvestment plan with interest compounded on a quarterly basis, ensuring lucrative returns. This plan provides optimised growth with deposit tenure flexibility ranging from 6 months to 10 years for Indian citizens and 1 to 5 years for NRIs. Furthermore, automatic renewal at maturity streamlines the investing procedure.
- Minimum Amount: ₹1,000
- Maximum Amount: No limit
- Tenure: 6 months to 10 years (Indian Residents); 12 months to 5 years (NRIs)
- Interest Rate: 5.00% to 7.20% for general citizens; 5.50% to 7.25% for senior citizens; 3.00% to 5.90% for NRIs (USD)
- Eligibility Criteria: Indian residents
4. SIB Flexi Deposit Scheme
This FD scheme provides a link between your Savings Bank account and a fixed deposit. You may easily link fresh Flexi deposits to your savings bank account. The process runs on a Last In-First Out basis, assuring automatic FD breaking when the SB balance lowers, along with quarterly interest payments.
- Minimum Amount: To be maintained in units of ₹1000
- Maximum Amount: No limit
- Tenure: 7 days to 10 years
- Interest Rate: 2.90% to 7.20% for general citizens; 3.40% to 7.25% for senior citizens.
- Eligibility Criteria: Indian residents
5. SIB Tax Gain 2006 Scheme
The South Indian Bank’s SIB Tax Gain 2006 Scheme allows you to invest your money in fixed deposits for 5 years. This will help you avail tax deduction under Section 80C. Nomination is excluded for minor-held deposits. Also, branch transfers are permitted, but encashment is limited to 5 years from receipt.
- Minimum Amount: ₹100
- Maximum Amount: ₹1.5 lakhs per year
- Tenure: 5 years
- Interest Rate: 6.50 % (general citizens); 7.00% (senior citizens)
- Eligibility Criteria: Individual/ Joint account holders/ HUFs
6. FD VANTAGE Scheme
This FD plan is a packaged term deposit option that not only yields competitive interest but also provides life insurance coverage. There are three versions of this product. The deposit tenure determines the SIB fixed deposit interest rates. Insurance protects both residents and non-residents of particular age categories, including NRIs in India.
- Minimum Amount: ₹1 lakh
- Maximum Amount: ₹2 crores
- Tenure: 1 year to 10 years
- Interest Rate: 6.60% to 7.20% for general citizens; 7.10% to 7.50% for senior citizens
- Eligibility Criteria: Indian residents and NRIs
7. SIB MAXIMO – Non Callable Deposit
In this fixed deposit scheme, your interests are calculated in a cumulative or simple interest method; it entirely depends on your choice. For monthly deposits, interest is computed quarterly and paid at a discounted rate. Moreover, a pre-closure penalty of 2% applies based on contracted rates. NRE deposits closed under a year won’t earn interest per RBI directives.
- Minimum Amount: ₹15,00,001
- Maximum Amount: ₹2 crores
- Tenure: 15 months to 2 years
- Interest Rate: 6.60% to 7.30% for general citizens and 7.10% to 7.30% for senior citizens
- Eligibility Criteria: Indian residents/ NRO/ NRE
8. Green Deposits
South Indian Bank’s Green Deposit plan is for investors wanting to invest their excess cash in different environment-friendly projects. It allows the depositors to get a platform to fulfil their sustainability goals. The money for the fixed tenure finances eligible projects promoting low carbon use and a sustainable economy. Premature withdrawal of the deposit may result in a penalty.
- Minimum Amount: ₹1,000
- Maximum Amount: ₹2 crores
- Tenure: 66 months
- Interest Rate: 6.50 % (general citizens); 7.00% (senior citizens)
- Eligibility Criteria: Indian residents/ NRO/ NRE
9. NRE Rupee Account
This FD plan for NREs facilitates easy account opening through direct remittance, transfers, or foreign currency deposits. The account ensures credit balance repatriation, exempts from income tax deduction at the source of interest, and provides wealth tax and income tax exemptions. However, senior citizens do not get additional benefits on interest rates.
- Minimum Amount: ₹1,000
- Maximum Amount: No limit
- Tenure: 1 year to 10 years
- Interest Rate: 6.60% to 7.20%
- Eligibility Criteria: NREs
10. NRO Rupee Account
South Indian Bank’s NRO Rupee Account of Term Deposit is a savings option for Non-Resident Indians (NRIs) who desire to keep their INR earnings in India. The interest earned on this account is taxed in India. As per restrictions by the Reserve Bank of India (RBI), the account holder can only repatriate a restricted amount of the interest and principal sum.
- Minimum Amount: ₹1,000
- Maximum Amount: No limit
- Tenure: 1 year to 10 years
- Interest Rate: 2.90% to 7.20%
- Eligibility Criteria: NROs
11. FCNR Platinum Deposit Scheme
This foreign deposit plan allows foreign currency deposits in USD, Pounds Sterling, and Euros. When the deposit matures, the amount is converted to INR using the forward rate at the time of opening and credited to NRE/NRO SB accounts. It offers higher returns than Rupee deposits due to forward premium and attractive FCNR interest rates.
- Minimum Amount: 10,000 units of the foreign country
- Maximum Amount: No limit
- Tenure: 1 year and 1 day to 5 years
- Interest Rate: 3.00% to 5.90% (as per USD)
- Eligibility Criteria: NRE/ NRO
12. RFC Account
South Indian Bank’s RFC account welcomes individuals of Indian Origin returning for permanent settlement after a year abroad. Accounts are available in USD, GBP, AUD, CHF, JPY, and EURO. Foreign account cash, dividends, and other assets retained during the return find a place in this deposit.
- Minimum Amount: 10,000 units of the foreign country
- Maximum Amount: No limit
- Tenure: 1 year to 3 years
- Interest Rate: 3.00% to 5.90% (as per USD)
- Eligibility Criteria: NRI
*Note: Contact the bank directly for details on deposits over ₹2 crores.
Final Word
Prior to considering investment in any of the mentioned schemes, it is advisable to review the prevailing terms and conditions and the South Indian Bank FD interest rates. This is crucial in making an informed choice that aligns with your specific needs. A thorough understanding of the details becomes imperative to ensure optimal benefits from your deposited funds.
