SIB Flexi Smart Deposit

SIB Flexi Smart Deposit is a fixed deposit scheme offered by South Indian Bank that comes with a sweep-in facility. It is linked to a current account or CD Smart account of the bank. Opening this deposit helps you avail the sweep-in facility wherein the CD Smart account is funded with premature closure of the deposit when the balance in the CD Smart account falls below ₹25,000.

Before you book this FD, download the Stable Money app and compare the rates offered by other prominent banks in India!

Features of SIB Flexi Smart Deposit

Here are the features of South Indian Bank Flexi Smart Deposit that you need to know:

• It is a FD linked to a CD Smart account with South Indian Bank.
• The minimum deposit amount for this FD is ₹50,000 and in multiples of ₹10,000 thereafter.
• You can deposit any amount less than ₹3 crore and above the minimum amount.
• This FD scheme comes with a tenure ranging between 7 days to a maximum of 10 years. 
• This FD scheme liquidates automatically following the LIFO (Last In-First Out) method when the CD account balance is below ₹25,000. It is often called a ‘Sweep in’ method.
• FD liquidation through sweep-in is considered a premature withdrawal wherein the effective interest rates apply for that tenure.
• To adjust intraday debits, South Indian Bank facilitates flexi breakage at day end.
• If any interest adjustment shortage amount is payable by the customer, he/she has to follow the bank-mandated process.
• The interest is payable quarterly.
• South Indian Bank does not provide depositors with loan facilities on this scheme.
• On premature liquidation, depositors have to pay applicable penalties.
• TDS (Tax Deducted at Source) applies to the interest income of depositors.
• The bank is not permitted to mark lien on these deposits.

SIB Flexi Smart Deposit Interest Rates 

Given below is a table outlining the latest interest rates offered by the SIB Flexi Smart Deposit scheme. 

How to Open SIB Flexi Smart Deposit?

Here is the South Indian Bank Flexi Smart Deposit opening process if you do not have a CD Smart Account:

Step 1: Download the SIB Flexi Smart Deposit application form from the bank’s official website, on the dedicated Flexi Smart Deposit page.

Step 2: Enter the necessary details as prompted and provide your signature to complete.

Step 3: Carry the filled-in form followed by supporting documents (as instructed by the bank) and 2 passport-sized photographs to your nearest South Indian bank branch to open an FD under this scheme.

Alternatively, if you are a CD Smart account holder with South Indian Bank, download the application form, terms and conditions form and annexure, complete filling in the form and submit it to your nearest bank branch.

You can skip the hassle of visiting the nearest branch and filling out multiple forms for your next FD investment by simply downloading the Stable Money app.

Why Should You Choose Stable Money for Your Next FD Investment?

Stable Money allows you to compare interest rates of prominent banks, offering up to 9.50% interest rates before booking an FD. As a depositor, you can open FDs at your convenience from a location of your choice and at your preferred time. We allow you to directly book an FD with the bank of your choice. 

On successful FD opening, you will receive FD advice from the bank directly. You can open multiple FDs with our partnered banks or NBFCs and avail 24*7 assistance from our customer support team.

Your FD amount with each bank is insured under the DICGC (Deposit Insurance Credit Guarantee Corporation) up to ₹5 lakh as per the RBI guidelines. This way, you can earn high-interest income on a regular basis or at maturity to streamline your financial goals. 

Book your FD with Stable Money-partnered banks now to get up to a 9.50% interest rate!