Kerala's oldest private bank, the Catholic Syrian Bank (CSB), enjoys a strong reputation in the state’s banking realm. In 1975, the bank gained an ‘A-Class’ Schedule Bank status and entered the domain of international banking. 

Currently, bank customers can enjoy between 3% to 8% CSB Bank FD rates for tenures varying from 7 days to 10 years. Additionally, the bank also extends different fixed deposit options for NRIs, like NRE, NRO, and FCNR(B) FDs. For more information regarding the CSB Bank FD schemes, continue reading. 

CSB Bank FD Rates for General and Senior Citizens

CSB Bank provides term deposit schemes where interested customers can apply for an FD with tenures ranging between 7 days and 10 years. The highest interest rate is offered to FD holders who wish to stay invested for a period of 501 days. The bank offers a highly competitive 8% return to these people. Whereas, senior citizens can also get up to 8% annual returns upon maintaining an FD for 501 days.

At present, you cannot book a CSB Bank fixed deposit via Stable Money. However, you can check other options that provide comparatively more returns and where the minimum deposit amount is low.

Term-wise CSB Bank FD Rates

Below, you can check the termwise estimated returns for CSB Bank fixed deposits:

• Short Term

At present, the CSB Bank is offering 5.50% annualised returns to its regular FD holders for a tenure of 1 year. Based on this rate of return, you can secure ₹11,000 as a return upon investing ₹2 lakh for 1 year.

• Medium Term

For people who want to fulfil their mid-term financial goals, CSB Bank brings a few tenure options. If you invest ₹4 lakh in a fixed deposit with CSB Bank for 2 years, then you can receive ₹49,441 as FD returns. This calculation aligns with the bank's current offering of 6% interest for regular customers opening a 2-year FD.

• Long Term

Suppose, you want to open a CSB Bank FD for 7 years. Then the bank will offer you 7% interest regardless of your age. Accordingly, you can get ₹3,09,348 as interest for an investment of ₹5 lakh over 7 years.

To receive higher interest returns of up to 9.10% per year, you can compare and choose among other fixed deposit options on Stable Money.

Types of Catholic Syrian Bank Fixed Deposit Schemes

The various types of fixed deposit accounts offered by CSB Bank are listed below:

1. General Fixed Deposit (Income Plan)

A few of the common features and benefits of the Catholic Syrian Bank FD scheme are:

• An interested person can open a fixed deposit account with a minimum balance of ₹1,000. Additionally, the bank accepts deposits in odd sums. 
• Tenure of this regular domestic CSB bank FD can range between 7 days to 10 years.
• Account holders can avail a nomination facility.
• You get flexibility while opting for the frequency of interest payouts. This means you can either select between a monthly or quarterly payout system. 
• If you select the monthly interest payment option, then the bank will provide a discounted value. However, quarterly interest receivers get the full interest value accrued over the given period. 
• The best part is this type of account can be opened online and there is no need to visit the bank’s branch physically. 

On the other hand, if you choose a cumulative fixed deposit account to build a future corpus, you will have to follow these guidelines:

• To open this account, you need to remit a minimum of ₹1,000 per month or multiples of this amount. However, odd sums are also accepted by the bank.
• For cumulative FDs, the minimum tenure is 6 months. Thereafter, you can extend the time period in multiples of 3 months. 
• You can maintain a cumulative FD for a maximum period of 10 years. 

1. Acharya Deposit (Senior Citizen FD)

The Acharya Deposit has been introduced by CSB Bank to safeguard the interests of senior citizens staying in India. Here, you can refer to some of its features:

• The scheme is only extended to Indians living in the country who are above 60 years of age.
• While initiating the account, the minimum opening deposit must be ₹5,000.
• The minimum lock-in period is 6 months for this type of account. 

Additionally, Acharya Deposits welcomes senior citizens who wish to open joint FD accounts. 

1. Catholic Syrian Bank Tax Saving FD Scheme

CSB Bank’s tax-saver fixed deposit plans qualify for income tax benefits as per Section 80C of the Income Tax Act, of 1961. You can deposit your money in a CSB tax-saver FD in two ways:

• CSB Tax Savings Support - Income (these are regular FDs with no reinvestment option)
• CSB Tax Savings Support - Growth (under this scheme account beneficiaries get both compounding and reinvestment benefits)

Before exploring the CSB bank FD rates for tax-saving options, ensure to check the related features of this account type:

• Eligible candidates are Indians (either single or joint) and HUFs or Hindu Undivided Families.
• To start a tax-saving CSB Bank fixed deposit, one must make a minimum contribution of ₹100. Higher investments need to be done in multiples of ₹100. 
• You have to abide by a minimum lock-in period of 5 years.
• The maximum investment in a single financial year can be ₹1.5 lakh.
• The interest rates will be related to the returns determined for domestic FDs. Additionally, senior citizens are eligible for more returns. 
• You can select to receive your interest monthly, quarterly or annually.
• The bank won’t allow any premature withdrawal before the lock-in period is over. 
• Finally, you won’t be allowed to avail an overdraft facility or loan against a CSB Bank tax-saver FD. 

Benefits of CSB Bank FD

Besides the stable CSB Bank FD rates, you can realise the following advantages upon opening a fixed deposit with this bank:

• Interested candidates can apply for a fixed deposit account with a minimum contribution of ₹100.
• The bank is RBI-approved, thus, up to ₹5 lakh of FD is safe under any possible circumstances. 
• Finally, you can take advantage of the nomination facility to guarantee your wealth remains with your loved ones in unforeseen circumstances. 

Eligibility to Avail CSB Bank FD rates

The following are eligible to open a fixed deposit with CSB Bank:

• Resident Indian citizens
• Non-resident Indians (NRIs)
• Hindu Undivided Family (HUF)

Documents Needed to Open a CSB Bank Fixed Deposit

To start earning CSB Bank FD rates, you must open a fixed deposit account by submitting your:

• PAN card
• Aadhaar card
• Passport-size photographs
• Address proof
• Form 60 (if you do not have a PAN card)

Catholic Syrian Bank Premature Withdrawal Facility

Suppose you wish to foreclose your CSB Bank FD account before maturity, you may be wondering how to proceed. To achieve a premature FD withdrawal, you can access the bank’s official portal, complete the sign-up and navigate to the ‘Deposits’ menu. After opening the new page, select the ‘e-closure’ link.

Upon receiving your request, the bank will immediately process the credit of the due amount to the savings account that was used to fund the FD.

On the contrary for joint accounts, term deposits close automatically if 'Auto Closure' was selected during account creation.

Tax on CSB Bank FD

Based on your annual income from fixed deposits, the CSB Bank authorities will determine your TDS amount. As per the recent regulations, if your cumulative fixed deposit earnings are less than ₹40,000 in a single year, then the bank won’t levy any TDS. The same is true for senior citizens earning less than ₹50,000 yearly from FDs. 

Why Should You Book an FD with Stable Money?

Stable Money only lists RBI-approved banks and well-reputed NBFCs across India that provide high-interest FDs. With us, your money is completely safe, as our DICGC-licensed fixed deposit issuers guarantee the safety of up to ₹5 lakh in an FD under all circumstances.

Additionally, with Stable Money, you can get up to 9.10% interest per annum, the highest-ever returns in the FD space. Thus, you can earn marginally high returns in the long run without any added risks. Therefore, you should consider trying out our mobile app now!

Frequently Asked Questions